General Cable Announces Mandatory Redemption on November 24, 2013 of Its 5.75% Series a Redeemable Convertible Preferred Stock
HIGHLAND HEIGHTS, Ky.--(BUSINESS WIRE)--General Cable Corporation (NYSE: BGC) (the “Company”) announced today that the Company’s outstanding shares (the “Shares”) of 5.75% Series A Redeemable Convertible Preferred Stock (the “Preferred Stock”) will be mandatorily redeemed on November 24, 2013. Pursuant to the terms of the Preferred Stock, the redemption price of $50.00 per share (the “Redemption Price”), plus all accrued and unpaid or accumulated dividends through November 24, 2013, will be paid in cash on November 25, 2013 to holders of the Shares who properly deliver their Shares.
The payment of the Redemption Price (together with accrued and unpaid or accumulated dividends) is conditioned upon book-entry transfer of or physical delivery of the certificates representing the Shares, together with necessary endorsements, on or before November 24, 2013 to Computershare. If delivered by mail, certificates should be sent to Computershare at 250 Royall Street, Canton MA 02021, Attn: Corporate Actions. Questions relating to the mandatory redemption should be directed to Computershare at (800) 777-3674.
The redeemed Shares will no longer be deemed outstanding on and after November 24, 2013 and all rights with respect to the Shares will cease, except only the right of the holders thereof to receive the Redemption Price (together with accrued and unpaid or accumulated dividends). As a result of the mandatory redemption, the right of the holders to convert Shares will terminate at the close of business on November 22, 2013. Unless the Company defaults in the deposit of the Redemption Price (together with accrued and unpaid or accumulated dividends) with Computershare, dividends on the Shares will cease to accrue on and after November 24, 2013 and the only remaining right of the holders thereof is to receive payment of the Redemption Price (together with accrued and unpaid or accumulated dividends) upon surrender to Computershare of the certificates representing the redeemed Shares.
General Cable Corporation, 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. Visit our website at www.generalcable.com.