Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers T > Headlines for Tenders 2005 > News item |
General Cable offers premium to encourage conversion of 5.75% preferred shares
By Angela McDaniels
Seattle, Nov. 9 - General Cable Corp. said it will pay a cash premium to holders of its 2,069,907 shares of 5.75% series A redeemable convertible preferred stock who elect to convert their preferred stock into shares of General Cable common stock.
The offer will expire at 5 p.m. ET on Dec. 9.
For each share converted, the holder will receive a cash premium of $7.88 and 4.998 shares of common stock, subject to adjustment, and accrued dividends.
The cash premium will cost the company $16.3 million, if all the shares of preferred stock are converted.
The offer is conditioned upon General Cable's ability to obtain an amendment to its senior secured facility to permit it to borrow the aggregate amount needed complete the offer, the company said.
A registration statement relating to the shares of common stock to be offered has been filed with the Securities and Exchange Commission, General Cable said, but has not yet become effective.
Merrill Lynch & Co. (888 654-8637) is dealer manager, D.F. King & Co. Inc. (212 269-5550) is information agent and Mellon Investor Services LLC (800 685-4258) is conversion agent.
General Cable, headquartered in Highland Heights, Ky., develops wire and cable products for the energy, industrial and communications markets.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.