-----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, HuWaG1MRt0q06XAb8nuPEXxt2fzWl8b8LXxj2Zd+/lYy+qi5xrxSAM7DY9usUbNR kogoUqxF0705Dn8pQpHCVQ== 0000910484-97-000038.txt : 19970411 0000910484-97-000038.hdr.sgml : 19970411 ACCESSION NUMBER: 0000910484-97-000038 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970408 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970410 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: STERLING CHEMICALS HOLDINGS INC /TX/ CENTRAL INDEX KEY: 0000795662 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL ORGANIC CHEMICALS [2860] IRS NUMBER: 760185186 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10059 FILM NUMBER: 97577762 BUSINESS ADDRESS: STREET 1: 1200 SMITH ST, SUITE 1900 CITY: HOUSTON STATE: TX ZIP: 77002-4312 BUSINESS PHONE: 7136503700 MAIL ADDRESS: STREET 1: 1200 SMITH ST SUITE 1900 CITY: HOUSTON STATE: TX ZIP: 77002-4312 FORMER COMPANY: FORMER CONFORMED NAME: STERLING CHEMICALS INC /TX/ DATE OF NAME CHANGE: 19961218 FORMER COMPANY: FORMER CONFORMED NAME: STERLING CHEMICALS HOLDINGS INC DATE OF NAME CHANGE: 19960828 FORMER COMPANY: FORMER CONFORMED NAME: STERLING CHEMICALS INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STERLING CHEMICAL INC CENTRAL INDEX KEY: 0001014669 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL ORGANIC CHEMICALS [2860] IRS NUMBER: 760502785 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-04343-01 FILM NUMBER: 97577763 BUSINESS ADDRESS: STREET 1: 1200 SMITH STREET STREET 2: SUITE 1900 CITY: HOUSTON STATE: TX ZIP: 77002-4312 BUSINESS PHONE: 7136503700 MAIL ADDRESS: STREET 1: C/O STERLING GROUP INC STREET 2: EIGHT GREENWAY PLAZA, SUITE 702 CITY: HOUSTON STATE: TX ZIP: 77046 FORMER COMPANY: FORMER CONFORMED NAME: STX CHEMICALS CORP DATE OF NAME CHANGE: 19960516 8-K 1 STERLING FORM 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): April 8, 1997 STERLING CHEMICALS HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 1-00059 76-0185186 (State or other jurisdiction of (Commission File Number) (I.R.S. Employer Identification No.) incorporation or organization)
1200 Smith Street, Suite 1900 Houston, Texas 77002-4312 (713) 650-3700 (Address of principal executive offices and zip code) (713) 650-3700 (Registrant's telephone number, including area code) STERLING CHEMICALS, INC. (Exact name of registrant as specified in its charter) Delaware 333-04343-01 76-0502785 (State or other jurisdiction of (Commission File Number) (I.R.S. Employer Identification No.) incorporation or organization)
1200 Smith Street, Suite 1900 Houston, Texas 77002-4312 (713) 650-3700 (Address of principal executive offices and zip code) (713) 650-3700 (Registrant's telephone number, including area code) ------------------------------------ ================================================================================ ITEM 5. OTHER EVENTS The press release issued on April 8, 1997, by Sterling Chemicals Holdings, Inc., is filed as Exhibit 99.1 to this Current Report on Form 8-K, and the contents of such Exhibit are incorporated herein by reference. ITEM 7. EXHIBITS Exhibit 99.1 -- Press Release dated April 8, 1997. -2- 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. STERLING CHEMICALS HOLDINGS, INC. STERLING CHEMICALS, INC. (Registrants) Date: April 9, 1997 By: /s/ Jim P. Wise ------------------------------ Jim P. Wise Vice President-Finance and Chief Financial Officer EX-99.1 2 STERLING CHEMICALS, INC. PRESS RELEASE Exhibit 99.1 FOR IMMEDIATE RELEASE For Additional Information: Jim P. Wise (713) 650-3700 STERLING CHEMICALS, INC. COMPLETES $150,000,000 PRIVATE OFFERING Houston, Texas, April 8, 1997 . . . . . Sterling Chemicals Holdings, Inc. (OTC:STXX) announced today that its wholly owned subsidiary, Sterling Chemicals, Inc. ("Sterling") has completed a private offering in the amount of $150,000,000 of 11 1/4% Senior Subordinated Notes Due 2007 (the "Notes"). The Notes are unsecured senior subordinated obligations of Sterling, ranking subordinate in right of payment to all existing and future senior debt of Sterling, but pari passu with Sterling's 11 3/4% Senior Subordinated Notes Due 2006 and all future senior subordinated indebtedness. The net proceeds from the Notes offering were used to prepay amounts outstanding under Sterling's term loan facilities with certain senior lenders. The prepayment was made in a manner that significantly reduces required principal payments over the next four fiscal years. In connection with this prepayment, Sterling's senior lenders approved amendments to its credit agreements that provide for somewhat less restrictive financial covenants, and include a new "Senior Debt Leverage Ratio" covenant. In addition, Sterling increased its commitments under its revolving credit facility with senior lenders by $25 million, to $125 million total outstanding. Over 90% of the senior lenders approved the amendments and the additional $25 million revolving commitment was over subscribed. "This refinancing of our long-term debt is an important step toward improving the financial stability of Sterling, given the cyclical nature of the styrene and acrylonitrile markets," said Frank P. Diassi, Sterling's Chairman of the Board. "By deferring approximately $150 million of scheduled principal payments, Sterling has significantly reduced the breakeven EBITDA required for fixed charge coverages during the current period of weak market conditions for these two important petrochemical products," he said. "The less restrictive financial covenants in the credit agreements will allow Sterling to operate more efficiently and with more predictability during this trough period," said Jim P. Wise, Vice President-Finance and Chief Financial Officer of Sterling. "Also, the additional $25 million of revolving credit commitment improves the future liquidity position of Sterling," he said. As a result of prepaying a portion of the term facilities, Sterling will incur a pre-tax extraordinary charge of approximately $6 million during the third fiscal quarter for the write-off of unamortized debt issue costs related specifically to the senior debt financings that occurred in August 1996 and January 1997. Based in Houston, Texas, Sterling Chemicals Holdings, Inc. is a holding company that, through its operating subsidiaries, manufactures petrochemicals, pulp chemicals and acrylic fibers and provides large-scale chlorine dioxide generators to the pulp and paper industry. The Company's petrochemical plant is located in Texas City, Texas. The Company's pulp chemical plants are located in four Canadian locations and one U.S. location. The Company's acrylic fibers plant is located near Pensacola, Florida. ### -----END PRIVACY-ENHANCED MESSAGE-----