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General Cable amends facility to extend maturity, raise capacity
By Jennifer Chiou
New York, Sept. 9 - General Cable Corp. entered into on Sept. 6 an amendment to its asset-based revolving credit facility, increasing the size to $1 billion from $700 million and extending the maturity to Sept. 6, 2018 from July 21, 2017, according to an 8-K filing with the Securities and Exchange Commission.
Of the $1 billion, $70 million can be borrowed by the Canadian borrower and $300 million can be borrowed by the European borrowers.
The filing noted that the sublimit for the letter of credit facility has been upped to $250 million from $175 million, while the swingline loan facility sublimit has increased to $68.75 million from $43.75 million.
There is a $250 million expansion option for borrowers.
Proceeds will go towards working capital and general corporate purposes.
The maturity date will automatically become Dec. 31, 2014 unless (a) the company's $125 million of senior floating-rate notes due 2015 have been refinanced with debt that matures or is mandatorily redeemable not earlier than the date that is six months after the maturity date or (b) the borrowers have sufficient liquidity for the repayment of the notes, availability under the credit facility is at least $100 million and the fixed-charge coverage ratio is no less than 1.15 to 1.00 for the most recently ended quarter for which financial statements have been delivered.
The unused fee is now 25 bps to 37.5 bps, instead of 37.5 bps to 50 bps.
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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