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SPX obtains needed consents to amend 7 5/8% notes due 2014
By Jennifer Chiou
New York, Jan. 23 - SPX Corp. said it received tenders and consents from holders of $340.26 million, or 68.05%, of its $500 million principal amount of 7 5/8% senior notes due 2014 at the 5 p.m. ET Jan. 22 consent deadline.
The company said it entered into a supplemental indenture after receiving the required consents to amend the notes to eliminate substantially all of the restrictive covenants, to eliminate events of default and to reduce the minimum redemption notice period to three business days from 30 days.
The tender offer will end at 11:59 p.m. ET on Feb. 5.
As reported, the total purchase price is $1,062.28 for each $1,000 principal amount of notes tendered by the consent date. The total amount includes a consent payment of $20.00 per $1,000 of notes.
Holders who tender after the consent payment deadline will receive $1,042.28 per $1,000 of notes.
The company also will pay accrued interest up to but excluding the settlement date.
Holders may not tender their notes without delivering their consents or deliver consents without tendering their notes.
The initial settlement date was Jan. 23, and the final settlement date will be promptly after the offer ends, according to a company press release.
The tender offer and consent solicitation were conditioned upon execution of the supplemental indenture implementing the proposed amendments.
SPX said it also reserved the right to terminate the offer at any time and for any reason, including unfavorable market conditions.
D.F. King & Co., Inc. (212 269-5550 banks and brokers, 800 488-8075 or SPX@dfking.com) is the information agent and tender agent. J.P. Morgan Securities LLC (212 270-1200 collect or 800 245-8812) is the dealer manager and solicitation agent.
SPX is a Charlotte, N.C.-based provider of flow technology, test and measurement, thermal equipment and services and industrial products and services. It launched the offer on Jan. 8.
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