UBS and Merrill Lynch Capital launched a $240 million bank deal for wire and cable manufacturer General Cable Corp. last Wednesday. The bank loan is structured as a five-year, asset-based revolver, which will be partially funded at close, said a banker. Proceeds will partially repay debt under General Cable's existing bank facility and accounts receivable securitization facility.
General Cable is a global developer, manufacturer and distributor of aluminum, copper and fiber optic wire and cable products to the energy, industrial and communications markets. Last year's EBITDA was $79.9 million, according to the banker. Officials at General Cable did not return calls by press time.