Moody's rates General Cable notes B1

Moody's Investors Service said it assigned B1 (LGD4, 63%) ratings to General Cable Corp.'s proposed $125 million senior unsecured floating-rate notes due 2015 and $200 million senior unsecured notes due 2017 and affirmed the company's corporate family and probability-of-default ratings at Ba3 and its $355 million senior unsecured convertible notes due 2013 and $285 million senior unsecured notes due 2010 at B1 (LGD4, 63%).

The outlook remains stable.

The proceeds of the senior unsecured notes will be used to refinance the existing senior unsecured notes, pay transaction costs, fund the tender premium for the senior notes due in 2010 and provide additional funds for general corporate purposes.

The agency said the ratings reflect the company's moderate leverage, good interest coverage, low-cost operations, leading market position in the wire and cable industry and highly diversified end markets and customer base.

© 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.