General Cable says 93.72% of 5.75% preferred shares converted early

New York, Dec. 12 - General Cable Corp. said 1,939,991 shares or 93.72% of its 2,069,907 shares of 5.75% series A redeemable convertible preferred stock were converted early in its conversion offer for the securities.

The company will issue a total of 9.696 million shares and pay $15.287 million in cash plus $310,000 of accrued dividends to the holders who participated.

Following the offer, 129,916 shares of the preferreds remain outstanding.

General Cable announced the early conversion offer on Nov. 9.

For each preferred converted, holders received a cash premium of $7.88 and 4.998 shares of common stock, subject to adjustment, and accrued dividends.

The offer expired at 5 p.m. ET on Dec. 9.

Merrill Lynch & Co. (888 654-8637) is dealer manager, D.F. King & Co. Inc. (212 269-5550) is information agent and Mellon Investor Services LLC (800 685-4258) is conversion agent.

General Cable, which has headquarters in Highland Heights, Ky., develops wire and cable products for the energy, industrial and communications markets.

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