General Cable swaps 98 percent of 2012 bonds

AP News
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Posted: Dec 18, 2009 3:57 PM

General Cable Corp. said Friday that bondholders representing almost 98 percent of its convertible notes due in 2012 have accepted a swap for notes due in 2029.

Bondholders got a total of roughly $429.5 million in new notes for the $464.4 million tendered.

That leaves about $10.6 million of the original 2012 notes outstanding.

Shares of General Cable, which provides fiber optic and metal cable products, were up 43 cents, or 1.4 percent, to $31.64 in late trading.