8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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): December 16, 2004

GenCorp Inc.

(Exact name of registrant as specified in its charter)

Ohio	1-01520	34-0244000
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

Highway 50 and Aerojet Road, Rancho Cordova, California	95670
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code
916-355-4000

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

EX-99.1 Press Release

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

Effective November 23, 2004, GenCorp entered into an Indenture (the “Indenture”) by and between GenCorp and The Bank of New York Trust Company, N.A., as Trustee, governing GenCorp’s 2 1/4% Convertible Subordinated Debentures due 2024 (the “Debentures”). The Company has granted an initial purchaser of the Debentures an option to purchase up to an additional $80 million aggregate principal amount of the Debentures. Pursuant to that option, that initial purchaser purchased $13.3 million in aggregate principal amount of the Debentures on December 6, 2004, $10.1 million in aggregate principal amount of the Debentures on December 9, 2004 and $43.0 million in aggregate principal amount of the Debentures on December 16, 2004.

The Debentures are unsecured and subordinated obligations of the Company. Interest on the Debentures accrues from November 23, 2004 and will be payable semi-annually in arrears in cash on May 15 and November 15 of each year beginning May 15, 2005. The debentures will mature on November 15, 2024.

Pursuant to the terms of the Indenture, the Debentures are convertible, at the option of the holder, into cash and, if applicable, the Company’s common stock at an initial conversion price of $20.00 per share, subject to certain adjustments. The initial conversion price is equivalent to a conversion rate of 50 shares per $1,000 principal amount of debentures. The Debentures are convertible: (i) during any fiscal quarter commencing after November 30, 2004, if the closing sale price of our common stock exceeds 130% of the conversion price for at least 20 trading days in the 30 consecutive trading day period ending on the last trading day of the preceding fiscal quarter; (ii) subject to certain exceptions, during the five business days after any five consecutive trading day period in which the trading price per $1,000 principal amount of the Debentures for each day of such period was less than 95% of the product of the closing sale price of our common stock and the conversion rate then in effect; (iii) if the debentures have been called for redemption; (iv) upon the occurrence of specified corporate transactions; or (v) in connection with a transaction or event constituting a designated event. We may be required to pay a make-whole premium in shares of our common stock and accrued but unpaid interest if the Debentures are converted in connection with certain specified designated events occurring on or prior to November 20, 2011.

The Company may, at its option, redeem the Debentures for cash on or after November 15, 2014, at any time in whole or from time to time in part, at a redemption price equal to 100% of the principal amount to be redeemed, plus accrued and unpaid interest, including liquidated damages, if any, to but not including the redemption date.

In addition, under certain circumstances, the Company may, at its option, redeem the Debentures on or after November 20, 2011 and prior to November 15, 2014, at any time in whole or from time to time in part, at a redemption price equal to 100% of the principal amount to be redeemed, plus accrued and unpaid interest, including liquidated damages, if any, payable in cash. If the Company so redeems the Debentures, it will make an additional payment in cash, Company common stock or a combination thereof, at its option, equal to the present value of all remaining scheduled payments of interest on the redeemed debentures through November 15, 2014.

Holders may require the Company to repurchase all or part of their Debentures on November 20, 2011, November 15, 2014 and November 15, 2019, or upon the occurrence of certain events, at a price equal to 100% of the principal amount of the Debentures plus accrued and unpaid interest, including liquidated damages, if any, payable in cash, to but not including the repurchase date, plus, in certain circumstances, a make-whole premium, payable in Company common stock.

The Indenture is subject to customary events of default, the occurrence of which could lead to an acceleration of the Company’s obligations thereunder.

The aggregate offering price for the Debentures issued on December 6, 2004, December 9, 2004 and December 16, 2004 was $66.4 million and the aggregate underwriting discounts and commissions paid by the Company was $1.8 million.

Item 3.02. Unregistered Sales of Equity Securities.

Effective November 23, 2004, GenCorp entered into an Indenture by and between GenCorp and The Bank of New York Trust Company, N.A., as Trustee, governing GenCorp’s 2 1/4% Convertible Subordinated Debentures due 2024 (the “Debentures”). Pursuant to its option to purchase up to an additional $80 million aggregate principal amount of the Debentures, an initial purchaser of the Debentures purchased $13.3 million in aggregate principal amount of the Debentures in a private placement on December 6, 2004, $10.1 million in aggregate principal amount of the Debentures in a private placement on December 9, 2004 and $43.0 million in aggregate principal amount of the Debentures in a private placement on December 16, 2004. The terms of the Debentures and details concerning the sales are described above in Item 2.03.

The Debentures were not registered under the Securities Act of 1933 (the “Securities Act”) and were sold to the initial purchaser in reliance on the exemption from registration provided by Section 4(2) of the Securities Act. The initial purchaser of the Debentures then sold the Debentures to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A under the Securities Act. The Company relied on these exemptions from registration based on representations made by the initial purchaser in that certain Purchase Agreement by and among the Company and the several initial purchasers.

Item 8.01. Other Events.

Attached hereto as Exhibit 99.1 and incorporated herein by reference is the text of the registrant’s press release issued on December 16, 2004, in which GenCorp announced that it closed its private offering of $43.0 million in aggregate principal amount of its 21/4% Convertible Subordinated Debentures due 2024 pursuant to the partial exercise by an initial purchaser of the debentures of its option to purchase additional debentures. The debentures are convertible, at the option of the holder upon the satisfaction of certain conditions, into cash and, if applicable, the Company’s common stock at an initial conversion price of $20.00 per share, subject to certain adjustments. The initial conversion price is equivalent to a conversion rate of 50 shares per $1,000 principal amount of debentures. GenCorp also announced that it and an initial purchaser have agreed to extend the period during which the option is exercisable through January 15, 2005.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits

Exhibit No.	Description
99.1	GenCorp Inc.’s press release dated December 16, 2004.

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.

	GENCORP INC.
	By:	/s/ Mark A. Whitney
	Name:	Mark A. Whitney
	Title:	Vice President, Law, Deputy General Counsel and
		Assistant Secretary
Dated: December 17, 2004

EXHIBIT INDEX

Exhibit No.	Description
99.1	GenCorp Inc.’s press release dated December 16, 2004.

EX-99.1

Exhibit 99.1

For Immediate Release

GenCorp Announces Issuance of Additional $43 Million of
21/4% Convertible Subordinated Debentures due 2024

SACRAMENTO, Calif. – December 16, 2004 – GenCorp Inc. (“GenCorp” or the “Company”) (NYSE: GY) today announced that it closed a private offering of an additional $43 million in aggregate principal amount of its 2 1/4% Convertible Subordinated Debentures due 2024 pursuant to the partial exercise by an initial purchaser of the debentures of its option to purchase additional debentures. The debentures are convertible, at the option of the holder upon the satisfaction of certain conditions, into cash and, if applicable, the Company’s common stock at an initial conversion price of $20.00 per share, subject to certain adjustments. The initial conversion price is equivalent to a conversion rate of 50 shares per $1,000 principal amount of debentures. The Company used the net proceeds from the sale to repurchase a portion of its 5 3/4% convertible subordinated notes due 2007.

The initial purchaser of the debentures has an option to purchase up to an additional $13.6 million aggregate principal amount of debentures, which it may exercise from time to time. The Company and the initial purchaser agreed today to extend the period during which the option is exercisable through January 15, 2005. The private offering has been made only to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933.

The debentures and the common stock issuable upon conversion have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws, and are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act. Unless so registered, the debentures and common stock issuable upon conversion of the debentures may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. The Company has agreed that it will file a registration statement covering the resale of the debentures and the common stock issuable upon conversion of the debentures.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of these securities.

About GenCorp

GenCorp is a leading technology-based manufacturer of aerospace and defense products and systems with a real estate business segment that includes activities related to the development, sale and leasing of the Company’s real estate assets. Additional information about the Company can be obtained by visiting the Company’s web site at http://www.GenCorp.com.

-more-

Forward-Looking Statements

This press release contains forward-looking statements based on current management expectations. Numerous factors, including those related to market conditions and those detailed from time to time in GenCorp’s filings with the Securities and Exchange Commission, may cause results to differ materially from those anticipated in the forward-looking statements. Many of the factors that will determine GenCorp’s future results are beyond the ability of GenCorp to control or predict. These statements are subject to risks and uncertainties and, therefore, actual results may differ materially. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. GenCorp undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Contact information:
Investors: Yasmin Seyal, senior vice president and chief financial officer 916.351.8585
Media: Linda Cutler, vice president, corporate communications 916.351.8650
          Judith Wilkinson/Jeremy Jacobs, Joele Frank, Wilkinson Brimmer Katcher 212.355.4449

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