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
January 29, 1999
Date of Report (Date of earliest event reported)
CONSOLIDATED DELIVERY & LOGISTICS, INC.
(Exact name of Registrant as specified in its charter)
Delaware 0-26954 22-3350958
(State or other jurisdiction of (Commission File (IRS Employer
incorporation or organization) Number) Identification No.)
380 Allwood Road, Clifton, New Jersey 07012
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code) (973) 471-1005
NOT APPLICABLE
(Former name or former address, if changed since last report.)
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ITEM 5. Other Events
1. On January 29, 1999, Consolidated Delivery & Logistics, Inc. (the
"Company") completed a $15 million private placement of senior subordinated
notes and warrants with three financial institutions. The notes bear interest at
12% per annum and are subordinate to all senior debt including the Company's
credit facility with First Union Commercial Corporation.
Under the terms of the notes, the Company is required to maintain
certain financial ratios and comply with other financial conditions. The notes
mature on January 29, 2006 and may be prepaid by the company under certain
circumstances. The warrants expire January 29, 2009 and are exercisable at any
time prior to expiration at a price of $.001 per equivalent share of common
stock for an aggregate of 506,250 shares of the Company's stock, subject to
additional adjustments. The Company plans to use the proceeds to finance
acquisitions as they arise and for general working capital purposes.
2. On February 19, 1999, Consolidated Delivery & Logistics, Inc.
announced that as of February 23, 1999 shares of the Company's common stock will
begin trading on the American Stock Exchange under the symbol CDV. The company's
stock formerly traded on the Nasdaq National Market under the symbol CDLI.
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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, thereunto duly authorized.
Dated: February 25, 1999 CONSOLIDATED DELIVERY & LOGISTICS, INC.
(Registrant)
By: /s/ Albert W. Van Ness, Jr.
Albert W. Van Ness, Jr.
Chairman of the Board, Chief Executive
Officer and Chief Financial Officer
