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
Date of Report (Date of earliest event reported): June 12, 2000
TRENDWEST RESORTS, INC.
(Exact name of registrant as specified in its charter)
Oregon 000-22979 93-1004403
(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
98052 Willows Road
Redmond, Washington 98052
(Address of principal executive office)
(425) 498-2500
(Registrant's telephone number including area code)
Item 2. Acquisition or Disposition of Assets.
Trendwest Resorts, Inc. has signed a definitive agreement with its majority
shareholder JELD-WEN to acquire the JELD-WEN property located in Upper Kittitas
County in Washington State. Part of the property being acquired by Trendwest is
the 6,200 acre site for the proposed MountainStar Resort. The Company intends to
develop the MountainStar Resort into a destination resort, located on the
eastern slopes of the Cascade Mountains less than two hours from the Seattle
Metropolitan area. Trendwest will also be acquiring JELD-WEN land designated as
an urban growth area for the City of Cle Elum, Washington. It is anticipated
that the acquisition will close by the end of June.
The acquisition is structured as a stock purchase of a JELD-WEN subsidiary
which owns the property. The aggregate purchase price is to $47,599,905.95. The
purchase price will be paid by a cash payment of $25,000,000 at closing, the
assumption by Trendwest of $4,868,905.95 of debt and a promissory note in the
principal amount of $17,731,000. The note bears interest at 9% per annum, has
scheduled quarterly payments of principal and interest and is due and payable on
June 1, 2003. The cash portion of the purchase price will be funded through
Trendwest's existing credit facilities.
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
10.1 Stock Purchase Agreement between Trendwest Resorts, Inc.
and JELD-WEN, inc. dated June 12, 2000.
10.2 Form of Promissory Note
99.1 Press Release dated June 12, 2000.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TRENDWEST RESORTS, INC.
By: /s/ Timothy P. O'Neil
Timothy P. O'Neil
Chief Financial Officer
