SPX Corp. has notified JP Morgan Chase that it will pay down $200 million of term loan on Dec. 31.

In conjunction with the pay down, the Charlotte-based provider of technical products and systems will terminate $200 million notional of floating to fixed interest rate swaps.

SPX will record a pretax loss of approximately $12 million in its 2003 results associated with the termination of the rate swaps.

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

SPX also recently reached a settlement in a patent infringement suit between its subsidiary, Imagexpo, and Microsoft. Under the terms of the settlement, Microsoft will pay SPX $60 million by Dec. 30.

SPX: www.spx.com