SPX Successfully Enters Into New Senior Secured Credit Facilities

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SPX Successfully Enters Into New Senior Secured Credit Facilities
              Financial Flexibility Supports Continued Growth

    CHARLOTTE, N.C., Sept. 21 /PRNewswire-FirstCall/ -- SPX Corporation
(NYSE: SPW) today announced that it has entered into new syndicated senior
secured credit facilities in an aggregate amount of $2.3 billion. The new
committed credit facilities are designed to support the company's global
growth and increase the company's financial flexibility. The new facilities
comprise the following:
    -- a five year term loan facility in an aggregate principal amount of
       $750 million,
    -- a five year global revolving credit facility, available for loans in
       Euro, Sterling and other currencies, in an aggregate principal amount
       up to the equivalent of $200 million,
    -- a five year domestic revolving credit facility, available for loans and
       letters of credit, in an aggregate principal amount of up to
       $400 million, and
    -- a five year foreign credit instrument facility, available for
       performance letters of credit and guarantees, in an aggregate principal
       amount in various currencies up to the equivalent of up to
       $950 million.
    SPX may also seek additional commitments for incremental term loan
facilities or increases in commitments in respect of the global revolving
credit facility, the domestic revolving credit facility and/or the foreign
credit instrument facility by up to an aggregate principal amount of $400
million without the need for consent from the existing lenders.
    Patrick J. O'Leary, Executive Vice President and Chief Financial
Officer said, "These new credit facilities provide SPX with the increased
financial capacity to support the continued strong growth in our core
businesses, while also increasing our financial flexibility to support our
future global growth strategy."
    The new committed facilities replace the existing senior secured credit
facilities of SPX, which have been terminated.
    The Bank of America, N.A., is Administrative Agent, Deutsche Bank AG
Deutschlandegeschaft Branch, are Foreign Trade Facility Agent, Banc of
America Securities LLC and Deutsche Bank AG Deutschlandegeschaft Branch,
are Joint Lead Arrangers and Banc of America Securities LLC, Deutsche Bank
AG Deutschlandegeschaft Branch and J.P. Morgan Securities Inc. are Joint
Book Managers.
    SPX Corporation is a Fortune 500 multi-industry manufacturing leader.
The company offers highly-specialized engineered solutions to solve
critical problems for customers.
    SPX is focused on providing solutions that support the expansion of
global infrastructure, with particular emphasis on the growing worldwide
demand for energy and power. Its innovative product portfolio, containing
many environmentally friendly products, includes cooling systems for all
types of power plants throughout the world; custom engineered pumps, valves
and mixers that assist a variety of flow processes including oil and gas
exploration, distribution and refinement; handheld diagnostic tools that
aid in vehicle maintenance and repair; and power transformers that regulate
voltage for electrical transmission and distribution by utility companies.
    SPX is headquartered in Charlotte, North Carolina and employs more than
14,000 people worldwide in over 20 countries. Visit http://www.spx.com (NYSE:
SPW).
    Certain statements in this press release, including any statements as
to availability under credit facilities, may be forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and are subject to the safe harbor created thereby. Please
refer to our public filings for a discussion of certain important factors
that relate to forward- looking statements contained in this press release.
The words "believe," "expect," "anticipate," "estimate," "guidance,"
"target" and similar expressions identify forward-looking statements.
Although the company believes that the expectations reflected in its
forward-looking statements are reasonable, it can give no assurance that
such expectations will prove to be correct.
SOURCE SPX Corporation
http://www.spx.com/
CONTACT:
Investors, Jeremy W. Smeltser,
+1-704-752-4478, investor@spx.com, or Media, Jennifer H. Epstein,
+1-704-752-7403, jennifer.epstein@spx.com, both of SPX
Corporation