-----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, L52VkdHrGO/y5as6qtKMVOtddtxGXb3EtFLo/zuY7q0ccCX77EfRoZnFMYi9BPfP ktJ+MhmTkaageYmehjGW6g== 0000947871-06-001201.txt : 20060712 0000947871-06-001201.hdr.sgml : 20060712 20060712093922 ACCESSION NUMBER: 0000947871-06-001201 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060710 ITEM INFORMATION: Other Events FILED AS OF DATE: 20060712 DATE AS OF CHANGE: 20060712 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BE AEROSPACE INC CENTRAL INDEX KEY: 0000861361 STANDARD INDUSTRIAL CLASSIFICATION: PUBLIC BUILDING AND RELATED FURNITURE [2531] IRS NUMBER: 061209796 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18348 FILM NUMBER: 06957414 BUSINESS ADDRESS: STREET 1: 1400 CORPORATE CTR WY CITY: WELLINGTON STATE: FL ZIP: 33414 BUSINESS PHONE: 5617915000 MAIL ADDRESS: STREET 1: 1400 CORPORATE CENTER WAY STREET 2: 1400 CORPORATE CENTER WAY CITY: WELLINGTON STATE: FL ZIP: 33414 FORMER COMPANY: FORMER CONFORMED NAME: BE AVIONICS INC DATE OF NAME CHANGE: 19920608 8-K 1 f8k_071006.txt CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) 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): July 10, 2006 BE AEROSPACE, INC. (Exact name of registrant as specified in charter) DELAWARE 0-18348 06-1209796 (State or other (Commission File Number) (I.R.S. Employer jurisdiction of incorporation) Identification No.) 1400 Corporate Center Way, Wellington, Florida 33414 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (561) 791-5000 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): [ ] 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 240.14a-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)) Exhibit Index Appears on page 4 Item 8.01. OTHER EVENTS. On July 10, 2006, BE Aerospace, Inc. (the "Company") issued a press release announcing that it commenced a tender offer (the "Tender Offer") for cash for all of its $175.0 million aggregate principal amount of 8 1/2% Senior Notes due 2010 (the "Notes") and is soliciting consents to certain proposed amendments to eliminate substantially all of the restrictive covenants and certain events of default in the indenture governing the Notes (the "Consent Solicitation"). The source of funds to complete the Tender Offer and Consent Solicitation are expected to be provided from available cash and from borrowings under a new revolving credit facility that the Company expects to enter into. A copy of the press release announcing the launch of the Tender Offer and Consent Solicitation is attached hereto as Exhibit 99.1. In connection with the Tender Offer and Consent Solicitation, the Company expects to enter into a new senior credit facility (the "New Senior Credit Facility") pursuant to a commitment letter, dated July 10, 2006 (the "Commitment"), that the Company entered into with UBS Securities LLC, UBS Loan Finance LLC, Credit Suisse, Cayman Islands Branch, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities Inc. and JPMorgan Chase Bank, N.A. Pursuant to the Commitment, the New Senior Credit Facility is expected to provide a $150.0 million senior secured revolving credit facility (the "Revolving Credit Facility"). The Company expects to use available cash and borrowings under this Revolving Credit Facility to purchase the Notes in the Tender Offer and Consent Solicitation and pay related fees and expenses. The Company expects to enter into the New Senior Credit Facility on the date it first purchases Notes in the Tender Offer and Consent Solicitation (the "Initial Settlement Date"). Following the Initial Settlement Date, borrowings under the Revolving Credit Facility are expected to be available for working capital and general corporate purposes (including, in certain circumstances, acquisitions). In addition, pursuant to the Commitment, the New Senior Credit Facility will also provide for a $75.0 million, delayed draw, senior secured term loan (the "Term Loan"). The Commitment provides that the Term Loan will be available to be drawn by the Company from the period beginning after the Initial Settlement Date to on or prior to September 29, 2006. The borrowings under the term loan are expected to be available for working capital and general corporate purposes (including, in certain circumstances, acquisitions). The New Senior Credit Facility is expected to contain certain customary negative covenants, representations and warranties, affirmative covenants and events of default. In addition, the Commitment provides that the New Senior Credit Facility will require the Company to comply with a minimum interest coverage ratio test and a maximum leverage ratio test. The Company intends to terminate its existing $50.0 million revolving credit facility with JPMorgan Chase Bank, N.A., which was scheduled to expire in February 2007, at the time it enters into the New Senior Credit Facility. The Commitment requires that the Company enter into the New Senior Credit Facility no later than August 31, 2006. The final terms of the New Senior Credit Facility have not been agreed upon by the Company or the financial institutions named above. Therefore, the actual terms of the New Senior Credit Facility may differ from the terms set forth above and any such differences may be material. 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. BE AEROSPACE, INC. By: /s/ Thomas P. McCaffrey ---------------------------- Name: Thomas P. McCaffrey Title: Senior Vice President of Administration and Chief Financial Officer Date: July 12, 2006 EXHIBIT INDEX Exhibit No. Description of Exhibits - ----------- ----------------------- 99.1 Press release, dated July 10, 2006, issued by BE Aerospace, Inc. announcing a cash tender offer and consent solicitation for its senior notes due 2010. EX-99.1 2 ex99-1_071006.txt PRESS RELEASE EXHIBIT 99.1 [GRAPHIC OMITTED] News Release CONTACT: Doug Dean Director, Investor Relations B/E Aerospace, Inc. (561) 791-5000 ext. 1450 B/E AEROSPACE ANNOUNCES CASH TENDER OFFER AND CONSENT SOLICITATION FOR SENIOR NOTES DUE 2010 WELLINGTON, FL, July 10, 2006 - B/E Aerospace, Inc. (the "Company") (Nasdaq: BEAV) today announced that it has commenced a cash tender offer and consent solicitation for its outstanding $175.0 million aggregate principal amount of its 8 1/2% Senior Notes due 2010 (the "Notes"). The source of funds to complete this tender offer and consent solicitation will be provided from cash on hand and from borrowings under a new revolving credit facility that the Company expects to enter into. The tender offer is scheduled to expire at 5:00 p.m. New York City time on August 7, 2006 (the "Expiration Date"), unless extended or earlier terminated. The consent solicitation is scheduled to expire at 5:00 p.m. New York City time on July 21, 2006 (the "Consent Date"), unless extended. The tender offer is being made upon the terms, and subject to the conditions, set forth in the Company's Offer to Purchase and Consent Solicitation Statement dated July 10, 2006 (the "Offer to Purchase"), and related Consent and Letter of Transmittal, which more fully set forth the terms of the tender offer and consent solicitation. Holders may withdraw their tenders prior to 5:00 p.m. New York City time on July 21, 2006 (the "Withdrawal Date"), but not thereafter, except as may be required by law or as may be permitted upon an extension of the Withdrawal Date under the Offer to Purchase. The consideration per $1,000 principal amount of Notes validly tendered and not withdrawn prior to the Consent Date will, as described in the Offer to Purchase, be based on the present value, on any Settlement Date, of $1,042.50 (the amount payable on October 1, 2007, which is the date that the Notes may first be redeemed by the Company pursuant to the terms of the indenture governing the Notes), and the present value of interest that would be payable on, or accrue from, the last 2 interest payment date until October 1, 2007, in each case, determined based on a fixed spread of 50 basis points over the yield at 2:00 p.m. New York City time on July 21, 2006, unless extended (the "Price Determination Date"), of the 4.00% U.S. Treasury Note due September 30, 2007 minus accrued and unpaid interest from the last interest payment date to the Settlement Date. The purchase price for the Notes will be announced by news release on the next business day following the Price Determination Date. In addition, the Company will pay investors that validly tender their Notes accrued and unpaid interest from the last interest payment date up to, but not including, the applicable Settlement Date. In connection with the tender offer, the Company is soliciting consents to certain proposed amendments to eliminate substantially all of the restrictive covenants and certain events of default in the indenture governing the Notes. Holders tendering Notes will be required to consent to the proposed amendments to the indenture. Adoption of the proposed amendments requires the consent of at least a majority of the outstanding aggregate principal amount of the Notes. The Company is offering to make a consent payment of $20.00 per $1,000 principal amount of Notes to holders who validly tender their Notes and deliver their consents on or prior to the Consent Date. The Settlement Date will be the "Early Settlement Date" or the "Final Settlement Date." The Early Settlement Date is expected to follow promptly the Consent Date and the Final Settlement Date is expected to follow promptly the Expiration Date. The consummation of the tender offer and consent solicitation is subject to the conditions set forth in the Offer to Purchase, including the receipt of consents of holders of the Notes representing a majority of the outstanding aggregate principal amount of the Notes, the execution of a supplemental indenture amending the indenture governing the Notes, the Company obtaining the financing necessary to fund the tender offer and consent solicitation and other customary conditions. In connection with the tender offer and consent solicitation, the Company expects to establish a $150.0 million revolving credit facility. The Company expects to use cash on hand and borrowings under this revolving credit facility to purchase Notes in the tender offer. The Company has retained UBS Securities LLC, Credit Suisse Securities (USA) LLC and J.P. Morgan Securities Inc. to serve as Dealer Managers, and Global Bondholder Services Corporation to serve as Depositary and Information Agent. Persons with questions regarding the tender offer and consent solicitation should contact UBS Securities LLC toll free at (888) 722-9555 ext. 4210 and collect at (203) 719-4210, Credit Suisse Securities (USA) LLC toll free at (800) 820-1653 and collect at (212) 325-7596, and J.P. Morgan Securities Inc. collect at (212) 270-7407, or Global Bondholder Services Corporation at (866) 804-2200. Requests for documentation should be directed to Global Bondholder Services Corporation at (866) 804-2200. This announcement is for information purposes only and constitutes neither an offer to purchase 3 nor a solicitation of an offer to sell the Notes. The tender offer and consent solicitation will be made only pursuant to the Offer to Purchase and related materials, which will be delivered to all holders of the Notes. About B/E Aerospace, Inc. B/E Aerospace, Inc. is the world's leading manufacturer of aircraft cabin interior products, and a leading aftermarket distributor of aerospace fasteners. B/E designs, develops and manufactures a broad range of products for both commercial aircraft and business jets. B/E manufactured products include aircraft cabin seating, lighting, oxygen, and food and beverage preparation and storage equipment. The company also provides cabin interior design, reconfiguration and passenger-to-freighter conversion services. Products for the existing aircraft fleet - the aftermarket - generate about 60 percent of sales. B/E sells and supports its products through its own global direct sales and product support organization. For more information, visit B/E's website at www.beaerospace.com. -----END PRIVACY-ENHANCED MESSAGE-----