(Source: Business Wire)General Cable Corporation (NYSE: BGC) announced today the determination of the initial conversion price and initial conversion rate for the Subordinated Convertible Notes due 2029, or the 2029 notes, offered in its exchange offer for its outstanding 1.00% Senior Convertible Notes due 2012, or the 2012 notes. Pursuant to the exchange offer, the Company is offering to exchange $925 principal amount of the 2029 notes for each $1,000 principal amount of its outstanding 2012 notes, upon the terms and subject to the conditions set forth in the Company's preliminary prospectus dated November 24, 2009 (as the same may be amended and supplemented, the "preliminary prospectus") and the related letter of transmittal. Holders whose 2012 notes are accepted for exchange will also receive accrued and unpaid interest on such 2012 notes from the last interest payment date to, but excluding, the date on which the exchange of 2012 notes that are accepted for exchange is settled.

The 2029 notes will have an initial conversion price of $36.75, which is equal to the minimum initial conversion price set forth in the preliminary prospectus. The initial conversion rate for the 2029 notes will be 27.2109 per $1,000 principal amount of 2029 notes, or 1,000 divided by the initial conversion price.

The initial conversion price was determined by reference to the "average VWAP," which means the arithmetic average, as determined by the Company, of the daily VWAP for each trading day during the 10 trading day period ending on and including December 11, 2009, which was the then scheduled expiration date for the exchange offer, rounded to four decimal places. The "daily VWAP" for any trading day means the per share volume weighted average price of the Company's common stock on that day as displayed under the heading Bloomberg VWAP on Bloomberg Page BGC.N AQR (or its equivalent successor page if such page is not available) in respect of the period from the scheduled open of trading on the relevant trading day until the scheduled close of trading on the relevant trading day (or if such volume weighted average price is unavailable, the market price of one share of the Company's common stock on such trading day determined, using a volume weighted average method, by a nationally recognized investment banking firm retained by the Company for this purpose).