SPX noteholders put $994.491 million of LYONs due 2021

By Jennifer Chiou

New York, Feb. 7 - SPX Corp. announced holders of its Liquid Yield Option Notes due Feb. 6, 2021 opted to put $994.491 million of the securities.

The company paid $660.20 million in cash for the LYONs.

Noteholders had until 5 p.m. ET on Feb. 6 to surrender their securities.

SPX said it paid a price equal to the issue price plus the accrued original issue discount.

Under the terms of the LYONs, SPX already said it had the option to pay for the LYONs with cash, stock or a combination of the two.

The purchase price for the LYONs was $663.86 in cash per $1,000 principal amount at maturity.

The Charlotte, N.C., company said $0.201 million or 0.02% of the notes remains outstanding after the put.

As previously stated, the LYONs, which are not currently convertible, are convertible under certain circumstances into 9.6232 shares of SPX stock per $1,000 principal amount at maturity of LYONs.

SPX provides flow technology, test and measurement products, thermal equipment and industrial products and services.

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