General Cable Corporation has amended its existing $700 million asset-based revolving credit facility increasing the size up to $1.0 billion and extending its maturity date to 2018. The amendment provides a $300 million increase to the Senior Secured Credit Facility by incorporating certain of the company's European assets to create a single credit facility for North America and Europe. All other principal terms of the Senior Secured Credit Facility remain the same. The amendment further enhances the company's financial flexibility to support its global operations and capital structure, subject to meeting minimum availability and fixed coverage requirements. Indebtedness under the Senior Secured Credit Facility is guaranteed by certain of the Company's U.S., Canadian and European subsidiaries and is secured by a first priority security interest in certain tangible and intangible property and assets of the Company's U.S., Canadian and European subsidiaries. In order to support ongoing business requirements, portions of the Senior Secured Credit Facility will be available for the issuance of letters of credit.

Brian J. Robinson, Executive Vice President and Chief Financial Officer, said, "We are pleased to leverage the strength of the North American and European assets to enhance our global financial flexibility and liquidity required to fund working capital and other capital requirements while extending our maturity profile at attractive rates and terms. Our capital structure and maturity profile are in good order and we are well positioned to continue to execute on growth opportunities as well as our share repurchase program and quarterly dividend."

An 8-K report filed with the SEC on Sep. 9 lists JP Morgan Chase Bank as the administrative agent for the Senior Secured Credit Facility. Click here to view the 8-K filing.