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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
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CURRENT REPORT
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Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 13, 1995
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EKCO GROUP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-7484 11-2167167
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification
incorporation) No.)
98 Spit Brook Road, Nashua, New Hampshire 03062
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (603) 888-1212
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Item 5. Other Events.
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On April 13, 1995, the registrant issued a press release in which it
announced that it had entered into a bank credit agreement with a group of
lenders. The credit facility provides an aggregate of $75 million in credit
lines to the registrant and its subsidiaries, of which $38 million will be used
to retire existing bank debt with shorter maturities and the remaining $37
million will be available for general corporate purposes, including working
capital, letters of credit and acquisitions. For further information regarding
the bank credit facility, reference is made to the press release, attached
hereto as an exhibit.
Item 7. Financial Statements and Exhibits.
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(c) Exhibit
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28 Press Release dated April 13, 1995.
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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.
EKCO GROUP, INC.
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(Registrant)
Date: April 14, 1995 /S/ LINDA R. MILLMAN
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Linda R. Millman
Associate General Counsel
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EXHIBIT INDEX
TO THE EXHIBIT FILED HEREWITH
Exhibit
Number Exhibit Description
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28 Press Release dated April 13, 1995.
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EXHIBIT 28
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[EKCO GROUP, INC. LETTERHEAD]
FOR IMMEDIATE RELEASE
CONTACT:
Neil R. Gordon or Maureen Wolff-Reid
Treasurer Vice President
Ekco Group, Inc. Sharon Merrill Associates, Inc.
(603) 888-1212 (617) 262-1800
EKCO GROUP ANNOUNCES $75 MILLION BANK CREDIT FACILITY
NASHUA, NH, April 13, 1995 - Ekco Group, Inc. (NYSE:EKO) today announced
that it had entered into a credit agreement with a group of lenders led by
Fleet Bank of Massachusetts, N.A. The facility provides an aggregate of $75
million in credit lines to the company and its subsidiaries. Of the $75
million, $38 million will be used to retire existing bank debt with shorter
maturities. The remaining $37 million is available for general corporate
purposes, including working capital, letters of credit and acquisitions.
Loans under the facility will bear interest ranging from the bank's prime
rate to the prime rate plus 0.25 percent or the LIBOR rate plus 1.25 percent to
1.75 percent, depending on the company's borrowing strategy and its ratio of
total debt to cash flow as defined in the credit agreement.
"Establishing this credit facility is an important element in executing
Ekco Group's long-range plan to increase shareholder value," said Robert Stein,
Ekco Group president and chief executive officer. "By entering into this
agreement, we have reduced our cost of capital and added borrowing capacity to
support both our internal and external growth."
(more)
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EKCO GROUP/2
Ekco Group, Inc. is a leading manufacturer and marketer of branded
housewares that are broadly marketed through major mass merchant, supermarket,
home/office and hardware stores. The company's products include household
items such as bakeware, kitchenware, storage products, brooms, brushes and mops,
as well as non-poisonous and low-toxic household pest control products.
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