SPX CORPORATION (NYSE:SPXC) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
its subsidiaries entered into an amendment (the First Amendment)
to the Companys existing Credit Agreement, dated as of September
1, 2015 (the Existing Credit Agreement and, as amended by the
First Amendment, the Credit Agreement; capitalized terms used
herein and not defined herein having the meanings given to such
terms in the Credit Agreement), by and among the Company, the
foreign subsidiary borrowers party thereto, the lenders party
thereto, Deutsche Bank AG Deutschlandgeschft Branch, as foreign
trade facility agent, and Bank of America, N.A., as
administrative agent. The First Amendment amended the Existing
Credit Agreement to, among other things:
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extend the period during which the Company may reinvest the
net proceeds from the disposition of its dry cooling business (which disposition was completed on March 30, 2016), without requiring such net proceeds to be used to prepay loans under the Credit Agreement, from 360 days from the date of the disposition (or if a commitment to reinvest such net proceeds is made within such 360 day period, within 180 days after the conclusion of such 360 day period) to 720 days from the date of the disposition (or if a commitment to reinvest such net proceeds has been made within such 720 day period, within 180 days after the conclusion of such 720 day period); and |
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reduce the size of Material Acquisitions and Material
Dispositions for which pro forma effect is to be given in calculating Consolidated EBITDA (which size is determined with respect to consideration paid or gross proceeds received, respectively) from $25,000,000 to $5,000,000 and to include the disposition of the Balcke Drr businesses as a Material Disposition), in each case for purposes of determining the Consolidated Leverage Ratio or Consolidated Interest Coverage Ratio under the Credit Agreement. |
qualified in its entirety by reference to the full text of the
First Amendment, a copy of which is filed herewith as Exhibit
10.1 and incorporated herein by reference.
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Exhibit Number
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Description
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10.1
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First Amendment to Credit Agreement, dated as of March
20, 2017, among SPX Corporation, the Foreign Subsidiary Borrowers, the Subsidiary Guarantors, the Lenders party thereto, Deutsche Bank AG Deutschlandgeschft Branch, as Foreign Trade Facility Agent, and Bank of America, N.A., as Administrative Agent. |
About SPX CORPORATION (NYSE:SPXC)
SPX Corporation is a diversified, global supplier of infrastructure equipment. The Company operates through three segments: heating, ventilation and air conditioning (HVAC); Detection and Measurement, and Power. The HVAC solutions offered by its businesses include package cooling towers, residential and commercial boilers, heating and ventilation products. Its detection and measurement product lines encompass underground pipe and cable locators, and inspection equipment. Within its power platform, it is a manufacturer of medium and large power transformers, as well as equipment for various types of power plant, including cooling equipment, heat exchangers and pollution control systems. Its heating and ventilation products are sold under the Berko, Qmark, Farenheat, and Leading Edge brands, while its Marley-Wylain subsidiary sells Weil-McLain and Williamson-Thermoflo brands. Its power products are sold under the brand names of SPX Cooling, Marley, Balcke Duerr, Yuba and Ecolaire. SPX CORPORATION (NYSE:SPXC) Recent Trading Information
SPX CORPORATION (NYSE:SPXC) closed its last trading session up +0.02 at 23.51 with 239,247 shares trading hands.
