General Cable Sets Refinancing - Multichannel

General Cable Sets Refinancing

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General Cable Corp. said Wednesday that it is proceeding with a comprehensive refinancing plan.

The Highland Heights, Ky.-based vendor of copper, aluminum and fiber-optic wire and cable products for the energy, industrial, specialty and communications markets is seeking to replace its current bank-credit facility, provide additional liquidity, extend debt maturities and reduce leverage.

The plan includes a $240 million senior secured asset-based revolving-credit facility; $275 million of senior unsecured notes; $75 million of redeemable convertible preferred stock; and $50 million of common stock.

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