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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
Date of Report (Date of earliest event reported):
February 28, 1996
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Wang Laboratories, Inc.
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
1-5677 04-2192707
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(Commission File Number) (IRS Employer Identification No.)
600 Technology Park Drive, Billerica, Massachusetts 01821
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (508) 967-5000
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ITEM 5. OTHER EVENTS.
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On February 28, 1996, Wang Laboratories, Inc. ("Wang") announced that it
completed a $140 Million offering of 6 1/2% Series B Cumulative Convertible
Preferred Stock.
On February 29, 1996 Wang announced that it had completed the repurchase
and retirement of all of the outstanding shares of its 11% Exchangeable
Preferred Stock at face value for approximately $73 Million in cash.
Item 7. Financial Statements and Exhibits
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(c) Exhibits
Item Description
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99.1 Press Release Announcing Completion of Preferred Stock
Offering
99.2 Press Release Announcing Repurchase of 11% Exchangeable
Preferred Stock
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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.
WANG LABORATORIES, INC.
Dated: March 6, 1996 By: /s/ Albert A. Notini
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Albert A. Notini
Senior Vice President,
General Counsel and
Corporate Secretary
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Exhibit 99.1
Contact:
Frank Ryan (508) 967-7038
Ed Pignone (508) 967-4912
WANG COMPLETES CONVERTIBLE PREFERRED OFFERING
Billerica, Mass. (February 28, 1996) -- Wang (NASDAQ:WANG) announced today that
it has completed the Convertible Preferred Stock offering announced on January
23, 1996. The new shares have a coupon of 6 1/2 percent and a conversion price
of $26.5625, and were rated b3 by Moody's Investors Service and B by Standard
and Poors.
Through the offering, Wang will have raised approximately $140 million,
including the underwriter's over-allotment option of approximately $18 million,
which was exercised in full. Approximately $73 million is being used to retire
Wang's 11 percent Exchangeable Preferred Stock at face value. The remainder of
the proceeds will be used for general corporate purposes, which may include
acquisitions.
Wang is a recognized world leader in workflow, integrated imaging,
document management, and network storage management software for client/server
open systems and a major worldwide provider of integration and support services
for office software and networks.
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Exhibit 99.2
Contact:
Frank Ryan (508) 967-7038
Ed Pignone (508) 967-4912
WANG RETIRES
11 PERCENT EXCHANGEABLE PREFERRED STOCK
Billerica, Mass. (February 29, 1996) -- Wang (NASDAQ:WANG) announced today that
it has completed the repurchase and retirement of all of the outstanding shares
of its 11 Percent Exchangeable Preferred Stock, at face value, for approximately
$73 million in cash.
The retirement of the Exchangeable Preferred Stock will result in a
one-time charge of $8.8 million in the current quarter, reflecting the
difference between the repurchase value and the carrying value of the
securities. This will not affect net income, but will reduce the amount of net
income applicable to common stockholders and earnings per share.
Wang is a recognized world leader in workflow, integrated imaging,
document management, and network storage management software for client/server
open systems and a major worldwide provider of integration and support services
for office software and networks.
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