0000950137-01-503984.txt : 20011019 0000950137-01-503984.hdr.sgml : 20011019 ACCESSION NUMBER: 0000950137-01-503984 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20011011 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20011015 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRUSERV CORP CENTRAL INDEX KEY: 0000025095 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-LUMBER, PLYWOOD, MILLWORK & WOOD PANELS [5031] IRS NUMBER: 362099896 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-18397 FILM NUMBER: 1759094 BUSINESS ADDRESS: STREET 1: 8600 WEST BRYN MAWR AVE CITY: CHICAGO STATE: IL ZIP: 60631-3505 BUSINESS PHONE: 7736955000 MAIL ADDRESS: STREET 1: 8600 W. BRYN MAWR AVENUE CITY: CHICAGO STATE: IL ZIP: 60631-3505 FORMER COMPANY: FORMER CONFORMED NAME: COTTER & CO DATE OF NAME CHANGE: 19920703 8-K 1 c65457e8-k.txt CURRENT REPORT DATED 10/11/01 SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported) October 11, 2001 TRUSERV CORPORATION (Exact Name of Registrant as Specified in Its Charter) DELAWARE (State or Other Jurisdiction of Incorporation) 2-20910 36-2099896 (Commission File Number) (I.R.S. Employer Identification No.) 8600 WEST BRYN MAWR AVENUE, CHICAGO, ILLINOIS 60631-3505 (Address of Principal Executive Offices) (Zip Code) 773-695-5000 (Registrant's Telephone Number, Including Area Code) Not Applicable (Former Name or Former Address, if Changed Since Last Report) Item 5. Other Events. TruServ Corporation issued the attached press release in connection with the announcement at its fall buying convention in Las Vegas that it signed a $350 million underwritten lending commitment with Bank of America. Matters discussed in the attached press release are forward-looking statements within the meaning of the safe-harbor provisions of the Securities Exchange Act of 1934. These forward-looking statements are subject to various risks and uncertainties. Actual results may vary materially from the expectations contained therein. The factors that could cause actual results to differ materially from the projections, forecasts, estimates and expectations discussed therein may include factors that are beyond the company's ability to control or estimate precisely, such as the ultimate requirements of the company's lenders, projections about the efficiencies that may be achieved by the company's initiatives, expectations about member response to the company initiatives, estimates of future market conditions in the hardware industry, the behavior of other market participants in the industry and the actions and economic conditions in the service territories of the company's members. Other risk factors are detailed from time to time in the company's SEC reports. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date of this document. The company does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this letter. Item 7. Exhibit 99.1 Press release, dated October 11, 2001 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. TRUSERV CORPORATION (Registrant) Date: October 15, 2001 By /s/ Pamela Forbes Lieberman ---------------------------------- Name: Pamela Forbes Lieberman Title: Chief Operating Officer, Chief Financial Officer and Senior Vice President -2- EX-99.1 3 c65457ex99-1.txt PRESS RELEASE EXHIBIT 99.1 [TRUSERV LOGO] NEWS RELEASE For more information contact: Mary Viola 773-695-5280 mviola@truserv.com TRUSERV SIGNS COMMITMENT LETTER WITH LENDER IN LONG-TERM FINANCING AGREEMENT Hardware cooperative continues to accomplish strategic goals and moves closer to financial stability, long-term growth. LAS VEGAS (OCT. 11, 2001) - TruServ Corporation announced at its fall buying convention it has signed a $350 million underwritten lending commitment from Bank of America for borrowings against the co-op's accounts receivable and inventory. TruServ is pursuing a December close. Pamela Forbes Lieberman, TruServ's chief operating officer and chief financial officer, told a group of more than 4,000 members, vendors and associates that TruServ is focused on three objectives. "The keys to our future in the near term are restoring financial stability and reducing debt, restoring profitability and improving productivity, and positioning the co-op for profitable growth," said Forbes Lieberman. In addition, she outlined the co-op's strategy for implementing the key initiatives that are intended to generate cash and further reduce their borrowing requirements, and explained that the financing commitment represents major milestones in the company's turnaround. "We have continued to demonstrate our ability to execute our strategy and reduce expenses," said Forbes Lieberman. "Signing the commitment letter is a very significant step in our return to sustainable profitability and future growth." TruServ, headquartered in Chicago, is the largest member-owned wholesale hardware cooperative with 2000 sales of $4 billion, supporting annual retail sales of more than $12 billion. The TruServ cooperative includes more than 7,400 independent retail locations worldwide operating under the store identities of True Value, Grand Rental Station, Taylor Rental, Party Central, Home & Garden Showplace and Induserve Supply. For more information about TruServ and its retail identities, visit www.truserv.com. ### All statements other than statements of historical information provided herein may be deemed to be forward-looking statements. Without limiting the foregoing, the words "may," "will," "believe" and "represents" and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the co-ops' filings with the SEC. Readers are cautioned not to place undue reliance on the forward-looking statements, which reflect management's analysis, judgment, belief or expectation only as of the date hereof. The co-op undertakes no obligation to publicly revise the forward-looking statements to reflect events or circumstances that arise after the date hereof.