HIGHLAND HEIGHTS, Ky.--(BUSINESS WIRE)--Nov. 8, 2006--General
Cable Corporation (NYSE:BGC) announced today that it intends to offer,
subject to market and other considerations, $315 million aggregate
principal amount of Senior Convertible Notes due 2013 under an
automatically effective shelf registration statement on file with the
Securities and Exchange Commission. The Company has granted to the
underwriters an option to purchase up to an additional $45 million in
principal amount of Senior Convertible Notes on the same terms and
conditions as those sold in this offering.
The Company intends to use the net proceeds from this offering for
general corporate purposes, which will include the repayment of
outstanding balances under its senior secured credit facility and the
payment of the net cost of separate convertible note hedge and warrant
transactions. In addition, the Company may use the remaining net
proceeds for potential acquisitions and funding internal growth. The
Company expects that the convertible note hedge transactions will have
an exercise price equal to the conversion price of the notes. The
convertible note hedge transactions are intended to offset potential
dilution to the Company's common stock upon potential future
conversion of the notes. The Company also anticipates that the
warrants will have an exercise price that is approximately 76% higher
than the closing price of the Company's common stock on the date the
notes are priced.
The notes will be convertible into General Cable Corporation
common stock at a to-be-determined premium to the market price of the
common stock when the Senior Convertible Notes are priced. The
interest rate and other terms will be provided upon pricing of the
notes.
Merrill Lynch & Co. and Credit Suisse are acting as the lead
underwriters in this offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any
sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state. The
offering of securities may be made only by means of a prospectus.
Copies of the prospectus can be obtained from Merrill Lynch & Co. at
Prospectus Department, 4 World Financial Center, New York, NY 10080,
toll free number, 1-866-500-5408 and Credit Suisse Securities (USA)
LLC at Prospectus Department, One Madison Avenue, New York, NY 10010,
toll free number, 1-800-221-1037.
With $3.5 billion of annualized revenues and 7,700 employees,
General Cable 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. Visit our website at www.generalcable.com.
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 Registration Statement on Form S-3 filed
with the Securities and Exchange Commission on November 8, 2006, as
well as in its periodic reports filed with the Commission.
CONTACT: General Cable Corporation
Michael P. Dickerson, Vice President of Finance and
Investor Relations, 859-572-8684
SOURCE: General Cable Corporation
