HIGHLAND HEIGHTS, Ky.--(BUSINESS WIRE)--Aug. 2, 2012--
General Cable Corporation (NYSE: BGC), one of the most globally
diversified industrial companies, has amended its asset-based revolving
credit facility (the “Senior Secured Credit Facility”) increasing the
size up to $700 million and extending its maturity date to 2017. The
amendment provides for an initial increase of the credit facility to
$600 million; increasing to $700 million upon the closing of the
acquisition of the North America portion of Alcan Cable, which is
expected to close in the second half of the year. All other principal
terms of the Senior Secured Credit Facility remain the same. The
amendment supports the acquisition of Alcan Cable as well as the
Company’s existing global operations and provides continuing flexibility
to address other elements of the capital structure, subject to meeting
minimum availability and fixed coverage requirements. Indebtedness under
the Senior Secured Credit Facility is guaranteed by certain of the
Company’s U.S. and Canadian subsidiaries and is secured by a first
priority security interest in certain tangible and intangible property
and assets of the Company’s U.S. and Canadian subsidiaries. In order to
support ongoing business requirements, portions of the Senior Secured
Credit Facility will be available for the issuance of letters of credit.
Brian J. Robinson, Executive Vice President, Chief Financial Officer and
Treasurer, said, "The amendment of our U.S. and Canadian Senior Secured
Credit Facility principally supports the acquisition of Alcan Cable
while maintaining our financial flexibility and liquidity in order to
fund working capital and other capital requirements. We are pleased to
have extended our maturity profile at attractive rates and terms while
at the same time maintaining our global operating flexibility. Our
capital structure and maturity profile are in good order and we are well
positioned to continue to execute on growth opportunities."
Cautionary Statement Regarding Forward-Looking
Statements
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, risks and uncertainties
are more fully discussed in the Company's Annual Report on Form 10-K for
the fiscal year ending December 31, 2011, filed with the Securities and
Exchange Commission on February 23, 2012 and subsequent SEC filings. You
are cautioned not to place undue reliance on these forward looking
statements.
Source: General Cable Corporation
General Cable Corporation
Len Texter, Manager, Investor Relations,
859-572-8684
