General Cable extends temporary waiver of financial reporting default

By Marisa Wong

Madison, Wis., Oct. 29 - General Cable Corp. amended on Oct. 23 its existing asset-based revolving credit facility with JPMorgan Chase Bank, NA as administrative agent to extend and amend the temporary waiver related to any default under the credit agreement arising from failure to comply with some reporting covenants contained in the indentures governing the company's outstanding unsecured notes, according to an 8-K filing with the Securities and Exchange Commission.

Specifically, the amended waiver provides that the lenders temporarily waive any default or event of default arising under the credit agreement due to the company's failure to (a) file its 10-Q for the quarter ended June 28 or its 10-Q for the quarter ended Sept. 27 within the time periods prescribed under the covenants in the indentures governing the company's outstanding senior floating-rate notes due 2015, subordinated convertible notes due 2029 and 5¾% senior notes due 2022 or (b) deliver any related notice of default to the trustee under those indentures.

If the breach of the reporting covenants is cured on or prior to the expiration date of the temporary waiver or the company receives the needed indenture waivers prior to that expiration date, then the corresponding default or event of default under the credit agreement will also be cured.

The temporary waiver automatically expires on the earliest of (a) March 17, 2014, (b) the earlier of (i) one business day prior to the occurrence of an event of default as described above or (ii) one business day prior to the expiration of any extended grace period or temporary waiver, (c) the commencement of any enforcement action, including any acceleration of the notes and (d) the occurrence of any other default under any indenture of the company.

General Cable is a Highland Heights, Ky.-based developer, designer, manufacturer, marketer and distributor of copper, aluminum, and fiber optic wire and cable products.

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