General Cable Issues $475.0 Million of Senior Convertible Notes Due 2012

    HIGHLAND HEIGHTS, KY., October 2 /CNW/ - General Cable Corporation
(NYSE:  BGC) (the "Company") announced today that it has issued $475.0 million
in aggregate principal amount of its 1.00% Senior Convertible Notes due 2012
(the "Notes"). This amount includes the initial purchaser's exercise of an
overallotment option granted by the Company to purchase $60.0 million in
principal amount of the Notes on the same terms and conditions as those sold
in the offering. The Company received approximately $461.6 million in net
proceeds from the sale of the Notes after paying placement agent and other

    Interest on the Notes will be paid semiannually on April 15 and October
15, commencing April 15, 2008, at a rate of 1.00% per year. The Notes will be
convertible into the Company's common stock at a conversion rate of 11.9142
shares per $1,000 principal amount of Notes. This conversion rate is
equivalent to an initial conversion price of approximately $83.93 per share.
This represents a 27.5% premium over the $65.83 per share price, which was the
last reported sale price of the Company's common stock on the New York Stock
Exchange on September 26, 2007, the date of pricing. The Notes are general
unsecured obligations of the Company, and are guaranteed on an unsecured
senior basis by certain of the Company's existing domestic subsidiaries.

    Prior to September 15, 2012, holders may convert their Notes under
certain circumstances. On and after September 15, 2012, the notes will be
convertible at any time prior to the close of business on the business day
before the stated maturity date of the Notes. Upon conversion of a note, if
the conversion value is $1,000 or less, holders will receive an amount in cash
in lieu of common stock equal to the lesser of $1,000 or the conversion value
of the number of shares of common stock equal to the conversion rate. If the
conversion value exceeds $1,000, in addition to this cash payment, holders
will receive, at the Company's election, cash or common stock or a combination
of cash and common stock for the excess amount.

    The purpose of this offering was to fund a portion of the purchase price
for the previously disclosed acquisition of the wire and cable business of
Freeport-McMoRan Copper & Gold Inc. and related costs. If the acquisition is
not consummated for any reason, the offering proceeds will be used for general
corporate purposes, which may include funding the potential expansion of our
business in the United States and into foreign countries and the acquisition
of other complementary businesses.

    The Notes were sold to qualified institutional buyers in reliance on Rule
144A under the Securities Act of 1933, as amended (the "Securities Act"). The
Notes, the subsidiary guarantees and the common stock issuable upon conversion
of 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 the registration
requirements of the Securities Act and applicable state laws. This press
release shall not constitute an offer to sell or the solicitation of an offer
to buy any of these securities, nor shall it constitute an offer, solicitation
or sale in any jurisdiction in which such offer, solicitation or sale is

    With over $4 billion of annualized revenues and 9,000 employees, General
Cable is a global leader in the development, design, manufacturer, 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. These statements are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. 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 reliance on the Company's ability
to successfully integrate the proposed acquisition and other acquisitions,
costs associated with the proposed acquisition and other acquisitions; the
receipt and timing of regulatory approvals for the proposed acquisition; the
possibility that the acquisition will not close; the reaction of customers,
suppliers and competitors to the proposed acquisition; general market
perception of the proposed acquisition, diversion of management attention from
other business concerns due to the proposed acquisition and other
acquisitions; undisclosed or unanticipated liabilities and risks resulting
from the proposed acquisition; increased indebtedness resulting from the
funding of the proposed acquisition; operations in additional foreign
countries and political instability in such countries; the ability to
successfully identify and finance other 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; and the Company's
ability to service debt requirements and maintain adequate domestic and
international credit facilities and credit lines; as well as the risks
described in the Company's Annual 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 subsequent to such date. 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.

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