CHARLOTTE, N.C., Dec. 10 /PRNewswire-FirstCall/ -- SPX Corporation
(NYSE: SPW) today announced the pricing of $500 million principal amount of
its Senior Notes due 2014 to be sold to qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933, as amended (the
"Securities Act"), and outside the United States to non-U.S. persons in
compliance with Regulation S under the Securities Act.
Subject to customary conditions, the offering is expected to close on
December 13, 2007.
The notes will be unsecured senior obligations of the company
guaranteed by each of the company's domestic subsidiaries and future
domestic subsidiaries that guarantee obligations under the company's U.S.
senior credit facilities and will pay interest at 7.625 percent per annum.
The company may redeem the notes at any time prior to maturity at a price
equal to 100 percent of the principal amount subject to a make-whole
premium. Upon the occurrence of a change in control, holders of the notes
will have the right to require the company to repurchase some of or all
their notes.
The company intends to use the net proceeds from the sale of the notes
for general corporate purposes, which may include the financing of the
acquisition of APV, a division of Invensys PLC. Pending any such uses, the
company intends to pay down outstanding amounts under various debt
facilities and invest in cash and equivalents.
The notes have not been registered under the Securities Act or the
securities laws of any other jurisdiction and may not be offered or sold in
the United States absent registration under or an applicable exemption
from, the registration requirements of the Securities Act and applicable
state securities laws.
This press release shall not constitute an offer to sell or the
solicitation of offers to buy any security and shall not constitute an
offer, solicitation or sale of any security in any jurisdiction in which
such offer, solicitation, or sale would be unlawful.
SPX Corporation, headquartered in Charlotte, North Carolina, 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.
Certain statements in this press release 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 word "expected," "may," "intend" 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
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Related links:
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
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