By Paul A. Harris
St. Louis, Dec. 13 - SPX Corp. doubled the size of its 10-year senior note offering (Ba3/BB-) to $500 million and priced the securities at par Friday to yield 7½%.
Price talk was for a yield of 7½%-7¾%.
JP Morgan was the bookrunner. Banc of America Securities and Wachovia Securities, among others, were co-managers.
Proceeds from the off-the-shelf deal will be used to refinance the term loan A, reduce the term B and C loans and for general corporate purposes.
The issuer is headquartered in Charlotte, N.C.
| Issuer: | SPX Corp.
|
| Amount: | $500 million (increased from $250 million)
|
| Maturity: | Jan. 1, 2013
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| Security description: | Senior notes
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| Bookrunner: | JP Morgan
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| Co-managers: | Banc of America Securities, Wachovia Securities and others
|
| Coupon: | 7½%
|
| Price: | Par
|
| Yield: | 7½%
|
| Spread: | 342 basis points
|
| Call features: | Make-whole call at T+50 basis points for five years, then callable at 103.75, 101.938, par
|
| Equity clawback: | Three years for 35% at 107.50
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Settlement date: | Dec. 27
|
| Distribution: | Off the shelf
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