SPX Flow plans $1.74 billion credit facilities, $570 million notes

By Sara Rosenberg

New York, Jan. 11 – SPX Flow Inc. has received a commitment for $1.74 billion of senior secured credit facilities and a $570 million senior unsecured bridge loan to help fund its acquisition by Lone Star Funds, to refinance some existing debt and for general corporate purposes, according to a PREM14A filed with the Securities and Exchange Commission on Tuesday.

Citigroup Global Markets Inc., BofA Securities Inc., RBC Capital Markets LLC, Truist Securities Inc., BNP Paribas Securities Corp. and Deutsche Bank Securities Inc. provided the debt commitment.

The credit facilities consist of a $200 million five-year revolver and a $1.54 billion seven-year first-lien term loan.

The bridge loan is expected to be replaced with an issuance of senior notes.

Other funds for the transaction will come from $1.878 billion of equity.

Under the agreement, SPX is being bought for $86.50 per share. The buyout is valued at $3.8 billion, including the assumption of debt.

Closing is expected in the first half of 2022, subject to regulatory approvals, SPX shareholder approval and other customary conditions.

SPX is a Charlotte, N.C.-based provider of process solutions for the nutrition, health and industrial markets.

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