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GENERAL CABLE ESTABLISHES CREDIT FACILITY

 HIGHLAND HEIGHTS, Ky., July 2 /PRNewswire/ -- General Cable Corporation (NASDAQ: GENC) announced that it completed arrangements yesterday for a $65 million, three-year term, structured receivables loan and letter of credit facility secured by accounts receivable of its General Cable Receivables Corporation subsidiary. The facility is being provided by PNC Bank, Ohio, N.A., and BankAmerica Business Credit, Inc., as co-agents. Funds made available under the facility generally will be used by General Cable to provide working capital for its wire and cable businesses. The initial takeout of funds under the facility and internal corporate funds are being used to repay a $39.1 million short- term debt obligation to The Penn Central Corporation (NYSE: PC) created in the spin-off of General Cable on July 1, 1992, and expenses of establishing the facility.
 General Cable manufactures and markets electrical, electronic and telecommunications wire and cable under the Carol Cable(A), Capital Wire & Cable, Romex(A), Saturday's Helper(A), Philadelphia Insulated Wire and General Cable brand names for the construction, consumer, automotive, OEM and telecommunications markets.
 (A) -- Registered trademarks of General Cable Corporation.
 -0- 7/2/93
 /CONTACT: Robert J. Siverd, senior vice president of General Cable Corporation, 606-572-8890/
 (GENC PC)


CO: General Cable Corporation ST: Kentucky, Ohio IN: SU: FNC

AR -- CL009 -- 8142 07/02/93 12:29 EDT
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Publication:PR Newswire
Date:Jul 2, 1993
Words:218
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