General Cable Spanish subsidiary gets €75 million credit facility

By Sara Rosenberg

New York, Dec. 22 - General Cable Corp. wholly owned Spanish subsidiary Grupo General Cable Sistemas closed on a new €75 million credit facility, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Banco de Sabadell arranged the new loan.

The facility consists of a €50 million seven-year term loan with an interest rate of Euribor plus 80 to 150 basis points, depending on debt ratios, and a €25 million five-year revolver with an interest rate of Euribor plus 60 to 100 bps, depending on debt ratios.

Proceeds were used to help fund the acquisition of the Silec energy cable business of Safran SA and will also be used for general corporate purposes.

General Cable is a Highland Heights, Ky.-based supplier of wire and cable products.

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