-----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, R6K/0kus5sf4xG/HdLSaNRldkKxxgzdNXPTJtduxdi07ITEfvAE45O8HAyTdGalY vzJhKp23yJ8BZZt7tTDBhg== 0000950131-99-005576.txt : 19991018 0000950131-99-005576.hdr.sgml : 19991018 ACCESSION NUMBER: 0000950131-99-005576 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991004 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19991005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HELLER FINANCIAL INC CENTRAL INDEX KEY: 0000046738 STANDARD INDUSTRIAL CLASSIFICATION: SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153] IRS NUMBER: 361208070 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-06157 FILM NUMBER: 99722995 BUSINESS ADDRESS: STREET 1: 500 W MONROE ST CITY: CHICAGO STATE: IL ZIP: 60661 BUSINESS PHONE: 3124417000 MAIL ADDRESS: STREET 1: 500 W MONROE ST CITY: CHICAGO STATE: IL ZIP: 60661 FORMER COMPANY: FORMER CONFORMED NAME: HELLER WALTER E & CO /NEW/ DATE OF NAME CHANGE: 19850503 8-K 1 FORM 8-K 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: October 5, 1999 --------------- (Date of earliest event reported) HELLER FINANCIAL, INC. ---------------------- (Exact name of registrant as specified in its charter) Delaware -------- (State or other jurisdiction of incorporation) 1-6157 36-1208070 ------ ---------- (Commission File Number) (IRS Employer Identification Number) 500 West Monroe Street, Chicago, Illinois 60661 ----------------------------------------- ----- (Address of principal executive offices) (Zip Code) (312) 441-7000 -------------- (Registrant's telephone number, including area code) Item 5. Other Events - ------- ------------ On October 4, 1999, Heller Financial, Inc. (the "Registrant") issued a press release announcing that it has agreed to sell its domestic factoring business, known as Commercial Services, to The CIT Group (NYSE: CIT) for approximately $560 million in cash. Item 7. Financial Statements and Exhibits - ------- --------------------------------- (c) Exhibits 99 Heller Financial, Inc. - Press Release SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: October 4, 1999 ---------------- HELLER FINANCIAL, INC. By: /s/ Lauralee E. Martin ---------------------- Lauralee E. Martin Title: Executive Vice President and Chief Financial Officer 2 EXHIBIT INDEX Exhibit Sequentially Number Numbered Pages - ------ -------------- 99 Heller Financial, Inc. - Press Release 4-5 3 EX-99 2 PRESS RELEASE DATED 10/04/99 Exhibit 99 Heller Financial Announces Agreement to Sell Its Commercial Services Unit to The CIT Group CHICAGO, IL (October 4, 1999) Heller Financial, Inc. (NYSE: HF) announced today that it has agreed to sell its Commercial Services unit to The CIT Group (NYSE: CIT) for approximately $560 million in cash. The Commercial Services unit is Heller's domestic factoring business, which, as of August 31, 1999, had total net assets of $435 million, reflecting $953 million of factored accounts receivable and $518 million of credit balances due factoring clients. Completion of the sale, which is subject to customary regulatory approvals, is expected to occur during the fourth quarter of 1999. The after-tax gain associated with the transaction will be determined after closing, and will ultimately include final adjustments for transactions costs, obligations to employees, and third party contracts such as facility leases and vendor contracts. Commercial Services provides factoring, asset-based revolving credit facilities, and accounts receivable management services to clients in the U.S. textile and apparel industries. The unit employs approximately 375 people, primarily in New York, NY and Glendale, CA. Heller's International Group, which includes wholly owned and joint venture factoring and asset based lending operations in more than 20 countries around the world, is unaffected by this transaction. "Heller has a long, rich history in the U.S. factoring business, but we believe that long-term success in this business increasingly requires substantial economies of scale, which Commercial Services will not be able to achieve through internal growth," said Heller Chairman and Chief Executive Officer Richard J. Almeida. "We believe that we can best maximize shareholder value by redeploying the capital and other resources made available from the sale of Commercial Services to accelerate our investment in Heller businesses that offer substantially greater opportunities for long-term growth and profitability. Accordingly, we do not expect this transaction to negatively impact earnings growth in the future." The CIT Group, Inc., is a leading diversified finance organization offering secured commercial and consumer financing primarily in the United States to smaller, middle-market and larger businesses and to individuals through a nationwide distribution network. Heller Financial, Inc., is a worldwide commercial finance company providing a broad range of financing solutions to middle-market and small business clients. With more than $14 billion in owned and managed assets, Heller offers equipment financing and leasing, sales finance programs, collateral- and cash flow-based financing, financing for healthcare companies and financing for commercial real estate. The company also offers trade finance, factoring, asset-based lending, leasing and vendor finance products and programs to clients in Europe, Asia, Australia and Latin America. Heller's common stock is listed as "HF" on the New York and Chicago Stock Exchanges. Heller can be found on the World Wide Web at http://www.hellerfinancial.com. -----END PRIVACY-ENHANCED MESSAGE-----