General Cable Corporation (NYSE: BGC), one of the most globally diversified industrial companies, (the “Company”), announced today the pricing of $600 million in aggregate principal amount of senior notes due 2022 (the “Notes”) in an offering exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Interest on the Notes is payable in cash on a semi-annual basis and will accrue at a rate of 5.75% per annum.
The Notes will be general unsecured obligations of the Company and will be guaranteed on an unsecured senior basis by each of our existing and future U.S. and Canadian subsidiaries that is a borrower or a guarantor under our senior credit facility.
The Notes will be offered only to qualified institutional buyers in reliance upon Rule 144A under the Securities Act and non-U.S. persons outside of the United States in reliance upon Regulation S under the Securities Act.
The Company intends to use the proceeds of the offering to refinance its 7.125% senior notes due 2017 (the “2017 Notes”) through a redemption and its 0.875% senior convertible notes due 2013 (“2013 Notes”) through a possible tender offer, purchases or payment at maturity and for other general corporate purposes.In connection with the offering of the Notes, the Company will agree, subject to certain conditions, to file a registration statement relating to a registered offer to exchange the Notes for new registered notes having substantially identical terms as the Notes. The Notes have not been registered under the Securities Act or applicable state securities laws and, unless so registered, may not be offered or sold in the United States, except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release does not constitute a notice of redemption under the indenture governing the 2017 Notes nor an offer to tender for, or purchase, any 2013 Notes or any other security.