-----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, Sgqf9/wZuGf14b2t5ZXYkSNpo6BP+vKAg7fmYXsI5itHRVRjNcCAV0B0uZOhGfxd sK4KyvjtCbXq59KD6h/DjA== 0001047469-98-031932.txt : 19980818 0001047469-98-031932.hdr.sgml : 19980818 ACCESSION NUMBER: 0001047469-98-031932 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980817 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980817 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BEST BUY CO INC CENTRAL INDEX KEY: 0000764478 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-RADIO TV & CONSUMER ELECTRONICS STORES [5731] IRS NUMBER: 410907483 STATE OF INCORPORATION: MN FISCAL YEAR END: 0301 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-09595 FILM NUMBER: 98693128 BUSINESS ADDRESS: STREET 1: 7075 FLYING CLOUD DR CITY: EDIN PRARIE STATE: MN ZIP: 55344 BUSINESS PHONE: 6129472000 MAIL ADDRESS: STREET 1: P O BOX 9312 CITY: MINNEAPOLIS STATE: MN ZIP: 55440-9312 FORMER COMPANY: FORMER CONFORMED NAME: BEST BUYS CO INC DATE OF NAME CHANGE: 19900809 8-K 1 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 (Date of earliest event reported) August 17, 1998 BEST BUY CO., INC. (Exact name of registrant as specified in its charter) MINNESOTA (State or other jurisdiction of incorporation) 1-9595 41-0907483 (Commission File Number) (IRS Employer Identification Number) 7075 Flying Cloud Drive 55344 Eden Prairie, Minnesota (Zip Code) (Address of principal executive offices) Registrant's telephone number, including area code: 612/947-2000 Not applicable (Former name or former address, if changed since last report) ITEM 5. OTHER EVENTS. On August 17, 1998, Best Buy Co., Inc. announced the authorized early redemption of the Company's $150 million 8 5/8% Senior Subordinated Notes due 2000 by Best Buy's Board of Directors. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. The following is filed as an Exhibit to this Report.
EXHIBIT NO. DESCRIPTION OF EXHIBIT 99 Press Release issued August 17, 1998
SIGNATURE 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. BEST BUY CO., INC. (Registrant) Date: August 17, 1998 By: /s/ Allen U. Lenzmeier ---------------------------------- Name: Allen U. Lenzmeier Title: Executive Vice President & Chief Financial Officer EX-99 2 EX-99 EXHIBIT 99 PRESS RELEASE BEST BUY ANNOUNCES EARLY REDEMPTION OF SENIOR SUBORDINATED NOTES MINNEAPOLIS, AUGUST 17, 1998 - Best Buy Co., Inc. (NYSE: BBY) announced the authorized early redemption of the Company's $150 million 8 5/8% Senior Subordinated Notes Due 2000 by Best Buy's Board of Directors. The Notes are redeemable at 102.5% of par after October 1, 1998. The Company expects to redeem all of the Notes on October 5, 1998. The premium on the early redemption will reduce earnings per share by two cents in the Company's fiscal third quarter, however, it is expected to generate net interest savings of nearly $10 million over the original remaining two years of the Notes. This redemption, combined with the conversion of the Company's Preferred Securities into common stock in April 1998, results in the early retirement of $380 million in long-term debt in the past six months. Chairman, Founder and CEO Richard M. Schulze stated, "We're extremely pleased that our financial position allows us to repay this financing two years early. We expect our anticipated earnings and continued improvement in inventory management will fund our working capital requirements and previously announced expansion plans for the current and subsequent fiscal year." This release contains forward looking statements, which are subject to risks and uncertainties. The Company's SEC filings contain additional discussion about those factors which could cause actual results to differ from management's expectations. Minneapolis-based Best Buy Co., Inc. is the nation's largest volume specialty retailer of name-brand consumer electronics, personal computers, entertainment software and appliances. The Company is ranked 199 on the Fortune 500. Best Buy operates 289 stores in 32 states. For more information, access the Company's Web site at WWW.BESTBUY.COM. -- 30 -- For more information: Susan Hoff VP Corporate Communications & Investor Relations (612) 947-2443 shoff@bestbuy.com -----END PRIVACY-ENHANCED MESSAGE-----