General Cable to launch $450 million convertible senior notes to fund acquisition of Freeport-McMoRan unit

By Evan Weinberger

New York, Sept. 12 - General Cable Corp. announced the launch of an expected $450 million in senior convertible notes. No maturity date was announced and there was no coupon or initial conversion premium talk immediately available.

The Rule 144A transaction will go toward funding a portion of the price Highland Heights, Ky.-based General Cable will pay for the purchase of the wire and cable unit of Freeport-McMoRan Copper & Gold Inc. General Cable announced its acquisition of the unit for $750 million earlier Wednesday.

The rest of the proceeds will be used to expand General Cable's operations in the United States and for general corporate purposes.

General Cable produces and distributes copper, aluminum and fiber optic wire and cable.

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