General Cable Expects Q3 Operating Income At Or Around Low End Of Prior Range

(RTTNews) - General Cable Corp. (BGC) said it expects third quarter and full year adjusted operating income to be at or around the low end of the range of $60 to $75 million and $200 to $230 million, respectively.

Relative to the company's previously communicated outlook for the third quarter, global unit demand has lagged expectations particularly in Latin America, Thailand and Spain.

End market demand throughout Latin America continues to be hampered by inconsistent construction spending and electrical infrastructure investment. In Thailand, demand for the company's products has not yet been significantly impacted by the actions taken by the new government aimed at improving domestic economic activity. Additionally, the Spanish market remains difficult due to the ongoing challenges faced in that economy.

Separately, General Cable announced that it intends to offer aggregate principal amount of senior notes due 2019 in an offering exempt from registration under the Securities Act of 1933, as amended. The Notes will be offered only to qualified institutional buyers in reliance upon Rule 144A under the Securities Act and non-U.S. persons outside of in reliance upon Regulation S under the Securities Act.

The company said it plans to use the proceeds of the offering to redeem its senior floating rate notes due 2015 and for general corporate purposes, including funding future costs associated with its previously announced restructuring program and repaying borrowings under its senior secured revolving credit facility.