HIGHLAND HEIGHTS, Ky.--(BUSINESS WIRE)--General Cable Corporation (NYSE: BGC) (the “Company”) today announced that in light of current market conditions it has decided not to proceed with its previously announced offering of $250 million of senior unsecured notes due 2019 at this time.
“Uncertain and weak overall conditions in the high yield debt market led us to conclude that the proposed offering of senior unsecured notes would not be in the best interest of shareholders under terms currently available,” stated Gregory B. Kenny, President and Chief Executive Officer. "The senior unsecured note offering and the intended use of proceeds was an opportunity to address the maturity of the 2015 floating rate notes and prefund the restructuring program. However, we have the flexibility with respect to the timing of such an offering as we maintain the liquidity under our existing asset-based revolving credit facility to fund operations and capital requirements. We will continue to monitor debt markets and may return to the market when conditions are more favorable.”
General Cable (NYSE:BGC), a Fortune 500 Company, is a global leader in the development, design, manufacture, marketing and distribution of copper, aluminum and fiber optic wire and cable products and systems for the energy, industrial, specialty, construction and communications markets.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve risks and uncertainties, predict or describe future events or trends and that do not relate solely to historical matters. Forward-looking statements include, among others, expressed expectations with regard to the following: “believe,” “expect,” “may,” “will,” “anticipate,” “intend,” “estimate,” “project,” “plan,” “assume,” “seek to” or other similar expressions, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those discussed in forward-looking statements as a result of factors, risks and uncertainties over many of which we have no control. These factors include, but are not limited to, the risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”), including but not limited to, our annual report on Form 10-K filed with the SEC on March 3, 2014, and subsequent SEC filings. You are cautioned not to place undue reliance on these forward-looking statements. General Cable does not undertake, and hereby disclaims, any obligation, unless required to do so by applicable securities laws, to update any forward-looking statements as a result of new information, future events or other factors.