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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 AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 17, 1999
Waxman Industries, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-5888 34-0899894
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification Number)
24460 Aurora Road, Bedford Heights, Ohio 44146
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (440) 439-1830
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Not Applicable
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS.
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On June 17, 1999, Waxman Industries, Inc. (the "Company") announced
that it had entered into a $20 million bank credit facility with Congress
Financial Corporation, which replaced a credit facility with BankAmerica
Business Credit, which was to expire in July 1999. The bank credit facility is
by and among Congress Financial Corporation, as Lender, and Waxman Consumer
Products, Inc., WOC Inc., Western American Manufacturing, Inc. and WAMI Sales,
Inc. (the "Borrowers"), and the Company, Waxman USA Inc. and TWI, International,
Inc. (the "Guarantors").
A copy of the press release issued by the Company with respect to the
credit facility is attached hereto as Exhibit 99.1 and is incorporated herein by
reference.
ITEM 7. RELATED FINANCIAL INFORMATION AND EXHIBITS.
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(c) Exhibits
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99.1 Press release issued by Waxman Industries, Inc. on June
17, 1999.
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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.
WAXMAN INDUSTRIES, INC.
(Registrant)
Date: July 2, 1999 By: /s/ Mark W. Wester
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Name: Mark W. Wester
Title: Vice President - Finance and Chief
Financial Officer
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INDEX TO EXHIBITS
Exhibit No. Page No.
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99.1 Press release issued by Waxman Industries, Inc. on June 17, 1999
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EXHIBIT 99.1
WAXMAN INDUSTRIES, INC. (OTCBB: WAXX)
NEWS RELEASE
For Additional Information, Contact: Armond Waxman, President
Mark Wester, Vice President - Finance
(440) 439-1830
Waxman Industries, Inc. Announces
New Bank Credit Facility
Bedford Heights, Ohio - June 17, 1999 - Waxman Industries, Inc.
(OTCBB-WAXX), a leading supplier of specialty plumbing and other products to the
U.S. repair and remodeling market, announced that it has entered into a $20
million bank credit facility with Congress Financial Corporation, replacing the
BankAmerica Business Credit facility, which was to expire in July 1999. The
Congress Financial credit facility expires in September 2001 and is subject to
extension under certain circumstances. The credit facility allows the Company to
borrow against eligible inventory, eligible accounts receivable and a portion of
the Barnett Inc. shares owned by the Company.
Commenting on the new credit facility, Armond Waxman stated: "We
believe this new credit facility will provide additional flexibility to the
Company and is an important step in our effort to address our debt structure."
Waxman Industries, Inc. is a leading supplier of specialty plumbing and
other products to the repair and remodeling market in the United States. Through
its wholly-owned subsidiaries, Consumer Products, WOC (parent of Medal
Distributing), and its foreign sourcing operations, TWI, CWI and WAMI, the
Company distributes its products to a wide variety of large national and
regional retailers, other independent retailers and wholesalers in the United
States.
CAUTIONARY STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.
STATEMENTS ON THIS PRESS RELEASE MAY CONSTITUTE "FORWARD-LOOKING STATEMENTS"
WITHIN
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THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 THAT ARE
BASED ON THE BELIEFS OF THE COMPANY AND ITS MANAGEMENT. WHEN USED IN THIS
DOCUMENT, THE WORDS "ANTICIPATE," "BELIEVE," "CONTINUE," "ESTIMATE," "EXPECT,"
"INTEND," "MAY," "SHOULD," AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY
FORWARD-LOOKING STATEMENTS. SUCH STATEMENTS REFLECT THE CURRENT VIEW OF THE
COMPANY WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO CERTAIN RISKS,
UNCERTAINTIES AND ASSUMPTIONS, INCLUDING, BUT NOT LIMITED TO, THE RISK THAT THE
COMPANY MAY NOT BE ABLE TO IMPLEMENT ITS DELEVERAGING STRATEGY IN THE INTENDED
MANNER, RISKS ASSOCIATED WITH CURRENTLY UNFORESEEN COMPETITIVE PRESSURES AND
RISKS AFFECTING THE COMPANY'S INDUSTRY, SUCH AS DECREASED CONSUMER SPENDING,
CONSUMER CONCENTRATION ISSUES AND THE EFFECTS OF GENERAL ECONOMIC CONDITIONS. IN
ADDITION, THE COMPANY'S BUSINESS, OPERATIONS AND FINANCIAL CONDITION ARE SUBJECT
TO THE RISKS, UNCERTAINTIES AND ASSUMPTIONS WHICH ARE DESCRIBED IN THE COMPANY'S
REPORTS AND STATEMENTS FILED FROM TIME TO TIME WITH THE SECURITIES AND EXCHANGE
COMMISSION. SHOULD ONE OR MORE OF THOSE RISKS OR UNCERTAINTIES MATERIALIZE, OR
SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY
MATERIALLY FROM THOSE DESCRIBED HEREIN.
# # #
To receive additional information about Waxman Industries, Inc.,
please visit the Company's web site at http://www.waxmanind.com
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FOR INFORMATION, CONTACT:
At Waxman: (440) 439-1830 At D.R. Maruster & Co.: (330) 278-2386
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ARMOND WAXMAN, PRESIDENT DALE MARUSTER
MARK WESTER, CFO
