SPX Corporation Announces Tender Offer and Consent Solicitation for 7 5/8% Senior Notes Due 2014
January 08, 2014 at 07:43 am
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SPX Corporation announced that it has commenced a tender offer to purchase any and all of its outstanding $500 million in aggregate principal amount 7 5/8% Senior Notes due 2014 through a cash tender offer. The Tender Offer will expire at 11:59 p.m., New York City time, on February 5, 2014, unless extended or earlier terminated. In connection with the Tender Offer, SPX is also soliciting the consents of holders of the Notes to certain proposed amendments to the indenture governing the Notes. The primary purpose of the Proposed Amendments is to eliminate substantially all of the restrictive covenants (other than, among other covenants, the covenant to pay interest and premium, if any, on, and principal of, the Notes when due), eliminate certain events of default, and reduce the minimum redemption notice period from 30 days to three business days.
SPX Technologies, Inc. is a diversified, global supplier of engineered products and technologies in the heating, ventilation, and air conditioning (HVAC) and detection and measurement markets. HVAC solutions offered by its businesses include package and process cooling equipment, residential and commercial boilers, comfort heating and ventilation products, and engineered air movement solutions. Its segments include HVAC, which engineers, designs, manufactures, installs and services package and process cooling products and engineered air movement solutions for the HVAC industrial and power generation markets, as well as heating and ventilation products for the residential, industrial, and commercial markets, and Detection and Measurement segment that engineers, designs, manufactures, services, and installs underground pipe and cable locators, inspection and rehabilitation equipment, robotic systems, transportation systems, communication technologies, and obstruction lighting.
SPX TECHNOLOGIES, INC. 
