SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
February 28, 2000
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(Date of Report, date of earliest event reported)
TITANIUM METALS CORPORATION
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(Exact name of Registrant as specified in its charter)
Delaware 0-28538 13-5630895
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
1999 Broadway, Suite 4300, Denver, CO 80202
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(Address of principal executive offices) (Zip Code)
(303) 296-5600
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or address, if changed since last report)
<PAGE>
Item 5: Other Events
On February 28, 2000 the Registrant issued the press release attached
hereto as Exhibit 99.1, which is incorporated herein by reference. The press
release relates to an announcement by Registrant regarding Registrant's
completion of new credit facilities.
Item 7: Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Item No. Exhibit List
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99.1 Press release dated February 28, 2000 issued by Registrant
<PAGE>
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.
TITANIUM METALS CORPORATION
(Registrant)
By: /s/ Robert E. Musgraves
Robert E. Musgraves
Executive Vice President, Legal
and Administration
Date: February 28, 2000
EXHIBIT 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE CONTACT:
Titanium Metals Corporation Mark A. Wallace
1999 Broadway, Suite 4300 Chief Financial Officer
Denver, CO 80202 303-296-5651
TIMET COMPLETES NEW CREDIT FACILITIES
DENVER, COLORADO . . . February 28, 2000 . . . Titanium Metals
Corporation (NYSE:TIE) announced today it has entered into a new $125 million
revolving credit agreement with Congress Financial Corporation (Southwest)
replacing its previous U.S. credit facility. Borrowings under the new facility
are limited to a formula-determined borrowing base derived from the value of
accounts receivable, inventory and equipment. Interest generally accrues at
rates that vary from LIBOR plus 2% to LIBOR plus 2 1/2%. The credit agreement
limits additional indebtedness, prohibits the payment of common stock dividends,
and contains other covenants customary in lending transactions of this type. The
credit agreement permits the continuation of quarterly distributions on TIMET's
convertible preferred securities (BUCSSM) provided "excess availability," as
determined under the agreement, is $25 million or more. At closing, TIMET had
approximately $80 million of "excess availability" under this new facility. The
Board will continue to re-evaluate the continuation of distributions on the
convertible preferred securities on a quarter-by-quarter basis.
TIMET UK Limited has also entered into new credit facility providing
for revolving credit and terms loans of up to (pound)30 million ($48 million),
subject to a formula-determined borrowing base. Borrowings under the UK facility
accrue interest at rates that vary from LIBOR plus 1% to LIBOR plus 1 1/2%. This
facility also contains covenants customary in lending transactions of this type.
At closing, TIMET UK had about (pound)10 million ($16 million) of unused
borrowing availability under this facility.
Titanium Metals Corporation, headquartered in Denver, Colorado, is a
leading worldwide integrated producer of titanium metal products. Information on
TIMET is available on the World Wide Web at http://www.timet.com/.
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BUCS is a registered service mark of Salomon Smith Barney Inc
