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General Cable prices offer, gets consents for 9½% notes
By Jennifer Chiou
New York, March 15 - General Cable Corp. announced the receipt of tenders from holders of 98% of its $285 million of 9½% senior notes due 2010 at the early deadline, enough to amend the note indenture.
The company is soliciting consents to eliminate substantially all of the restrictive covenants contained in the note indenture.
The tender offer expires at midnight ET on April 2. It began on March 6.
The tender consideration is $1,070.72, which is equal to 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 Nov. 15, 2007, the first call date - and all scheduled interest payments on the notes to Nov. 15, 2007, discounted using the yield to maturity of the 3% U.S. Treasury notes due Nov. 15, 2007 plus 50 basis points, minus accrued interest up to but excluding the payment date.
The tender consideration was calculated on March 13 and includes a consent payment of $30.00 per $1,000 principal amount for noteholders who tendered and delivered consent by 5 p.m. ET on March 15, the consent expiration. Holders who tendered by the consent expiration will receive payment on March 21.
The reference yield and the tender offer yield are 5.03% and 5.53%, respectively.
General Cable will also pay accrued interest up to but excluding the payment date.
The tender offer is subject to the receipt of sufficient financing, the receipt of consents from holders of a majority of the notes and other customary conditions.
Goldman, Sachs & Co. is the dealer manager and solicitation agent (800 828-3182 or call collect 212 357-0775). D.F. King & Co., Inc. is the information agent (800 714-3313).
The Highland Heights, Ky.-based maker of electrical and electronic wires and cables plans to finance the tender offer with a portion of the proceeds from a new debt financing.
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