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): May 18, 1998
AGRIBRANDS INTERNATIONAL, INC.
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(Exact name of registrant as specified in its charter)
Missouri
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(State of other jurisdiction of incorporation)
1-13479
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(Commission File Number)
43-1794250
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(I.R.S. Employer Identification No.)
9811 South Forty Drive, St. Louis, MO 63124
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(Address of principal executive offices) (Zip Code)
(314) 812-0500
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(Registrant's telephone number, including area code)
Item 5. Other Events.
In a Press Release dated May 18, 1998, a copy of which is attached hereto as
Exhibit 99.1 and the text of which is incorporated by reference herein, the
Registrant announced that management has decided not to proceed with the $110
million credit facility arranged by ABN AMRO.
Item 7. Financial Statements and Exhibits.
Exhibit 99.1 Press Release dated May 18, 1998.
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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 thereunto duly authorized.
AGRIBRANDS INTERNATIONAL, INC.
(Registrant)
Date: May 18, 1998 By: /s/ David R. Wenzel
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David R. Wenzel
Chief Financial Officer
EXHIBIT 99.1
Investor Relations
(314) 812-0590
St. Louis, Missouri, May 18, 1998 . . . Agribrands International, Inc.
announced today that it has elected not to fund under and will not close the
$110 million revolving Credit Agreement arranged prior to the company's spin-off
from Ralston Purina Company on April 1, 1998.
The Company indicated that, having evaluated its financial position after the
spin-off, management concluded the Company has sufficient financial flexibility
and cash reserves without the credit facility.
As a result of this decision, the Company will report a $2.5 million non-cash
charge in its third quarter to write-off deferred financing costs associated
with the facility.
The Company expressed its pleasure with the acceptance its affiliates received
from banks in their local markets in the weeks following the spin-off. This, in
combination with the funding provided to the Company by Ralston at the time of
the spin-off, has provided a reasonable level of financial flexibility and makes
it difficult to justify the additional cost of the syndicated facility. The
Company expressed its appreciation for the efforts made by the participants in
the syndication. The syndication process enabled the Company to develop
relationships with a strong group of international banks and the Company looks
forward to working with the banks on other projects in the future.
Agribrands is a leading international manufacturer of agricultural animal feeds
and nutritional products.
