Cable Design to repay bank debt with convertible proceeds

By Sara Rosenberg

New York, July 2 - Cable Design Technologies Corp. plans on repaying approximately $83 million of bank debt with proceeds from a $110 million 4% convertible subordinated debenture offering.

The $83 million of bank debt that is being repaid represents substantially all of the current amount outstanding under the company's bank facilities, according to a news release.

Cable Design is a Pittsburgh manufacturer of high bandwidth network connectivity products, fiber optic cable and connectors, assemblies, components, computer interconnect cables for communication switching applications and communication cable products.

PG&E repays and terminates credit facility with note sale proceeds

By Sara Rosenberg

New York, July 2 - PG&E Corp. paid off and terminated its existing credit agreement, including accrued interest and prepayment premiums, with proceeds from a private placement of $600 million 6 7/8% senior secured notes due 2008 and with cash on hand.

PG&E is a San Francisco energy-based holding company.

Reliance Steel & Aluminum draws on bank loan to fund acquisition

By Sara Rosenberg

New York, July 2 - Reliance Steel & Aluminum Co. borrowed funds under its $335 million syndicated bank line of credit to help finance the acquisition of Precision Strip, Inc. for $220 million in cash, plus the assumption of approximately $26 million of debt.

In addition to the bank borrowings, the company used a new private placement of $135 million of senior secured notes to fund the acquisition.

Reliance Steel & Aluminum is a Los Angeles metals service center company.

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