New Issue: General Cable upsizes seven-year notes to $285 million, yield 9½%

By Paul A. Harris

St. Louis, Nov. 18 - General Cable Corp. priced an upsized $285 million of senior notes due Nov. 15, 2010 (B2/B) at par, Tuesday, to yield 9½%, according to an informed source.

The deal was increased from $275 million. Price talk was for a yield in the 9¾% area.

Merrill Lynch & Co. and UBS Investment Bank were joint bookrunners on the Rule 144A/Regulation S deal.

The issue is part of the refinancing plan to replace the company's credit facility, provide additional liquidity, extend debt maturities and reduce leverage.

The issuer is a Highland Heights, Ky. cable manufacturer.

Issuer:	General Cable Corp.
Amount:	$285 million (increased from $275 million)
Maturity:	Nov. 15, 2010
Security description:	Senior notes
Bookrunners:	Merrill Lynch, UBS Investment Bank
Coupon:	9½%
Price:	Par
Yield:	9½%
Spread:	595 basis points
Call features:	Callable after Nov. 15, 2007 at 104.75, then 102.375, declining to par on Nov. 15, 2009 and thereafter
Equity clawback:	Until Nov. 15, 2006 for 35% at 109.50
Settlement date:	Nov. 24
Ratings:	Moody's: B2
	Standard & Poor's: B
Price talk:	9¾% area

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