General Cable ( BGC) entered a $150 million dollar-euro cross-currency and interest rate swap agreement.The Highland Heights, Ky., wire distributor said the two-year swap covers 53% of its outstanding $285 million in senior notes. Under the swap, the company said it has notionally exchanged $150 million at a fixed interest rate of 9.5% for approximately 125 million euros, at $1.198 apiece, at a fixed interest rate of 7.5%. "This swap arrangement is the latest step in the re-engineering of our capital structure that began with the $670 million refinancing and equity offering in the fourth quarter of 2003," said finance chief Christopher Virgulak. "This arrangement not only lowers our borrowing cost by 200 basis points on the swapped portion of our Senior Notes, or $3 million per year, but creates a partial hedge against the company's euro-denominated net investment in Europe. We are committed to continuing to find ways to deliver enhanced earnings for our shareholders through these types of arrangements and other capital structure improvements." On Thursday, General Cable slipped 13 cents to $14.90.