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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
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Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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October 27, 1995
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Date of Report
(Date of earliest event reported)
ARIS INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
New York 1-4814 22-1715275
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
675 Third Avenue, New York, New York 10017
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(Address of registrant's principal executive offices)
(212) 338-9858
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(Registrant's telephone number, including area code)
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ITEM 5. Other Events
On October 27, 1995, the Registrant and Heller Financial, Inc. ("Heller")
entered an Amendment to the Senior Secured Note Agreement dated as of June 30,
1993 between the Registrant and Heller, which amendment adjusted certain
financial covenants and modified the amortization schedule so that they would be
more advantageous to Registrant.
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ITEM 7. Financial Statements and Exhibits.
Exhibit No.
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10.89 Amendment dated October 27, 1995 to Senior Secured Note Agreement
dated as of June 30, 1993 between Registrant and Heller Financial, Inc.
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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.
ARIS INDUSTRIES, INC.
By: /s/ PAUL SPECTOR
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Paul Spector
Senior Vice President and
Chief Financial Officer
Date: October 27, 1995
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October 27, 1995
Aris Industries, Inc.
675 Third Avenue, 30th Floor
New York, New York 10017
Attention: President
Re: Senior Secured Note Agreement;
Amendment and Limited Waiver
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Gentlemen:
We refer to that certain Senior Secured Note Agreement dated as of June 30,
1993 (as heretofore amended, the "Credit Agreement") between Aris Industries,
Inc. ("Borrower") and Heller Financial, Inc. ("Heller") individually a Lender
and as Agent for any other Lender. Capitalized terms not otherwise defined in
this letter will be used with the same meaning as the meaning given such terms
in the Credit Agreement.
Each of Borrower and Heller agree that by their respective signatures below
and subject to the terms and conditions set forth herein, from and after the
date first written above the Credit Agreement shall be deemed amended as
follows:
(a) Paragraph 2.2 of the Credit Agreement is amended as follows:
Third Day of Amount of
November Installment
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1995 ........... $ 0
1996 ........... 7,000,000
1998 ........... 10,000,000
(b) Paragraph 5.7(b) of the Credit Agreement is amended for the applicable
periods as follows:
Minimum
For Quarter Ended Consolidated EBIT
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10/28/95 ............... $6,000,000
02/03/96 ............... $6,400,000
(c) Paragraph 5.7(c) of the Credit Agreement is amended by decreasing the
minimum EBIT for ECI for Borrower's 1996 Fiscal Year from $6,400,000 to
$2,680,000.
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(d) Paragraph 5.7(e) of the Credit Agreement is amended for the applicable
period as follows:
Minimum Consolidated Fiscal Year
Net Income/(loss) Ending In
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$(3,000,000) 1996
(e) Paragraph 5.7(f) of the Credit Agreement is amended to provide that
minimum required Consolidated Net Worth for Borrower's 1996 Fiscal Year shall be
$5,600,000.
(f) Paragraph 5.7(i) is amended for the applicable periods as follows:
Period Amount
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10/28/95 .600
02/03/96 .690
Heller by its signature below hereby waives any and all Defaults or Events
of Default existing under paragraphs 2.2, 5.7(b), (c), (e), (f) and (i) of the
Credit Agreement prior to its amendment hereby; provided, however, that nothing
herein shall be deemed to constitute a waiver of any other Default or Event of
Default now existing or hereafter arising under any other provision of the
Credit Agreement or to modify any other provision of the Credit Agreement except
as expressly provided herein.
If the foregoing is in accordance with your understanding, please sign and
date a copy of this letter in the space provided below and return a
fully-executed copy to my attention at the address provided above.
Very truly yours,
HELLER FINANCIAL, INC.
By /s/ K. CRAIG GALLEHUGH
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K. Craig Gallehugh
Vice President
Accepted and Agreed this 27 day
of October, 1995
ARIS INDUSTRIES, INC.
By:
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Title:
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cc: Stephen B. Lewis, Esq.
Lawrence M. Levinson, Esq.
Herrick, Feinstein
Two Park Avenue
New York, New York 10016
