General Cable Corporation (the "Company"), (NYSE:BGC), announced
today that it has closed its previously announced private offering of
$325.0 million of senior notes, comprised of $200.0 million in
aggregate principal amount of 7.125% Senior Fixed Rate Notes due 2017
and $125.0 million in aggregate principal amount of Senior Floating
Rate Notes due 2015 (collectively, the "Notes").
The Company intends to use net proceeds from the sale of the Notes
to redeem up to $285.0 million in aggregate principal amount of 9.5%
Senior Notes due 2010 ("9.5% Notes") (including approximately $280.0
million of its 9.5% Notes validly tendered and not withdrawn on or
prior to March 15, 2007 in the Company's previously announced tender
offer and consent solicitation), and for general corporate purposes.
The Notes were offered to qualified institutional buyers in
accordance with Rule 144A of the Securities Act of 1933, as amended
(the "Securities Act"). The Notes have not been registered under the
Securities Act or any state securities laws and, unless so registered,
may not be offered or sold in the United States except pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act and applicable state securities
laws.
This announcement shall not constitute an offer to sell or the
solicitation of an offer to buy the Notes nor shall there be any sale
of the Notes 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.
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 include the Company's
ability to maintain access to the capital markets to finance (on terms
favorable to the Company) the purchases of the notes tendered in the
offer, reliance on dividends and other transfers from subsidiaries to
repay indebtedness, ability to serve outstanding indebtedness, the
Company's failure to comply with covenants in existing and future
financing arrangements, covenants contained in existing indebtedness
that restrict the Company's business operations, downgrade in the
Company's credit ratings, ability to repurchase outstanding notes,
ability to pay the conversion price on convertible notes, the economic
strength and competitive nature of the geographic markets that the
Company serves; economic, political and other risks of maintaining
facilities and selling products in foreign countries; changes in
industry standards and regulatory requirements; advancing
technologies, such as fiber optic and wireless technologies;
volatility in the price of copper and other raw materials, as well as
fuel and energy and the Company's ability to reflect such volatility
in its selling prices; interruption of supplies from the Company's key
suppliers; the failure to negotiate extensions of the Company's labor
agreements on acceptable terms; the Company's ability to increase
manufacturing capacity and achieve productivity improvements; the
Company's dependence upon distributors and retailers for non-exclusive
sales of certain of the Company's products; pricing pressures in the
Company's end markets; the Company's ability to maintain the
uncommitted accounts payable or accounts receivable financing
arrangements in its European operations; the impact of any additional
charges in connection with plant closures and the Company's inventory
accounting practices; the impact of certain asbestos litigation,
unexpected judgments or settlements and environmental liabilities; the
ability to successfully identify, finance and integrate acquisitions;
the impact of terrorist attacks or acts of war which may affect the
markets in which the Company operates; the Company's ability to retain
key employees; the Company's ability to service debt requirements and
maintain adequate domestic and international credit facilities and
credit lines; the impact on the Company's operating results of its
pension accounting practices; the Company's ability to avoid
limitations on utilization of net losses for income tax purposes;
volatility in the market price of the Company's common stock all of
which are more fully discussed in the Company's Report on Form 10-K
filed with the Securities and Exchange Commission on March 1, 2007, as
well as any current and periodic reports filed with the Commission.
The Company undertakes no obligation to release publicly the result of
any revisions to these forward-looking statements that may be made to
reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events.
