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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
October 14, 1997
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Date of Report (Date of earliest event reported)
Coinmach Laundry Corporation
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(Exact name of Registrant as specified in its charter)
Delaware 1-11907 11-3258015
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) number)
55 Lumber Road, Roslyn, New York 11576
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(Address of Principal Executive Offices)
(516) 484-2300
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(Registrant's telephone number, including area code)
Exhibit Index is located on Page 4
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Item 5. Other Events.
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On October 14, 1997, Coinmach Laundry Corporation (the "Company") filed
a registration statement with the Securities and Exchange Commission relating to
a proposed offering of 4,312,500 shares of its Class A Common Stock, par value
$.01 per share ("Common Stock"). Of the total number of shares of Common Stock
that will be registered for sale, 2,500,000 shares will be offered by the
Company, 1,250,000 shares will be offered by certain selling stockholders and
562,500 shares represent shares subject to an over-allotment option granted to
the underwriters by the selling stockholders.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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c. Exhibit.
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The following exhibit is filed as part of this report.
99.1 Press release, dated October 14, 1997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
Dated: October 22, 1997
COINMACH LAUNDRY CORPORATION
By: /s/ROBERT M . DOYLE
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Robert M. Doyle
Senior Vice President
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EXHIBIT INDEX
EXHIBIT PAGE
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NUMBER DOCUMENT NUMBER
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99.1 Press Release, dated October 14, 1997 5
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EXHIBIT 99.1
CONTACT:
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Mr. Robert M. Doyle, Senior Vice President and
Chief Financial Officer; (516) 484-2300
Coinmach Laundry Corporation
FOR IMMEDIATE RELEASE:
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COINMACH LAUNDRY CORPORATION FILES REGISTRATION STATEMENT FOR
PUBLIC OFFERING OF 4,312,500 SHARES OF COMMON STOCK
ROSLYN, NEW YORK, OCTOBER 14, 1997 - Coinmach Laundry Corporation (NASDAQ:WDRY)
announced that it has filed a registration statement with the Securities and
Exchange Commission relating to a proposed offering of 4,312,500 shares of
Common Stock. Of the total, 2,500,000 shares will be offered by the Company,
1,250,000 shares will be offered by certain selling shareholders and 562,500
shares represent shares subject to an over-allotment option granted to the
underwriters by the selling shareholders.
Net proceeds to the Company from the proposed equity offering will be used to
repay outstanding indebtedness and for general corporate purposes, which may
include selected acquisitions. BT Alex. Brown Incorporated will lead manage the
underwriting group with Lehman Brothers, Inc., Raymond James & Associates, Inc.,
Wheat First Butcher Singer and Jefferies & Company, Inc. serving as co-managers
for the proposed equity offering.
The proposed equity offering represents the final stage in a recent series of
financings designed to increase the Company's financial flexibility by
strengthening its balance sheet and providing substantial borrowing capacity to
support the Company's growth strategy.
On October 8, 1997, the Company announced the completion of a $100 million
add-on financing to its 11 3/4% Senior Notes due 2005, priced at 109 7/8%. The
proceeds of the add-on financing were used to retire a portion of the Company's
outstanding bank debt. Additionally, a substantial portion of the proceeds from
the proposed equity offering will be used to further reduce outstanding debt.
In conjunction with the proposed equity offering, the Company intends to amend
its existing credit facility. The amended credit facility will provide the
Company with an acquisition facility of $125 million and a working capital
facility of $35 million. Pro forma for the equity offering and the amended
credit facility, the Company will have cash and unused borrowing capacity of
approximately $190 million.
Steve Kerrigan, Chairman and CEO of Coinmach, believes that "this combination of
financings will provide the Company with substantial liquidity to continue our
internal growth and consolidation strategy designed to increase shareholder
value".
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Since January 1995, the Company has completed six significant acquisitions
adding revenues of approximately $221 million and expanding its national
presence from the Northeast into the Mid-Atlantic, Southeast, South Central,
Midwest and Western regions of the United States. Accordingly, the Company has
grown its installed base from approximately 54,000 machines to approximately
415,000 machines. As a result of this strategy growth, the Company's revenues
and EBITDA have grown from $72.9 million and $13.6 million, respectively, on a
historical basis for the twelve months ended March 31, 1995, to $306.9 million
and $97.8 million, respectively, for the twelve months ended March 28, 1997, on
a pro forma basis, giving effect to the acquisitions consummated by the Company
since March 30, 1996.
Coinmach is the leading supplier of outsourced coin-operated equipment services
for multi-family housing properties in the United States. The Company owns and
operates approximately 415,000 coin-operated washers and dryers in approximately
42,000 locations on routes throughout the United States and in 151 laundromats
located throughout Texas.
A registration statement relating to these securities has been filed with the
Securities and Exchange Commission but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior to the time
the registration statement becomes effective. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of these securities in any state in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state.
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