HIGHLAND HEIGHTS, Ky.--(BUSINESS WIRE)--Nov. 15, 2006--General
Cable Corporation (NYSE:BGC) announced today that it has completed the
sale of $355 million in aggregate principal amount of its 0.875%
Senior Convertible Notes due 2013, which includes the exercise of a
$40 million over-allotment option by the underwriters in the offering.
The Company received approximately $302.9 million in net proceeds from
the sale of the Senior Convertible Notes after paying underwriting
discounts and the net cost of separate convertible note hedge and
warrant transactions entered into in connection with this offering.
The Senior Convertible Notes will be convertible, under certain
circumstances, into General Cable Corporation common stock at a
conversion rate of 19.856 shares per $1,000 principal amount of Senior
Convertible Notes. This conversion is equivalent to an initial
conversion price of approximately $50.36 per share. Prior to October
15, 2013, holders may convert their Senior Convertible Notes under
certain circumstances. On and after October 15, 2013, the notes will
be convertible at any time prior to the close of business on the
business day before the stated maturity date of the notes. Upon
conversion of a note, if the conversion value is $1,000 or less,
holders will receive an amount in cash in lieu of common stock equal
to the lesser of $1,000 or the conversion value of the number of
shares of common stock equal to the conversion rate. If the conversion
value exceeds $1,000, in addition to this cash payment, holders will
receive, at General Cable Corporation's election, cash or common stock
or a combination of cash and common stock for the excess amount.
General Cable Corporation will use a portion of the net proceeds
from the offering to repay outstanding amounts of principal and
interest under its senior secured credit facility. The Company also
expects to use the remaining net proceeds of this transaction for
general corporate purposes, which may include funding internal growth
or potential acquisitions.
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.
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 (File
No. 333-138511) 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
