General Cable Corp. (BGC) announced the pricing of $600 million in aggregate principal amount of senior notes due 2022 in an offering exempt from registration under the Securities Act of 1933, as amended. Interest on the Notes is payable in cash on a semi-annual basis and will accrue at a rate of5.75%per annum.
General Cable stated that the notes will be general unsecured obligations of the company and will be guaranteed on an unsecured senior basis by each of its existing and future U.S. and Canadian subsidiaries that is a borrower or a guarantor under our senior credit facility.
The company said that it intends to use the proceeds of the offering to refinance its 7.125% senior notes due 2017 through a redemption and its 0.875% senior convertible notes due 2013through a possible tender offer, purchases or payment at maturity and for other general corporate purposes.
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