General Cable Up-Sizes And Extends Senior Revolving Credit Facility

(RTTNews) - General Cable Corp. (BGC) Monday said it is increasing its existing $700 million asset-based revolving credit facility to $1.0 billion, and extending the maturity date to 2018.

The amendment provides a $300 million increase to the Senior Secured Credit Facility by incorporating some of the company's European assets, thereby creating a single credit facility for North America and Europe.

The new amendment is expected to enhance the company's financial flexibility to support its global operations and capital structure, subject to meeting minimum availability and fixed coverage requirements.

In order to support ongoing business requirements, portions of the Senior Secured Credit Facility will be available for the issuance of letters of credit.

"Our capital structure and maturity profile are in good order and we are well positioned to continue to execute on growth opportunities as well as our share repurchase program and quarterly dividend, " said Brian Robinson, EVP, CFO.