HIGHLAND HEIGHTS, Ky., Dec 16, 2009 (BUSINESS WIRE) -- General Cable Corporation (NYSE: BGC) announced today the
expiration and results of its offer to exchange its new Subordinated
Convertible Notes due 2029, or the 2029 notes, for its outstanding 1.00%
Senior Convertible Notes due 2012, or the 2012 notes.
The exchange offer expired at midnight, New York City time, on December
15, 2009. D.F. King & Co., Inc., the exchange agent for the exchange
offer, has advised that $464,412,000 aggregate principal amount of 2012
notes was validly tendered and not validly withdrawn prior to the
expiration of the exchange offer, representing approximately 97.8% of
the aggregate principal amount of 2012 notes outstanding upon
commencement of the exchange offer. All of the 2012 Notes validly
tendered and not validly withdrawn have been accepted for exchange
pursuant to the terms of the exchange offer. An aggregate principal
amount of $10,588,000 of 2012 notes will remain outstanding following
the consummation of the exchange offer.
Pursuant to the exchange offer, the Company offered to exchange $925
principal amount of the 2029 notes for each $1,000 principal amount of
its outstanding 2012 notes, upon the terms and subject to the conditions
set forth in the Company's prospectus dated December 15, 2009 and the
related letter of transmittal. The Company will issue $429,463,000
aggregate principal amount of its new 2029 notes in exchange for the
2012 Notes accepted for exchange in the exchange offer. The 2029 notes
will be issued only in minimum denominations of $1,000 and integral
multiples thereof. Holders whose 2012 notes have been accepted for
exchange will also receive accrued and unpaid interest on such 2012
notes from the last interest payment date to, but excluding, the date on
which the exchange of 2012 notes that were accepted for exchange is
settled, and cash equal to the remaining principal amount of 2029 notes
that would otherwise have been issued to a holder tendering 2012 notes
but for the $1,000 minimum denomination threshold. The Company expects
that settlement of the exchange offer will occur on December 18, 2009.
For additional information, you may contact Goldman, Sachs & Co. at
(877) 686-5059 (toll-free) or (212) 902-5183 (collect) or J.P. Morgan
Securities Inc. at (800) 261-5767 (toll-free) or (212) 622-2781
(collect). The exchange offer documents are available free of charge at
the SEC's website at http://www.sec.gov
or by contacting the Company at 4 Tesseneer Drive, Highland Heights,
Kentucky 41076-9753, Attention: Chief Financial Officer, or by telephone
at (859) 572-8000.
This press release shall not constitute an offer to sell or exchange or
the solicitation of an offer to buy or exchange any securities, nor
shall there be any exchange of the 2029 notes for 2012 notes pursuant to
the exchange offer in any jurisdiction in which such exchange would be
unlawful prior to registration or qualification under the laws of such
jurisdiction. The exchange offer was made solely pursuant to the
prospectus and the related letter of transmittal.
The Company, headquartered in Highland Heights, Kentucky, is a global
leader in the development, design, manufacture, marketing and
distribution of copper, aluminum and fiber optic wire and cable products
for the energy, industrial, and communications markets.
Certain statements in this press release, including without
limitation, statements regarding future financial results and
performance, plans and objectives, capital expenditures and the
Company's or management's beliefs, expectations or opinions, are
forward-looking statements. Actual results may differ materially from
those statements as a result of factors, risks and uncertainties over
which the Company has no control. Such factors are more fully discussed
in the Company's Prospectus dated December 15, 2009, as filed with the
SEC on December 15, 2009 pursuant to Rule 424(b)(3) under the Securities
Act of 1933, as amended, forming a part of its Registration Statement on
Form S-4 (File No. 333-162688), as well as in its periodic reports filed
with the SEC.
SOURCE: General Cable Corporation
General Cable Corporation
Michael P. Dickerson, 859-572-8684
Vice President of Finance and
Investor Relations
