General Cable to launch $240 million credit facility Wednesday

New York, Oct. 29 - General Cable Corp. is planning to launch a $240 million credit facility at a lenders meeting on Wednesday, according to a syndicate source.

Joint lead arrangers for the transaction are UBS Securities and Merrill Lynch Capital.

The facility will be made up of a five-year asset-based revolver.

Proceeds will be used to partially repay amounts outstanding under the company's existing bank credit facility and accounts receivable securitization facility. Future borrowings will be used for working capital, capital expenditures and general corporate purposes.

The facility is expected to be partially funded at the closing.

General Cable is a Highland Heights, Ky. wire and cable manufacturer.

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