General Cable extends $700 million revolving credit facility to 2022

By Wendy Van Sickle

Columbus, Ohio, May 25 – General Cable Corp. extended its $700 million asset-based revolving credit facility to 2022, according to a press release and an 8-K filing with the Securities and Exchange Commission.

The company has the ability to increase the facility size by up to $250 million. A portion of the revolver will be available for letters of credit.

Borrowings will bear interest at Libor, CDOR or Euribor plus a margin ranging from 150 basis points to 200 bps, based on daily average availability. There is a commitment fee ranging from 25 bps to 37.5 bps.

JPMorgan Chase Bank, NA is the administrative agent.

There is a $441 million sublimit available to U.S. borrower General Cable Industries, Inc., $49 million of which may be borrowed by Canadian borrower General Cable Co. Ltd. and $210 million of which may be borrowed by the European borrowers Silec Cable SAS, Norddeutsche Seekabelwerke GmbH and Grupo General Cable Sistemas, SL.

The debt is guaranteed by certain of the company’s U.S. subsidiaries and is secured by a first priority security interest in certain tangible and intangible property and assets of certain of the company’s U.S. subsidiaries.

Debt related to the Canadian borrower and the European borrowers is guaranteed by certain of the company’s Canadian and European subsidiaries and is secured by a first priority security interest in certain tangible and intangible property and assets of certain of the company’s Canadian and European subsidiaries.

The debt is guaranteed by certain of the company’s U.S. subsidiaries and is secured by a first priority security interest in certain tangible and intangible property and assets of certain of the company’s U.S. subsidiaries.

Debt related to the Canadian borrower and the European borrowers is guaranteed by certain of the company’s Canadian and European subsidiaries and is secured by a first priority security interest in certain tangible and intangible property and assets of certain of the company’s Canadian and European subsidiaries.

“This amendment ensures the company’s financial flexibility to support our global operations and locks in an additional five years of liquidity, which better positions the company to execute on our previously stated strategy,” Matti Masanovich, General Cable senior vice president and chief financial officer, said in the release.

General Cable is a Highland Heights, Ky.-based producer of copper, aluminum and fiber optic wire and cable products.

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