general cable corp (BGC) Key Developments
General Cable Corporation Adopts Amended and Restated By-Laws for the Company
Mar 25 15
On March 19, 2015, the Board of Directors of General Cable Corporation adopted Amended and Restated By-Laws for the Company (Revised By-Laws). The Revised By-laws became effective on March 19, 2015. The primary purpose of the amendment and restatement was to clarify (i) that, except as otherwise provided by the Delaware General Corporation Law, the Company's Amended and Restated Certificate of Incorporation and the Revised By-Laws, the holders of a majority of the shares entitled to vote, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of business and that when a quorum is present, the vote of the holders of a majority of the shares present in person or represented by proxy at the meeting and entitled to vote on the subject matter shall decide any question brought before such meeting; and (ii) that the vote standard for the election of directors is (a) the majority of votes cast in uncontested elections and (b) the plurality of votes cast in contested elections where the number of nominees exceeds the number of directors.
Prysmian Not In Talks With General Cable
Mar 17 15
Prysmian S.p.A. (BIT:PRY) is not in talks with General Cable Corp. (NYSE:BGC) for a merger but it is considering all growth opportunities, Prysmian's spokesman said. Valerio Battista, Prysmian Chief Executive Officer, said in December that there were no talks to buy General Cable nor to merge with Nexans Société Anonyme (ENXTPA:NEX).
Prysmian To Bid For General Cable
Mar 17 15
Prysmian S.p.A. (BIT:PRY) is General Cable Corp. (NYSE:BGC) evaluating a takeover bid for General Cable Corp. (NYSE:BGC), according to people with knowledge of the matter. Prysmian held preliminary discussions with General Cable, said the people, asking not to be identified because the deliberations are confidential.
General Cable Corporation, and Certain of its U.S., Canadian and European Subsidiaries Amends its Existing Asset-Based Revolving Credit Facility and Enters into Amendment No. 5 to Amended and Restated Credit Agreement
Mar 13 15
On March 9, 2015, General Cable Corporation, and certain of its U.S., Canadian and European subsidiaries amended the company’s existing asset-based revolving credit facility and entered into amendment No. 5 to amended and restated credit agreement, as amended, by and among the company’s principal U.S. operating subsidiary General Cable Industries Inc., General Cable Company Ltd., Silec Cable SAS, a French société par actions simplifiée, Norddeutsche Seekabelwerke GmbH existing under the laws of Germany, Grupo General Cable Sistemas, S.L., a public limited liability company (formerly Grupo General Cable Sistemas, S.A., in process of conversion) organized under the laws of Spain, ECN Cable Group, S.L., a limited liability company organized under the laws of Spain, the Company and those certain other subsidiaries of the Company party thereto, the several lenders and financial institutions party thereto and JPMorgan Chase Bank, N.A., as “Administrative Agent.” The primary purpose of amendment No. 5 is to provide that no consent of lenders will be required for each divestiture or sale of the company’s assets in Asia and Africa having a fair market value in excess of $50 million. Among other requirements, a Permitted Divestiture will not require consent if the company can certify as to pro forma compliance with the Fixed Charge Coverage Ratio test contained in Section 6.12 of the Credit Agreement, both before and after giving effect to the sale, and the sale and the application of proceeds are made in full compliance with the indentures for the Company’s senior notes and subordinated notes. Amendment No. 5 also generally provides that if the net proceeds from a Permitted Divestiture are received by any loan party, the borrowers shall prepay the obligations as in Section 2.11(e) of the credit agreement in an aggregate amount equal to 100% of the net proceeds to the extent the obligations are then outstanding. Amendment No. 5 further provides that the aggregate amount of letters of credit that the company and its subsidiaries may borrow under the credit agreement is $250 million, with sub limits of $142.5 million by U.S. subsidiaries, $32.5 million by Canadian subsidiaries, and $75 million for European subsidiaries.
General Cable Corporation Provides Earnings Guidance for the First Quarter of 2015
Feb 10 15
General Cable Corporation provided earnings guidance for the first quarter of 2015. For the first quarter of 2015, the company expects revenues to be in the range of $1.1 to $1.15 billion. For the first quarter of 2015, the company expects adjusted operating income to be in the range of $10 to $25 million and adjusted loss per share to be in the range of $0.16 to $0.01 per share.