General Cable Corporation Commences Tender Offer for 9.5% Senior Notes, due 2010

    HIGHLAND HEIGHTS, KY., March 6 /CNW/ - General Cable Corporation (the
"Company"), (NYSE:  BGC), announced today that it has commenced a tender offer
for any and all of its 9.5% Senior Notes, due 2010 (CUSIP No. 369300 AC 2)
(the "Notes"). Approximately $285.0 million in aggregate principal amount of
the Notes are currently outstanding. In conjunction with the tender offer, the
Company is soliciting the consent of the holders of a majority in aggregate
principal amount of the outstanding Notes (the "Holders") to eliminate
substantially all of the restrictive covenants contained in the indenture
governing the Notes. The terms and conditions of the tender offer and consent
solicitation are set forth in an Offer to Purchase and Consent Solicitation
Statement (the "Offer to Purchase"), dated March 6, 2007.

    Subject to certain conditions precedent described in the Offer to
Purchase, Holders who validly tender Notes and deliver consents at or prior to
5:00 p.m., New York City time, on March 15, 2007, unless such time is extended
(the "Consent Expiration"), will be entitled to receive the Total
Consideration (as described below), which includes a consent payment of $30.00
per $1,000 principal amount of Notes (the "Consent Payment"), which we expect
will be paid on or about March 21, 2007. Holders who validly tender Notes
after the Consent Expiration but at or prior to 12:00 midnight, New York City
time, on April 2, 2007, unless such time is extended (the "Expiration Time"),
will be entitled to receive the Tender Consideration, which is equal to the
Total Consideration less the Consent Payment. Tendered Notes and related
consents may be withdrawn prior to the Consent Expiration. After the Consent
Expiration, they may be withdrawn only under certain limited circumstances.

    The Total Consideration for each $1,000 principal amount of Notes validly
tendered and accepted for payment pursuant to the Offer will be an amount
equal to (i) the present value on the Payment Date of $1,047.50 per $1,000
principal amount of Notes (the redemption price payable for the Notes on
November 15, 2007, the first date on which the Notes are redeemable at a fixed
redemption price) and all scheduled interest payments on the Notes from the
applicable payment up to November 15, 2007, calculated based on the assumption
that the Notes will be redeemed in full on November 15, 2007, discounted on
the basis of a yield to November 15, 2007 equal to the sum of (a) the yield to
maturity on the 3.00% U.S. Treasury Notes due November 15, 2007, as calculated
by the dealer manager in accordance with standard market practice, on the
second business day immediately preceding the Consent Expiration, plus (b) 50
basis points, minus (ii) accrued and unpaid interest to, but not including,
the applicable payment date being rounded to the nearest cent per $1,000
principal amount of the Notes. The Tender Consideration is equal to the Total
Consideration minus the Consent Payment.

    All Notes accepted for payment will also receive accrued and unpaid
interest up to, but excluding, the applicable payment date.

    The Company intends to finance the tender offer with a portion of the
proceeds from a new debt financing (the "New Offering"). The Company's
obligation to accept for purchase and to pay the Total Consideration or Tender
Consideration, as applicable, for each of the Notes validly tendered in the
tender offer is subject to, and conditioned upon, the satisfaction of or
waiver of the following: (i) the completion of the New Offering on terms and
conditions satisfactory to the Company, and receipt by the Company on or
before March 21, 2007, unless extended, of net proceeds from the New Offering
sufficient to purchase all Notes pursuant to the Offer; (ii) the receipt of
the requisite consents on or prior to the Consent Expiration from the holders
of at least a majority in aggregate principal amount of the outstanding Notes
and the execution of the Supplemental Indenture by the Company, the Guarantors
and the Trustee; and (iii) certain other customary conditions.

    This press release does not constitute an offer to buy or the
solicitation of an offer to sell any of the Notes, described above. The tender
offer is being made only pursuant to the Offer to Purchase and related
applicable Letter of Transmittal and Consent dated March 6, 2007. The Company
has retained Goldman, Sachs & Co. to serve as the exclusive Dealer Manager and
Solicitation Agent for the tender offer and D.F. King & Co., Inc. to serve as
the Information Agent. Requests for documents may be directed to D.F. King &
Co., Inc. by telephone at 800-714-3313 (toll-free). Questions regarding the
tender offer and consent solicitation may be directed to Goldman, Sachs & Co.
at 800-828-3182 (toll-free) or 212-357-0775.

    With nearly $3.7 billion of revenue and 7,900 associates, General Cable
(NYSE:  BGC) 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

    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. The New Offering will not be
registered under the Securities Act of 1933, as amended, or any state
securities laws and as a result, such securities may not be offered or resold
absent registration or an applicable exemption from registration under federal
and applicable state securities laws.

For further information:

For further information: General Cable Corporation Michael P. Dickerson,
859-572-8684 Vice President of Finance and Investor Relations

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890