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BofA Agents SPX FLOW’s Amended $1.35B Credit Facilities

July 13, 2016, 07:36 AM
Filed Under: Suppliers

SPX FLOW, Inc. has completed an amendment to its US$1.35 billion senior secured credit facilities which increases the maximum consolidated leverage ratio for any period of four consecutive fiscal quarters to 4.0x. The previous maximum consolidated leverage ratio was 3.25x.

In connection with the increased leverage ratio, SPX FLOW has agreed to pledge certain assets as collateral under the agreement.

"We are pleased with the amended credit agreement," said Marc Michael, SPX FLOW President and CEO. "We believe it is prudent given our current end market environment to have greater flexibility within our credit agreement. We are very appreciative of the support from our lenders, including Bank of America Merrill Lynch who acted as lead bank in arranging the amended agreement."

"We believe we are in a stable financial position with adequate liquidity and strong free cash flow generation expected over the balance of the year. Furthermore, we plan to continue to invest in our realignment program and organic growth initiatives which we expect to drive value for our customers, shareholders and other business partners," Michael concluded.

Click here to view an 8-K report filed with the SEC in connection with this amendment.

Based in Charlotte, North Carolina, SPX FLOW, Inc. (FLOW) is a leading global supplier of highly engineered flow components, process equipment and turn-key systems, along with the related aftermarket parts and services, into the food and beverage, power and energy and industrial end markets. SPX FLOW has more than $2 billion in annual revenues, operations in over 35 countries and sales in over 150 countries.

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