General Cable Extends Credit Facility11/28/2005 8:41 AM Eastern
General Cable Corp. said Monday that it successfully completed an amendment and extension of its senior secured revolving-credit facility last Wednesday.
The manufacturer of wire and cable products said the amendment increases the size of the facility from $275 million to $300 million, extends the maturity date by almost two years to August 2010, lowers borrowing costs by approximately 75 basis points and reduces unused facility fees.
In addition, several other provisions have been eliminated or relaxed, including the elimination of the annual limit on capital expenditures, an expansion of permitted indebtedness to include acquired indebtedness of newly acquired foreign subsidiaries and a significant increase in the level of permitted loan funded acquisitions.
“This operating improvement and deleveraging has provided us with the opportunity to amend and extend our credit facility and, thereby, to improve our financial flexibility and lower our borrowing costs," executive vice president, chief financial officer and treasurer Christopher Virgulak said in a prepared statement.