General Cable amends revolver to lower rate, increase capital expenditure allowance

By Sara Rosenberg

New York, Oct. 25 - General Cable Corp. amended its $240 million asset-based senior secured credit facility, lowering the interest rate by 50 basis points, increasing the allowed amount of annual maximum capital expenditures to $50 million from $35 million, and providing the ability to swap up to $100 million of existing fixed-rate debt to a floating interest rate, according to a company news release.

The amendment took effect Friday.

"Our improving financial results over the last three quarters provided us the ability to favorably amend our revolving credit facility," executive vice president, chief financial officer and treasurer Christopher Virgulak said in the release. "Our lenders unanimously approved the amendment, which will lower our borrowing cost over the remaining four years of the facility and provide us additional flexibility to invest in the profitable growth of our business."

General Cable is a Highland Heights, Ky.-based developer and manufacturer in the wire and cable industry.

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