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General Cable Corp Announces Expansion Of Senior Secured Credit Facility To $1.0 Billion


Monday, 9 Sep 2013 04:10pm EDT 

General Cable Corp announced that it has amended its existing $700 million asset-based revolving credit facility (the Senior Secured Credit Facility) increasing the size up to $1.0 billion and extending its maturity date to 2018. The amendment provides a $300 million increase to the Senior Secured Credit Facility by incorporating certain of the Company`s European assets to create a single credit facility for North America and Europe. All other principal terms of the Senior Secured Credit Facility remain the same. The amendment further enhances the Company`s financial flexibility to support its global operations and capital structure, subject to meeting minimum availability and fixed coverage requirements. Indebtedness under the Senior Secured Credit Facility is guaranteed by certain of the Company's U.S., Canadian and European subsidiaries and is secured by a first priority security interest in certain tangible and intangible property and assets of the Company's U.S., Canadian and European subsidiaries. In order to support ongoing business requirements, portions of the Senior Secured Credit Facility will be available for the issuance of letters of credit. 

Company Quote

13.47
-0.29 -2.11%
22 Oct 2014