SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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 11, 1998
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GT INTERACTIVE SOFTWARE CORP.
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(Exact name of registrant as specified in its charter)
Delaware 0-27338 13-3689915
(State or other jurisdiction of (Commission file number) (I.R.S. employer
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incorporation or organization) identification no.)
417 Fifth Avenue, New York, NY 10016
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (212) 726-6500
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Item 5. Other Events
On August 11, 1998, the Registrant issued the press release attached
hereto as Exhibit 99.1.
Item 7. Exhibits
99.1 Press Release dated August 11, 1998.
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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 hereunto duly authorized.
GT INTERACTIVE SOFTWARE CORP.
Date: August 12, 1998 By: /s/ Andy Gregor
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Name: Andy Gregor
Title: Chief Financial Officer
Exhibit 99.1
Contacts: Allyne Mills (Media) Dawn Berrie (Investors)
(212) 726-4202 (212) 726-4235
FOR IMMEDIATE RELEASE
GT INTERACTIVE POSTPONES DEBT OFFERING
NEW YORK, NY, August 11, 1998 -- GT Interactive Software Corp. (NASDAQ: GTIS)
announced today that it will postpone its previously announced offering of $100
million of Senior Subordinated Notes due 2005 to institutional investors. The
Company has determined that, due to current unfavorable market conditions, this
issuance would not be in the best interest of the Company or its shareholders.
Ron Chaimowitz, Chairman and Chief Executive Officer said: "GT's decision to
pursue a high yield financing has always been driven by the economics of such an
offering. Unfortunately, as a result of the recent deterioration in the high
yield markets, this financing does not make sense at this time." The Company
intends to continue to fund its strategic activities using current and
alternative financing sources. The Company's operations will be unaffected by
the offering postponement.
Headquartered in New York, GT Interactive Software Corp. is a global publisher
of entertainment and edutainment software under the GT Interactive, Cavedog
Entertainment, SingleTrac, Humongous Entertainment and MacSoft brands for
personal computers, as well as game consoles from Sony Computer Entertainment
Inc. and Nintendo. The company operates development studios in Seattle, Salt
Lake City and San Luis Obispo, CA. GT Value Products publishes budget software
under the WizardWorks, CompuWorks and Slash brands.
Certain statements contained in this press release may be deemed forward-looking
statements that involve a number of risks and uncertainties. The company's
actual results may differ materially from the expectations expressed in such
forward-looking statements. Among the factors that could cause actual results to
differ materially are worldwide business and industry conditions, including
consumer buying and retailer ordering patterns, product delays, changes in
research and development spending, company customer relations, in particular,
levels of sales to Wal-Mart and other mass merchants, retail acceptance of the
company's published and third-party titles, competitive conditions and other
risks detailed, from time to time, in the company's SEC filings, including, but
not limited to, the company's form 10-K for the period ended March 31, 1998.
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