SPX Successfully Enters Into New Senior Secured Credit Facilities of $1.8B

SPX Corporation SPW today announced that it has entered into new syndicated senior secured credit facilities in an aggregate amount of $1.8 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 global revolving credit facility, available for loans in Euro, Sterling and other currencies, in an aggregate principal amount up to the equivalent of $300 million, a five year domestic revolving credit facility, available for loans and letters of credit, in an aggregate principal amount of up to $300 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 $1.2 billion. The new committed facilities replace the existing senior secured credit facilities of SPX, which have been terminated. SPX now has no significant debt repayment obligations until 2014. SPX also has the right to seek additional commitments for 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 $1.0 billion. 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 continued organic growth in our core businesses, while also increasing our financial flexibility to support our global acquisition strategy."