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): | April 29, 2015 |
Exact Name of
Registrant as Specified in Its Charter: |
CALAMP CORP. |
DELAWARE | 0-12182 | 95-3647070 | ||
State or Other Jurisdiction of | Commission | I.R.S. Employer | ||
Incorporation or Organization | File Number | Identification No. |
Address of Principal Executive Offices: | 1401 N. Rice Avenue | |
Oxnard, CA 93030 |
Registrant's Telephone Number, Including | ||
Area Code: | (805) 987-9000 |
Former Name or Former Address, | ||
if Changed Since Last Report: | Not applicable |
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:
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14.a-12) | |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Item 8.01. Other Events
On April 29, 2015, CalAmp Corp. (the Company or CalAmp) issued a press release announcing that it intends to offer, subject to market and other conditions, $125 million aggregate principal amount of new convertible senior notes due 2020 (notes) solely to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The Company also expects to grant the underwriters a 30-day overallotment option to purchase up to an additional $18.75 million aggregate principal amount of notes on the same terms and conditions. The press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
ITEM 9.01. Financial Statements and Exhibits
(d) Exhibits
99.1 Press Release, dated April 29, 2015
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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.
CALAMP CORP. | |||
April 29, 2015 | By: /s/ Richard Vitelle | ||
Date | Richard Vitelle | ||
Executive Vice President & CFO | |||
(Principal Financial Officer) |
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EXHIBIT INDEX
Exhibits | ||
Number | ||
99.1 | Press Release, dated April 29, 2015 |
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Exhibit 99-1
N E W S
B U L L E T I N
FROM:
FOR IMMEDIATE RELEASE
CalAmp Announces Proposed
Private Offering of $125 Million of
Convertible Senior Notes
OXNARD, CA, April 29, 2015 -- CalAmp (NASDAQ: CAMP), announced today that it intends to offer, subject to market and other conditions, $125 million aggregate principal amount of Convertible Senior Notes due 2020 (the notes) in a private offering. The notes will be sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the Securities Act). CalAmp also expects to grant to the initial purchasers of the notes a 30-day option to purchase up to an additional $18.75 million aggregate principal amount of notes.
CalAmp expects to use a portion of the net proceeds from the offering of the notes to fund the cost of convertible note hedge transactions with the hedge counterparties, as described below. CalAmp expects to use the remainder of the net proceeds from the sale of the notes for general corporate purposes, which may include acquisitions, strategic transactions and working capital. In addition, CalAmp expects to receive proceeds from the separate sale of the warrants, as described below.
The notes will mature on May 15, 2020, unless earlier repurchased or converted. Prior to November 15, 2019, the notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day preceding the maturity date of the notes. Upon any conversion, CalAmps conversion obligation will be settled in cash, shares of CalAmp common stock, or a combination of cash and shares of CalAmp common stock, at CalAmps election. The interest rate on, the initial conversion rate of, and other terms of the notes will be determined by negotiations between CalAmp and the initial purchasers of the notes.
In connection with the offering of the notes, CalAmp expects to enter into privately negotiated convertible note hedge transactions with affiliates of the initial purchasers of the notes or other financial institutions (the hedge counterparties). The convertible note hedge transactions are expected to cover, subject to anti-dilution adjustments substantially similar to those applicable to the notes, the number of shares of CalAmp common stock that will initially underlie the notes. CalAmp also expects to enter into separate privately negotiated warrant transactions with the hedge counterparties relating to the same number of shares of CalAmp common stock, subject to customary anti-dilution adjustments. In addition, if the initial purchasers exercise their option to purchase additional notes, CalAmp expects to sell additional warrants to the hedge counterparties and use a portion of the proceeds from the sale of the additional notes and from the sale of the additional warrants to enter into additional convertible note hedge transactions with the hedge counterparties. The convertible note hedge transactions are expected generally to reduce the potential dilution with respect to CalAmp common stock and/or reduce the amount of any cash payments CalAmp is required to make in excess of the principal amount of any converted notes upon conversion of the notes. However, the warrant transactions will separately have a dilutive effect with respect to CalAmp common stock to the extent that the market price per share of CalAmp common stock exceeds the applicable strike price of the warrants on any expiration date of the warrants.
In connection with establishing their initial hedges of the convertible note hedge transactions and warrant transactions, concurrently with, or shortly after, the pricing of the notes, the hedge counterparties or their respective affiliates expect to enter into various derivative transactions with respect to CalAmp common stock. In addition, the hedge counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivative transactions with respect to CalAmp common stock and/or by purchasing or selling CalAmp common stock or other CalAmp securities in open market transactions and/or privately negotiated transactions following the pricing of the notes from time to time (and are likely to do so during any observation period related to a conversion of notes). Any of these hedging activities could also cause or avoid an increase or decrease in the market price of CalAmp common stock or the notes.
The notes and the shares of CalAmp common stock issuable upon conversion thereof, if any, have not been registered under the Securities Act or applicable state securities laws and 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.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
# # #
Cautionary Statement Concerning Forward-Looking Statements
Statements in this press release that are not historical in nature are forward-looking statements that within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, involve known and unknown risks and uncertainties. Words such as may, will, expect, intend, plan, believe, seek, could, estimate, judgment, targeting, should, anticipate, goal and variations of these words and similar expressions, are intended to identify forward-looking statements. With respect to the offering, such uncertainties and circumstances include whether CalAmp will consummate the offering; the anticipated terms of the notes and the anticipated use of proceeds from the offering; and whether the convertible note hedge and warrant transactions will become effective. In addition, readers are cautioned that actual results could differ materially from those implied by such forward-looking statements due to a variety of factors, including global economic conditions and uncertainties in the geopolitical environment, product demand, competitive pressures and pricing declines in our Wireless Datacom and Satellite segments, the timing and acceptance of customer approvals of new product designs, intellectual property infringement claims, interruption or failure of our Internet-based systems used to wirelessly configure and communicate with the tracking and monitoring devices that we sell, changes in wireless transmission standards and technologies including 3G and 4G standards, dependence on third-party manufacturers and component suppliers in foreign countries, and other risks or uncertainties that are described in our Annual Report on Form 10-K for the year ended February 28, 2015 that was filed on April 21, 2015 with the Securities and Exchange Commission. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CalAmp and the arc logo are among the trademarks of CalAmp and/or its affiliates in the United States, certain other countries and/or the EU. Any other trademarks or trade names mentioned are the property of their respective owners.
AT THE COMPANY: | AT ADDO COMMUNICATIONS: | |
Garo Sarkissian | Lasse Glassen | |
SVP, Corporate Development | General Information | |
(805) 987-9000 | (424) 238-6249 | |
lasseg@addocommunications.com |
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