CHARLOTTE, N.C., July 12, 2016 /PRNewswire/ -- SPX FLOW, Inc. (NYSE: FLOW) today announced that it 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.
About SPX FLOW, Inc.:
Based in Charlotte, North Carolina, SPX FLOW, Inc. (NYSE: 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. To learn more about SPX FLOW, please visit our website at www.spxflow.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 read these results in conjunction with the company's documents filed with the Securities and Exchange Commission. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements. Actual results may differ materially from these statements. The words "expect," "anticipate," "project", "believe", "plan" 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. In addition, estimates of future operating results are based on the company's current complement of businesses, which is subject to change. Statements in this press release speak only as of the date of this press release, and SPX FLOW disclaims any responsibility to update or revise such statements.
Investor and Media Contact:
Ryan Taylor, VP, Communications and Finance
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SOURCE SPX FLOW, Inc.