General Cable to repay bank debt with convertibles proceeds

By Sara Rosenberg

New York, Nov. 8 - General Cable Corp. plans to repay outstanding balances under its senior secured credit facility using some of the proceeds from its proposed $315 million senior convertible notes offering, according to a company news release.

Remaining proceeds will be used for general corporate purposes, including the payment of the net cost of separate convertible note hedge and warrant transactions.

General Cable is a Highland Height, Ky.-based developer, manufacturer and seller of wire and cable products.

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