E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 11/12/2013 in the Prospect News High Yield Daily and Prospect News Liability Management Daily.

General Cable gets needed consents to amend floaters and 5¾% notes

By Susanna Moon

Chicago, Nov. 12 - General Cable Corp. said it obtained the needed consents to amend its senior floating-rate notes due 2015 and 5¾% senior notes due 2022 and executed supplemental indentures to the notes.

The company sought to make changes to the indentures' reporting covenants and to waive defaults that have occurred before the proposed amendments become effective, as previously announced.

The amendments required consents from holders of a majority of each series of the outstanding notes.

The consent fee was $2.50 per $1,000 principal amount. Noteholders who delivered their consents were eligible to receive the consent fee, which will only be payable if the company has not complied with the reporting covenants by Jan. 31.

Since the needed consents were obtained by the end of the solicitation, noteholders will receive additional interest at the rate of 0.5% per year from Nov. 1 until the earlier of March 17 and the date that the company complies with the reporting covenants under the indentures.

The consent solicitation expired at 5 p.m. ET on Nov. 8. The solicitation began on Nov. 4. Holders needed to be of record as of 5 p.m. ET on Nov. 1.

The company previously said it if obtained the consents, then the company's 10-Q filings with the Securities and Exchange Commission for the quarters ended June 28 and Sept. 27 on or prior to March 17 would satisfy the company's obligations under the reporting covenants. However, if the company does not comply with the reporting covenants by March 17, then that noncompliance will constitute an event of default under the notes.

J.P. Morgan Securities LLC (800 245-8812 or 212 270-1200) was the solicitation agent. D.F. King & Co., Inc. (800 290-6429 or 212 269-5550) was the information and tabulation agent.

General Cable is a Highland Heights, Ky.-based developer, designer, manufacturer, marketer and distributor of copper, aluminum, and fiber optic wire and cable products.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.