The Firm recently represented Goldman, Sachs & Co. and J.P. Morgan Securities Inc., as dealer managers, in connection with a registered exchange offer by General Cable Corporation. In the exchange offer, General Cable offered to exchange new Subordinated Convertible Notes due 2029 for its outstanding 1.00% Senior Convertible Notes due 2012. The exchange offer closed on December 18, 2009 with approximately $429.5 million of new Subordinated Convertible Notes being issued in exchange for approximately $464.4 million of Senior Convertible Notes.
The conversion price for the Subordinated Convertible Notes offered in the exchange offer was determined based on a 22.5% premium over the volume-weighted average price for the General Cable common stock over the 10 business days ending on the expiration date for the exchange offer, subject to a minimum conversion price.
General Cable, headquartered in Highland Heights, Kentucky, is a global leader in the development, design, manufacture, marketing and distribution of copper, aluminum and fiber optic wire and cable products for the energy, industrial, and communications markets.
The Simpson Thacher team included John Lobrano, Patrick Baron, Bryan Yoon, Kuang-Wei Chueh (Corporate); Noah Beck and Andrew Purcell (Tax); Adeeb Fadil (Environmental) and Andrew Pagliughi (Blue Sky).