General Cable Announces Senior Secured Credit Facility Maturity Extended to 2022

HIGHLAND HEIGHTS, Ky.–(BUSINESS WIRE)–General Cable Corporation (NYSE: BGC) has amended its existing
$700 million asset-based revolving credit facility (the “Senior Secured
Credit Facility”) extending its maturity date to 2022. The Senior
Secured Credit Facility provides the Company with the ability to
increase the facility size in the future by up to $250 million.
Indebtedness under the Senior Secured Credit Facility is guaranteed by
certain of the Company’s U.S. subsidiaries and is secured by a first
priority security interest in certain tangible and intangible property
and assets of certain of the Company’s U.S. subsidiaries. Indebtedness
under the Senior Secured Credit facility related to the Canadian
Borrower and the European Borrowers is guaranteed by certain of the
Company’s Canadian subsidiaries and European subsidiaries and is secured
by a first priority security interest in certain tangible and intangible
property and assets of certain of the Company’s Canadian subsidiaries
and European subsidiaries. In order to support ongoing business
requirements, portions of the Senior Secured Credit Facility will be
available for the issuance of letters of credit.

Matti Masanovich, Senior Vice President and Chief Financial Officer,
said, “This amendment ensures the Company’s financial flexibility to
support our global operations and locks in an additional five years of
liquidity, which better positions the Company to execute on our
previously stated strategy.”

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 economic
strength and competitive nature of the geographic markets that the
Company serves; our ability to increase manufacturing capacity and
productivity; our ability to increase our selling prices during periods
of increasing raw material costs; our ability to service, and meet all
requirements under, our debt, and to maintain adequate domestic and
international credit facilities and credit lines; our ability to
establish and maintain internal controls; the impact of unexpected
future judgments or settlements of claims and litigation; the impact of
foreign currency exchange rate fluctuations; the impact of future
impairment charges; compliance with U.S. and foreign laws, including the
Foreign Corrupt Practices Act; our ability to achieve the anticipated
cost savings, efficiencies and other benefits related to our
restructuring program and other strategic initiatives, including our
plan to exit all of our Asia Pacific and African operations, and the
other risks detailed from time to time in the Company’s filings with the
Securities and Exchange Commission (“SEC”), including but not limited
to, its annual report on Form 10-K filed with the SEC on February 24,
2017, 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.

Contacts

General Cable Corporation
Gavin Bell, 859-572-8684
Vice
President, Investor Relations