Moody’s rates General Cable notes B3

Moody's Investors Service said it affirmed General Cable Corp.’s corporate family rating at B2 and its probability of default rating at B2-PD and at the same time assigned a B3/LGD-5 on the proposed $250 million senior unsecured notes due 2019.

The affirmation follows the company's announcement that it will be raising $250 million senior unsecured notes, the proceeds of which will be used to redeem its $125 million floating-rating notes due 2015, fund the restructuring program announced in July 2014, repay a portion of the outstanding balance on its ABL revolving credit facility and fund transaction expenses.

Moody's also affirmed the company's existing senior unsecured notes at B3 and its subordinated convertible notes at Caa1. General Cable's speculative grade liquidity assessment was raised to SGL-3 from SGL-4. The outlook remains negative.

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