General Cable to offer $550M in senior notes

General Cable to offer $550 million in senior notes; plans to use proceeds to refinance debt

Associated Press

HIGHLAND HEIGHTS, Ky. (AP) -- Diversified industrial company General Cable Corp. said Monday that it intends to offer $550 million in senior notes due in 2022, in part to refinance its 7.125 percent senior notes due in 2017 and its 0.875 percent senior convertible notes due in 2013.

The company did not offer further pricing details and said that its offer is subject to market conditions.

Shares fell 64 cents, or 2 percent, at $31.34 in midday trading Monday. Its shares have fallen 10 percent since peaking for the past year at $34.89 in early February.

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