<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a)
AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
UNDER THE SECURITIES EXCHANGE ACT OF 1934
WATER PIK TECHNOLOGIES, INC.
--------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, PAR VALUE $.01 PER SHARE
--------------------------------------------------------------------------------
(Title of Class of Securities)
94113U 100
--------------------------------------------------------------------------------
(CUSIP Number)
TENNENBAUM & CO., LLC
11100 SANTA MONICA BOULEVARD, SUITE 210
LOS ANGELES, CALIFORNIA 90025
(310) 566-1000
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
JANUARY 3, 2001
--------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or
240.13d-1(g), check the following box: [ ].
Page 1 of 13 Pages
<PAGE> 2
SCHEDULE 13D
-------------------- ------------
CUSIP NO. 94113U 100 PAGE 2 OF 13
-------------------- ------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS/
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SPECIAL VALUE BOND FUND, LLC
IRS NO.: 95-4758920
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF -----------------------------------------
SHARES
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 2,360,485 SHARES
REPORTING -----------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
0
-----------------------------------------
10 SHARED DISPOSITIVE POWER
2,360,485
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,360,485
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.8%(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
(1) BASED ON 9,923,685 SHARES OF COMMON STOCK OUTSTANDING AS OF NOVEMBER 10,
2000, AS REPORTED BY WATER PIK TECHNOLOGIES, INC. IN ITS QUARTERLY REPORT ON
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2000, PLUS 1,973,685 SHARES OF
COMMON STOCK SUBSEQUENTLY ISSUED TO THE REPORTING PERSONS IN THIS STATEMENT
AS FURTHER DESCRIBED IN ITEM 3 BELOW, AND COMPUTED IN ACCORDANCE WITH RULE
13d-3(d)(1).
<PAGE> 3
SCHEDULE 13D
-------------------- ------------
CUSIP NO. 94113U 100 PAGE 3 OF 13
-------------------- ------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS/
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SPECIAL VALUE BOND FUND II, LLC
IRS NO.: 52-2263020
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF -----------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 2,360,485 SHARES
EACH -----------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 0
-----------------------------------------
10 SHARED DISPOSITIVE POWER
2,360,485
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,360,485
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.8%(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
(1) BASED ON 9,923,685 SHARES OF COMMON STOCK OUTSTANDING AS OF NOVEMBER 10,
2000, AS REPORTED BY WATER PIK TECHNOLOGIES, INC. IN ITS QUARTERLY REPORT ON
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2000, PLUS 1,973,685 SHARES OF
COMMON STOCK SUBSEQUENTLY ISSUED TO THE REPORTING PERSONS IN THIS STATEMENT
AS FURTHER DESCRIBED IN ITEM 3 BELOW, AND COMPUTED IN ACCORDANCE WITH RULE
13d-3(d)(1).
<PAGE> 4
SCHEDULE 13D
-------------------- ------------
CUSIP NO. 94113U 100 PAGE 4 OF 13
-------------------- ------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS/
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SVIM/MSM, LLC
IRS NO.: 95-4760193
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF -----------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 2,360,485 SHARES
EACH -----------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 0
-----------------------------------------
10 SHARED DISPOSITIVE POWER
2,360,485
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,360,485
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.8%(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
(1) BASED ON 9,923,685 SHARES OF COMMON STOCK OUTSTANDING AS OF NOVEMBER 10,
2000, AS REPORTED BY WATER PIK TECHNOLOGIES, INC. IN ITS QUARTERLY REPORT ON
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2000, PLUS 1,973,685 SHARES OF
COMMON STOCK SUBSEQUENTLY ISSUED TO THE REPORTING PERSONS IN THIS STATEMENT
AS FURTHER DESCRIBED IN ITEM 3 BELOW, AND COMPUTED IN ACCORDANCE WITH RULE
13d-3(d)(1).
<PAGE> 5
SCHEDULE 13D
-------------------- ------------
CUSIP NO. 94113U 100 PAGE 5 OF 13
-------------------- ------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS/
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SVIM/MSM II, LLC
IRS NO.: 52-2263031
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF -----------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 2,360,485 SHARES
EACH -----------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 0
-----------------------------------------
10 SHARED DISPOSITIVE POWER
2,360,485
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,360,485
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.8%(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
(1) BASED ON 9,923,685 SHARES OF COMMON STOCK OUTSTANDING AS OF NOVEMBER 10,
2000, AS REPORTED BY WATER PIK TECHNOLOGIES, INC. IN ITS QUARTERLY REPORT ON
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2000, PLUS 1,973,685 SHARES OF
COMMON STOCK SUBSEQUENTLY ISSUED TO THE REPORTING PERSONS IN THIS STATEMENT
AS FURTHER DESCRIBED IN ITEM 3 BELOW, AND COMPUTED IN ACCORDANCE WITH RULE
13d-3(d)(1).
<PAGE> 6
SCHEDULE 13D
-------------------- ------------
CUSIP NO. 94113U 100 PAGE 6 OF 13
-------------------- ------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS/
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SPECIAL VALUE INVESTMENT MANAGEMENT, LLC
IRS NO.: 95-4759860
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF --------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 2,360,485 SHARES
EACH --------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 0
--------------------------------------------
10 SHARED DISPOSITIVE POWER
2,360,485
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,360,485
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.8%(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
(1) BASED ON 9,923,685 SHARES OF COMMON STOCK OUTSTANDING AS OF NOVEMBER 10,
2000, AS REPORTED BY WATER PIK TECHNOLOGIES, INC. IN ITS QUARTERLY REPORT ON
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2000, PLUS 1,973,685 SHARES OF
COMMON STOCK SUBSEQUENTLY ISSUED TO THE REPORTING PERSONS IN THIS STATEMENT
AS FURTHER DESCRIBED IN ITEM 3 BELOW, AND COMPUTED IN ACCORDANCE WITH RULE
13d-3(d)(1).
<PAGE> 7
SCHEDULE 13D
-------------------- ------------
CUSIP NO. 94113U 100 PAGE 7 OF 13
-------------------- ------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS/
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
TENNENBAUM & CO., LLC
IRS NO.: 95-4587347
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF ----------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 2,360,485 SHARES
EACH ----------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 0
----------------------------------------
10 SHARED DISPOSITIVE POWER
2,360,485
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,360,485
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.8%(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
(1) BASED ON 9,923,685 SHARES OF COMMON STOCK OUTSTANDING AS OF NOVEMBER 10,
2000, AS REPORTED BY WATER PIK TECHNOLOGIES, INC. IN ITS QUARTERLY REPORT ON
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2000, PLUS 1,973,685 SHARES OF
COMMON STOCK SUBSEQUENTLY ISSUED TO THE REPORTING PERSONS IN THIS STATEMENT
AS FURTHER DESCRIBED IN ITEM 3 BELOW, AND COMPUTED IN ACCORDANCE WITH RULE
13d-3(d)(1).
<PAGE> 8
SCHEDULE 13D
-------------------- ------------
CUSIP NO. 94113U 100 PAGE 8 OF 13
-------------------- ------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS/
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
MICHAEL E. TENNENBAUM
IRS NO.: ###-##-####
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
UNITED STATES
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES ----------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 2,360,485 SHARES
REPORTING ----------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
0
----------------------------------------
10 SHARED DISPOSITIVE POWER
2,360,485
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,360,485
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.8%(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
(1) BASED ON 9,923,685 SHARES OF COMMON STOCK OUTSTANDING AS OF NOVEMBER 10,
2000, AS REPORTED BY WATER PIK TECHNOLOGIES, INC. IN ITS QUARTERLY REPORT ON
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2000, PLUS 1,973,685 SHARES OF
COMMON STOCK SUBSEQUENTLY ISSUED TO THE REPORTING PERSONS IN THIS STATEMENT
AS FURTHER DESCRIBED IN ITEM 3 BELOW, AND COMPUTED IN ACCORDANCE WITH RULE
13d-3(d)(1).
<PAGE> 9
------------
PAGE 9 OF 13
------------
ITEM 1. SECURITY AND ISSUER.
This statement relates to the beneficial ownership of 2,360,485 shares
of common stock, par value $ .01 per share ("Common Stock"), of Water Pik
Technologies, Inc., a Delaware corporation ("Water Pik"). The principal
executive offices of Water Pik are located at 23 Corporate Plaza, Suite 246,
Newport Beach, California 92660.
ITEM 2. IDENTITY AND BACKGROUND.
Special Value Bond Fund, LLC ("SVBF") and Special Value Bond Fund II,
LLC ("SVBFII") are each Delaware limited liability companies. SVBF's and
SVBFII's addresses are both 11100 Santa Monica Boulevard, Suite 210, Los
Angeles, California 90025. The principal business of each of SVBF and SVBFII is
making investments and managing assets.
The managing member of SVBF is SVIM/MSM, LLC, a Delaware limited
liability company ("SVIM/MSM"). The managing member of SVBFII is SVIM/MSM II,
LLC, a Delaware limited liability company ("SVIM/MSMII"). The investment advisor
to each of SVBF and SVBFII is Special Value Investment Mangement, LLC, a
Delaware limited liability company ("SVIM"). The managing member of each of
SVIM/MSM, SVIM/MSMII and SVIM is Tennenbaum & Co., LLC, a Delaware limited
liability company ("TCO"). The managing member of TCO is Michael E. Tennenbaum,
a United States citizen. Each of SVIM/MSM, SVIM/MSMII, SVIM and TCO have the
same principal business and address as that of SVBF and SVBFII. Mr. Tennenbaum's
principal occupation is serving as managing member of TCO and his address is the
same as that of SVBF and SVBFII. SVBF, SVBFII, SVIM/MSM, SVIM/MSMII, SVIM, TCO
and Mr. Tennenbaum are collectively referred to herein as the "Reporting
Persons."
During the last five years, the Reporting Persons have not been (i)
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or (ii) a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of the proceeding
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
This statement relates to the acquisition by the Reporting Persons of
2,360,485 shares of Common Stock of Water Pik. SVBF and SVBFII purchased 300,000
and 1,673,685 newly issued shares of Common Stock of Water Pik, respectively, on
January 3, 2001 pursuant to a Stock Purchase Agreement dated as of December 29,
2000, by and among Water Pik, SVBF and SVBFII (the "Stock Purchase Agreement").
The aggregate purchase price of such newly issued shares was $15,000,006 and the
sole source of funds for such purchase was $2,280,000 of the working capital of
SVBF and $12,720,006 of the working capital of SVBFII. Prior to December 29,
2000, SVBF and SVBFII had purchased 350,000 and 36,800 shares of Common Stock of
Water Pik, respectively, in open market purchases on the New York Stock
Exchange. The aggregate purchase price in such open market purchases was
$2,807,463 and $328,546, respectively, and the sole source of funds for such
purchases was the respective working capital of SVBF and SVBFII.
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons acquired the Common Stock of Water Pik for
investment purposes. They intend to monitor and evaluate the investment on a
continuing basis. Except as set forth herein, the Reporting Persons have no
plans or proposals that relate to or would result in any of the matters referred
to in paragraphs (a) through (j), inclusive, of Item 4 of Schedule 13D. The
Reporting Persons, however, may at any time and from time to time, review or
reconsider their position with respect to any of such matters, subject to
certain restrictions provided for in the Stock Purchase Agreement as set forth
in Item 6 of this Schedule 13D.
<PAGE> 10
-------------
PAGE 10 OF 13
-------------
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The shares of Common Stock identified in Item 1 constitute approximately
19.8% of the outstanding Common Stock of Water Pik based on 9,923,685 shares of
Common Stock outstanding as of November 10, 2000, as reported by Water Pik in
its quarterly report on form 10-Q for the quarter ended September 30, 2000, plus
1,973,685 shares of Common Stock subsequently issued to the Reporting Persons as
described in Item 3 above, and computed in accordance with rule 13d-3(d)(1).
SVBF has the sole power of voting and disposition with respect to the
650,000 shares of Common Stock of Water Pik that it has acquired and SVBFII has
the sole power of voting and disposition with respect to the 1,710,485 shares of
Common Stock of Water Pik that it has acquired. By reason of (i) Mr.
Tennenbaum's position as managing member of TCO, (ii) TCO's position as managing
member of SVIM/MSM, SVIM/MSMII and SVIM, (iii) SVIM/MSM's position as managing
member of SVBF, (iv) SVIM/MSMII's position as managing member of SVBFII, and (v)
SVIM's position as investment advisor to SVBF and SVBFII, each of Mr.
Tennenbaum, TCO, SVIM/MSM, SVIM/MSMII and SVIM may be deemed to share such
powers of voting and disposition.
In addition to the purchases by the Reporting Persons of the newly
issued shares under the Stock Purchase Agreement described in Item 3 above, the
following transactions in the Common Stock of Water Pik were open market
purchases on the New York Stock Exchange effected by SVBFII within 60 days prior
to the date of this statement:
NUMBER OF SHARES PRICE
DATE OF COMMON STOCK PER SHARE
-------- ---------------- ---------
11/09/00 2,000 $9.04
11/14/00 1,300 $9.04
11/16/00 3,000 $9.04
Except as described in this statement, the Reporting Persons have not
effected transactions in the Common Stock of Water Pik within 60 days prior to
the date of this statement.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER.
A Registration Rights Agreement, dated as of January 3, 2001, by and
among Water Pik, SVBF and SVBFII (the "Registration Rights Agreement") was
executed in connection with the purchase of the newly issued shares of Common
Stock pursuant to the Stock Purchase Agreement. Under the Registration Rights
Agreement, SVBF and SVBFII have the right to require Water Pik, at any time
after January 3, 2002 until January 3, 2006 (or the earlier termination of the
Registration Rights Agreement), to register all 2,360,485 shares of Common Stock
of Water Pik owned by SVBF and SVBFII under the Securities Act of 1933, as
amended (the "Act"). In addition, SVBF and SVBFII have the right to include all
of such shares in certain other registration statements that may be filed by
Water Pik to register its Common Stock under the Act for Water Pik's own account
or for the account of any other stockholder.
Under the Stock Purchase Agreement, SVBF and SVBFII agree that until
January 3, 2002 neither they, Michael E. Tennenbaum nor their respective
affiliates will, without the specific invitation of Water Pik, among other
things (a) effect or offer or propose to effect, or assist or cause any other
entity to effect or offer or propose to effect or participate in (i) any open
market acquisitions of any securities or assets of Water Pik or any of its
subsidiaries, (ii) any tender or exchange offer or merger or other business
combination involving Water Pik or any of its subsidiaries, (iii) any
recapitalization, restructuring, liquidation, dissolution or other extraordinary
transaction with respect to Water Pik or any of its subsidiaries, (iv) any
solicitation of proxies or consents to vote any voting securities of Water Pik,
(b) form, join or in any way participate in a group as defined under the
Securities Exchange Act of 1934, as amended, with respect to any securities of
Water Pik, (c) otherwise act, alone or with others, to seek to control or
influence the management, board of directors or policies of Water Pik, or (d)
enter into any discussions with any third party with respect to any of the
foregoing. In addition, SVBF and SVBFII agree under the Stock Purchase Agreement
that until June 29, 2001 neither they, Michael E. Tennenbaum nor their
respective affiliates will directly or indirectly dispose of any securities of
Water Pik.
<PAGE> 11
-------------
PAGE 11 OF 13
-------------
Except for the Stock Purchase Agreement and the Registration Rights
Agreement, there are no contracts, arrangements, understandings or relationships
(legal or otherwise) between the Reporting Persons and any other person with
respect to any securities of Water Pik, including, but not limited to, transfer
or voting of any of the securities, finder's fees, joint ventures, loan or
option arrangements, puts or calls, guarantees of profits, division of profits
or losses, or the giving or withholding of proxies.
Copies of the Stock Purchase Agreement and the Registration Rights
Agreement have been filed as exhibits to Water Pik's Current Report on Form 8-K
filed with the Securities and Exchange Commission on January 11, 2001 and are
incorporated by reference herein.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 1 Joint Filing Agreement.
Exhibit 2 Stock Purchase Agreement, dated as of December 29, 2000,
by and among Water Pik Technologies, Inc., Special Value
Bond Fund, LLC and Special Value Bond Fund II, LLC,
incorporated herein by reference to Exhibit 10.1 to
Current Report on Form 8-K of Water Pik Technologies, Inc.
filed with the Securities and Exchange Commission on
January 11, 2001.
Exhibit 3 Registration Rights Agreement, dated as of January 3,
2001, by and among Water Pik Technologies, Inc., Special
Value Bond Fund, LLC and Special Value Bond Fund II, LLC,
incorporated herein by reference to Exhibit 4.1 to Current
Report on Form 8-K of Water Pik Technologies, Inc. filed
with the Securities and Exchange Commission on January 11,
2001.
<PAGE> 12
-------------
PAGE 12 OF 13
-------------
SIGNATURES
After reasonable inquiry and to the best of their knowledge and belief,
the undersigned each certifies that the information set forth in this statement
is true, complete and correct.
Dated: January 11, 2001 SPECIAL VALUE BOND FUND, LLC
By: SVIM/MSM, LLC, its Managing Member
By: Tennenbaum & Co., LLC,
its Managing Member
By: /s/ Michael E. Tennenbaum
------------------------------
Michael E. Tennenbaum,
its Managing Member
SPECIAL VALUE BOND FUND II, LLC
By: SVIM/MSM II, LLC, its Managing Member
By: Tennenbaum & Co., LLC,
its Managing Member
By: /s/ Michael E. Tennenbaum
------------------------------
Michael E. Tennenbaum,
its Managing Member
SVIM/MSM, LLC
By: Tennenbaum & Co., LLC,
its Managing Member
By: /s/ Michael E. Tennenbaum
----------------------------------
Michael E. Tennenbaum,
its Managing Member
SVIM/MSM II, LLC
By: Tennenbaum & Co., LLC,
its Managing Member
By: /s/ Michael E. Tennenbaum
----------------------------------
Michael E. Tennenbaum,
its Managing Member
SPECIAL VALUE INVESTMENT MANAGEMENT, LLC
By: Tennenbaum & Co., LLC,
its Managing Member
By: /s/ Michael E. Tennenbaum
---------------------------------
Michael E. Tennenbaum,
its Managing Member
TENNENBAUM & CO., LLC
By: /s/ Michael E. Tennenbaum
--------------------------------------
Michael E. Tennenbaum,
its Managing Member
/s/ Michael E. Tennenbaum
----------------------------------
Michael E. Tennenbaum
<PAGE> 13
-------------
PAGE 13 OF 13
-------------
EXHIBIT INDEX
Exhibit 1 Joint Filing Agreement.
Exhibit 2 Stock Purchase Agreement, dated as of December 29, 2000,
by and among Water Pik Technologies, Inc., Special Value
Bond Fund, LLC and Special Value Bond Fund II, LLC,
incorporated herein by reference to Exhibit 10.1 to
Current Report on Form 8-K of Water Pik Technologies, Inc.
filed with the Securities and Exchange Commission on
January 11, 2001.
Exhibit 3 Registration Rights Agreement, dated as of January 3,
2001, by and among Water Pik Technologies, Inc., Special
Value Bond Fund, LLC and Special Value Bond Fund II, LLC,
incorporated herein by reference to Exhibit 4.1 to Current
Report on Form 8-K of Water Pik Technologies, Inc. filed
with the Securities and Exchange Commission on January 11,
2001.
