HIGHLAND HEIGHTS, Ky.--(EON: Enhanced Online News)--General Cable Corporation (NYSE: BGC) (the “Company”) announces in accordance with the terms of the Company’s 5.75% Series A Redeemable Preferred Stock (“Preferred Stock”), an increase to the conversion rate of the Preferred Stock from 4.998 to 5.056 shares of common stock.
As a result of the cash dividend of $0.18 per share paid on each of June 28, 2013 and September 6, 2013, on the common stock of the Company, the conversion price for the Preferred Stock is adjusted from $10.004 to $9.889 per share of Preferred Stock. The corresponding conversion rate is 5.056.
The adjusted conversion price was determined after each dividend, pursuant to the Certificate of Designations of the Preferred Stock, by multiplying the then conversion price by a fraction, the numerator of which is the average closing sales price per share of the Company’s common stock as reported on the NYSE for a period of five consecutive trading days after the common stock traded after each dividend (the “Average Sale Price”) and the denominator of which is the Average Sale Price plus the amount of the dividend per share of the Company’s common stock.
General Cable Corporation (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. Visit our website at www.generalcable.com.
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 can generally be identified by use of forward-looking terminology such as “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; the impact of unexpected future judgments or settlements of claims and litigation; the impact of foreign currency fluctuations, compliance with U.S. and foreign laws, the Company’s ability to implement and make appropriate, timely and beneficial decisions as to when, how and if to purchase shares under the repurchase program 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 March 1, 2013, 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.