SPX obtains consents to amend $600 million 6 7/8% notes due 2017

By Tali Rackner

Norfolk, Va., Nov. 10 – SPX Corp. announced has received the consents required to adopt proposed amendments to its $600 million 6 7/8% notes due 2017, according to an 8-K filing with the Securities and Exchange Commission.

As of 5 p.m. ET on Nov. 7, the expiration date, holders of $591.174 million principal amount of the notes, representing 98.53% of the notes, had validly delivered and not revoked their consents.

The consent payment is $5 in cash for each $1,000 principal amount.

As previously reported, the company was soliciting consents to amend the notes to clarify the application of the indenture to the spinoff of SPX’s flow technology reportable segment, along with its hydraulic technologies business.

SPX was seeking to amend the notes indenture to clarify that the flowco asset transfer would constitute the transfer of substantially all of its property and assets to the future flow company.

Upon completion of the flowco asset transfer and the spinoff, the notes will become the obligations of the future flow company, with guarantees provided by subsidiaries of the future flow company.

The flowco asset transfer and the spinoff are not conditioned on the adoption of the proposed amendment and are expected to be completed within 12 months.

SPX is a Charlotte, N.C.-based multi-industry manufacturing company.

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