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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) September 10, 1997
ZALE CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE 0-21526 75-0675400
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
901 W. Walnut Hill Lane Irving, Texas 75038-1003
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (972) 580-4000
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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.
On September 10, 1997, Zale Corporation (the "Company") announced that it
will offer $100 million of Senior Notes due 2007 to qualified institutional
buyers pursuant to Rule 144A and Regulation S under the Securities Act of 1933.
The press release issued by the Company on September 10, 1997 is attached hereto
as Exhibit 99.1 and is hereby incorporated by reference into this Report.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
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<S> <S>
99.1 Press Release issued by the Company on September 10, 1997.
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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.
ZALE CORPORATION
Registrant
By: /s/ MARK R. LENZ
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Mark R. Lenz
Vice President and Controller
(principal accounting officer
of the registrant)
Date: September 12, 1997
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EXHIBIT INDEX
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EXHIBIT
NUMBER DESCRIPTION
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<C> <S>
99.1 Press Release issued by the Company on September 10, 1997.
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EXHIBIT 99.1
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<C> <S>
CONTACT: Stephen C. Massanelli
Senior Vice President -- Treasurer
(972) 580-5032
Laura Moore
Vice President, Corp. Communications
(972) 580-5104
Naomi Rosenfeld/Carolyn Capaccio
Morgen-Walke Associates
Media Contact:
Stacy Berns/Elissa Grabowski
(212) 850-5600
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FOR IMMEDIATE RELEASE
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ZALE CORPORATION ANNOUNCES OFFERING OF
$100 MILLION SENIOR NOTES
DALLAS, TX, September 10, 1997 -- Zale Corporation (NYSE: ZLC), the
nation's largest specialty retailer of fine jewelry, announces that it intends
to offer $100 million of Senior Notes due 2007.
The offering will be made by means of an offering memorandum to qualified
institutional buyers pursuant to Rule 144A under the Securities Act of 1933 and
is expected to close in late September. Proceeds of the offering will be used to
repay unsecured indebtedness outstanding under the Company's revolving credit
facility, and for general corporate purposes including capital expenditures.
The Note offering will not be registered under the Securities Act of 1933
and may not be offered or sold in the United States absent registration or an
applicable exemption from registration under federal and state securities laws.
"This offering is an integral component of our long term capitalization
strategy in that it strengthens our capital base while positioning the Company
for further growth," said Louis Grabowsky, Executive Vice President and Chief
Financial Officer. "Earlier in the year, the Company completed the first step in
the strategy by increasing its revolving line of credit arrangement at more
favorable terms."
Zale Corporation operates 1,061 retail jewelry stores and 186 leased
departments located throughout the United States, Guam, and Puerto Rico,
including Zales Jewelers, Gordon's Jewelers and Bailey Banks & Biddle.
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