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SPX Corporation to Pay Down Debt.

SPX Corporation today announced that it has notified JP Morgan Chase that it will pay down $200 million of its Tranche B Term Loan on December 31, 2003. In conjunction with the pay down of its Tranche B Term Loan, the company will terminate $200 million notional of floating to fixed interest rate swaps and reflect a pretax loss of approximately $12 million in its 2003 results associated with the termination of the floating to fixed interest rate swaps.

The company also reconfirmed its 2003 diluted earnings per share from continuing operations target of at least $3.40.

SPX Corporation is a global provider of technical products and systems, industrial products and services, flow technology and service solutions. The Internet address for SPX Corporation's home page is http://www.spx.com/ .

Certain statements in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. Please refer to the company's public filings for discussion of certain important factors that relate to forward-looking statements contained in this press release. The words "believe," "expect," "anticipate," "estimate," "guidance," "target" and similar expressions identify forward-looking statements. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.

CONTACT: Jeremy Smeltser of SPX Corporation, +1-704-752-4478, or E-mail: investor@spx.com

Web site: http://www.spx.com/
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Publication:PR Newswire
Geographic Code:1USA
Date:Dec 26, 2003
Words:246
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