-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, L9qbMhQ4dK6GBhng0R1g148HDbjP2tsYAJEDoTh5R/DuAYSZn6mkr6C58NVrlsFI B0mR6hSnJMKGWbiASBWEMA== 0000950152-99-005933.txt : 19990708 0000950152-99-005933.hdr.sgml : 19990708 ACCESSION NUMBER: 0000950152-99-005933 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990617 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WAXMAN INDUSTRIES INC CENTRAL INDEX KEY: 0000105096 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-HARDWARE & PLUMBING & HEATING EQUIPMENT & SUPPLIES [5070] IRS NUMBER: 340899894 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-10273 FILM NUMBER: 99659867 BUSINESS ADDRESS: STREET 1: 24460 AURORA RD CITY: BEDFORD HEIGHTS STATE: OH ZIP: 44146 BUSINESS PHONE: 2164391830 MAIL ADDRESS: STREET 1: 24460 AURORA ROAD CITY: BEDFORD HEIGHTS STATE: OH ZIP: 44146 8-K 1 WAXMAN INDUSTRIES, INC. 8-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): June 17, 1999 Waxman Industries, Inc. ----------------------- (Exact name of registrant as specified in its charter) Delaware 0-5888 34-0899894 (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification Number) 24460 Aurora Road, Bedford Heights, Ohio 44146 ---------------------------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (440) 439-1830 ------------------------------------------------------------------ Not Applicable ------------------------------------------------------------------ (Former name or former address, if changed since last report.) 2 ITEM 5. OTHER EVENTS. ------------ On June 17, 1999, Waxman Industries, Inc. (the "Company") announced that it had entered into a $20 million bank credit facility with Congress Financial Corporation, which replaced a credit facility with BankAmerica Business Credit, which was to expire in July 1999. The bank credit facility is by and among Congress Financial Corporation, as Lender, and Waxman Consumer Products, Inc., WOC Inc., Western American Manufacturing, Inc. and WAMI Sales, Inc. (the "Borrowers"), and the Company, Waxman USA Inc. and TWI, International, Inc. (the "Guarantors"). A copy of the press release issued by the Company with respect to the credit facility is attached hereto as Exhibit 99.1 and is incorporated herein by reference. ITEM 7. RELATED FINANCIAL INFORMATION AND EXHIBITS. ------------------------------------------ (c) Exhibits -------- 99.1 Press release issued by Waxman Industries, Inc. on June 17, 1999. 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. WAXMAN INDUSTRIES, INC. (Registrant) Date: July 2, 1999 By: /s/ Mark W. Wester ---------------------- Name: Mark W. Wester Title: Vice President - Finance and Chief Financial Officer 4 INDEX TO EXHIBITS Exhibit No. Page No. - ----------- -------- 99.1 Press release issued by Waxman Industries, Inc. on June 17, 1999 EX-99.1 2 EXHIBIT 99.1 1 EXHIBIT 99.1 WAXMAN INDUSTRIES, INC. (OTCBB: WAXX) NEWS RELEASE For Additional Information, Contact: Armond Waxman, President Mark Wester, Vice President - Finance (440) 439-1830 Waxman Industries, Inc. Announces New Bank Credit Facility Bedford Heights, Ohio - June 17, 1999 - Waxman Industries, Inc. (OTCBB-WAXX), a leading supplier of specialty plumbing and other products to the U.S. repair and remodeling market, announced that it has entered into a $20 million bank credit facility with Congress Financial Corporation, replacing the BankAmerica Business Credit facility, which was to expire in July 1999. The Congress Financial credit facility expires in September 2001 and is subject to extension under certain circumstances. The credit facility allows the Company to borrow against eligible inventory, eligible accounts receivable and a portion of the Barnett Inc. shares owned by the Company. Commenting on the new credit facility, Armond Waxman stated: "We believe this new credit facility will provide additional flexibility to the Company and is an important step in our effort to address our debt structure." Waxman Industries, Inc. is a leading supplier of specialty plumbing and other products to the repair and remodeling market in the United States. Through its wholly-owned subsidiaries, Consumer Products, WOC (parent of Medal Distributing), and its foreign sourcing operations, TWI, CWI and WAMI, the Company distributes its products to a wide variety of large national and regional retailers, other independent retailers and wholesalers in the United States. CAUTIONARY STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. STATEMENTS ON THIS PRESS RELEASE MAY CONSTITUTE "FORWARD-LOOKING STATEMENTS" WITHIN 2 THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 THAT ARE BASED ON THE BELIEFS OF THE COMPANY AND ITS MANAGEMENT. WHEN USED IN THIS DOCUMENT, THE WORDS "ANTICIPATE," "BELIEVE," "CONTINUE," "ESTIMATE," "EXPECT," "INTEND," "MAY," "SHOULD," AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS. SUCH STATEMENTS REFLECT THE CURRENT VIEW OF THE COMPANY WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO CERTAIN RISKS, UNCERTAINTIES AND ASSUMPTIONS, INCLUDING, BUT NOT LIMITED TO, THE RISK THAT THE COMPANY MAY NOT BE ABLE TO IMPLEMENT ITS DELEVERAGING STRATEGY IN THE INTENDED MANNER, RISKS ASSOCIATED WITH CURRENTLY UNFORESEEN COMPETITIVE PRESSURES AND RISKS AFFECTING THE COMPANY'S INDUSTRY, SUCH AS DECREASED CONSUMER SPENDING, CONSUMER CONCENTRATION ISSUES AND THE EFFECTS OF GENERAL ECONOMIC CONDITIONS. IN ADDITION, THE COMPANY'S BUSINESS, OPERATIONS AND FINANCIAL CONDITION ARE SUBJECT TO THE RISKS, UNCERTAINTIES AND ASSUMPTIONS WHICH ARE DESCRIBED IN THE COMPANY'S REPORTS AND STATEMENTS FILED FROM TIME TO TIME WITH THE SECURITIES AND EXCHANGE COMMISSION. SHOULD ONE OR MORE OF THOSE RISKS OR UNCERTAINTIES MATERIALIZE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED HEREIN. # # # To receive additional information about Waxman Industries, Inc., please visit the Company's web site at http://www.waxmanind.com ------------------------ FOR INFORMATION, CONTACT: At Waxman: (440) 439-1830 At D.R. Maruster & Co.: (330) 278-2386 - ------------------------- -------------------------------------- ARMOND WAXMAN, PRESIDENT DALE MARUSTER MARK WESTER, CFO -----END PRIVACY-ENHANCED MESSAGE-----