SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
(Amendment No. 1 )1
SYBRON CHEMICALS INC.
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(Name of Issuer)
COMMON STOCK, $.01 PAR VALUE
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(Title of Class of Securities)
870903101
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(CUSIP Number)
WOLF, BLOCK, SCHORR AND SOLIS-COHEN LLP
Twelfth Floor Packard Building
Philadelphia, PA 19102
Attention: David Gitlin, Esquire
(215) 977-2284
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 17, 1997
-------------------------------------------------
(Date of Event which Requires Filing
of this Statement)
<PAGE>
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the following box
/X/.
Note: Six copies of this Statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom copies
are to be sent.
1 The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 13 Pages
<PAGE>
SCHEDULE 13D
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CUSIP NO. 870903101 Page 2 of 13 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
399 VENTURE PARTNERS, INC.
I.R.S. ID NO. 13-3413727
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
BK, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
NUMBER OF
SHARES 2,025,000
BENEFICIALLY --------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING None
PERSON WITH --------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,025,000
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,025,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
35.7%
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14 TYPE OF REPORTING PERSON*
CO
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<PAGE>
SCHEDULE 13D
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CUSIP NO. 870903101 Page 3 of 13 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Citibank, N.A.
I.R.S. ID NO. 13-5266470
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
BK, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) / X /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
A national banking association
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7 SOLE VOTING POWER
NUMBER OF
SHARES 2,025,000
BENEFICIALLY --------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING None
PERSON WITH --------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,025,000
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
399 Venture Partners, Inc., a wholly-owned subsidiary of Citibank,
N.A., beneficially and directly owns the 2,025,000 shares referred to herein.
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
See Line 11, above.
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14 TYPE OF REPORTING PERSON*
BK
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<PAGE>
SCHEDULE 13D
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CUSIP NO. 870903101 Page 4 of 13 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CITICORP
I.R.S. ID NO. 13-2614988
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
BK, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) / X /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
NUMBER OF
SHARES 2,025,000
BENEFICIALLY --------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING None
PERSON WITH --------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,025,000
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
399 Venture Partners, Inc., a wholly-owned subsidiary of Citibank,
N.A., beneficially and directly owns the 2,025,000 shares referred to herein.
Citibank, N.A. is a wholly-owned subsidiary of Citicorp.
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
See Line 11, above.
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14 TYPE OF REPORTING PERSON*
HC
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<PAGE>
SCHEDULE 13D
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CUSIP NO. 105368104 Page 5 of 13 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
RICHARD M. KLEIN
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
BK, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEW JERSEY
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7 SOLE VOTING POWER
NUMBER OF 458,567, including 6,900 shares subject to options
SHARES exercisable within 60 days of the date hereof
BENEFICIALLY --------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING None
PERSON WITH --------------------------------------------------------
9 SOLE DISPOSITIVE POWER
458,567, including 6,900 shares subject to options
exercisable within 60 days of the date hereof
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
458,567, including 6,900 shares subject to options
exercisable within 60 days of the date hereof
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.9% (treating 6,900 shares of Common Stock which are subject to options
exercisable within 60 days of the date hereof as outstanding shares
Common Stock)
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14 TYPE OF REPORTING PERSON*
IN
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<PAGE>
SCHEDULE 13D
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CUSIP NO. 105368104 Page 6 of 13 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
JOHN H. SCHROEDER
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
BK, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEW JERSEY
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7 SOLE VOTING POWER
NUMBER OF 64,157, including 6,300 shares subject to options
SHARES exercisable within 60 days of the date hereof
BENEFICIALLY --------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING --------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
64,157, including 6,300 shares subject to options
exercisable within 60 days of the date hereof
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
64,157, including 6,300 shares subject to options
exercisable within 60 days of the date hereof
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.1% (treating 6,300 shares of Common Stock which are subject to options
exercisable within 60 days of the date hereof as outstanding shares
Common Stock)
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14 TYPE OF REPORTING PERSON*
IN
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<PAGE>
SCHEDULE 13D
This Statement on Schedule 13D is being filed pursuant to Rule
13d-1(b)(3) of the Securities and Exchange Act of 1934, as amended (the
"Exchange Act") to reflect the formation of a group by the Reporting Persons
with the purpose of effecting a transaction or transactions in which the
Reporting Persons, through an entity to be formed by them, would acquire all of
Sybron's issued and outstanding common stock, par value $.01 per share, not
presently owned by the Reporting Persons.
ITEM 1. SECURITY AND ISSUER.
This statement relates to shares of the common stock, par
value $.01 per share, (individually, a "Share" and collectively, the "Shares")
of Sybron Chemicals Inc., a Delaware corporation ("Sybron"), with its principal
executive offices at Birmingham Road, Birmingham, New Jersey 08011.
ITEM 2. IDENTITY AND BACKGROUND.
a. This statement is being filed jointly pursuant to Rule
13d-1(f)(1) ("Rule 13d-1(f)(1)") promulgated under the Securities Exchange Act
of 1934, as amended (the "Exchange Act"), by: (1) 399 Venture Partners, Inc., a
Delaware corporation ("399 Venture"), formerly known as Citicorp Investments
Inc.; (2) Citibank, N.A., a national banking association; (3) Citicorp, a
Delaware corporation; (4) Richard M. Klein; and (5) John H. Schroeder
(hereinafter, including 399 Venture, referred to individually as a "Reporting
Person" and collectively as the "Reporting Persons"). This statement relates to
the formation of a group by the Reporting Persons for the purpose of effecting a
transaction or transactions in which the Reporting Persons or a company to be
formed by them would acquire all of Sybron's issued and outstanding common
stock, par value $.01 per share, not presently owned by the Reporting Persons.
Information with respect to each Reporting Person is given solely by
such Reporting Person, and no Reporting Person has responsibility for the
accuracy or completeness of the information supplied by any other Reporting
Person and each Reporting Person agrees that this Statement is filed on behalf
of such Reporting Person only.
The Reporting Persons may be deemed to constitute a "group" for the
purposes of Rule 13d-3 of the Exchange Act.
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<PAGE>
b. The address of the principal business office of each Reporting
Person is as follows:
Reporting Person Address
399 Venture Partners, Inc. 399 Park Avenue
New York, New York 10043
Citibank, N.A. 399 Park Avenue
New York, New York 10043
Citicorp 399 Park Avenue
New York, New York 10043
Richard M. Klein c/o Sybron Chemicals Inc.
Birmingham Road, P.O. Box 66
Birmingham, New Jersey 08011
John H. Schroeder c/o Sybron Chemicals Inc.
Birmingham Road, P.O. Box 66
Birmingham, New Jersey 08011
c. 399 Venture is a wholly-owned subsidiary of Citibank, N.A. 399
Venture is a small business investment company which is primarily engaged in
making equity investments.
Citibank, N.A. is a wholly-owned subsidiary of Citicorp. Citibank,
N.A. is principally engaged in the general banking business.
Citicorp is a multi-bank holding company principally engaged,
through its subsidiaries, in the general financial services business.
Richard M. Klein's present principal occupation is President and
Chief Executive Officer of Sybron. John H. Schroeder's present principal
occupation is Executive Vice President, Environmental Products and Services of
Sybron.
d. During the last five years, none of the Reporting Persons, and to
the knowledge of 399 Venture, Citibank, N.A. and Citicorp, none of the executive
officers or directors of 399 Venture, Citibank, N.A. or Citicorp, has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
e. Except as described herein, during the last five years, none of the
Reporting Persons, and to the knowledge of 399 Venture and Citicorp, none of the
executive officers or directors of 399 Venture, Citibank, N.A. or Citicorp, have
been a party to an civil proceeding of
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<PAGE>
a judicial or administrative body of competent jurisdiction as a result of which
such person or entity was or is subject to a judgment, decree or final order in
joining future violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with respect to such
laws. In 1992 Citibank, N.A. consented to orders issued by the Securities and
Exchange Commission (the "SEC") and the Comptroller of the Currency, without
admitting or denying allegations and findings, with respect to findings that
Citibank violated certain securities laws in its role as a transfer agent with
respect to the proper safeguarding and destruction of canceled securities
certificates. The orders, and related facts and circumstances, were described in
Current Reports on Form 8-K, dated July 21, 1992, and January 19, 1993, that
Citicorp previously filed with the SEC.
f. Citicorp is a Delaware corporation. Citibank, N.A. is a national
banking association and 399 Venture is a Delaware corporation. Except as
indicated on Annex A, to the knowledge of Citicorp, Citibank, N.A. and 399
Venture, each executive officer or director of such Reporting Person is a
citizen of the United States. Richard M. Klein and John H.
Schroeder are both citizens of the United States.
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<PAGE>
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
No funds were involved in the formation of the group by the
Reporting Persons. It is anticipated that the source of funds for the
transaction(s) proposed by the Reporting Persons will be loans from
institutional lenders and an issuance or issuances of debt securities, but the
exact forms of such loans and securities have not been determined.
ITEM 4. PURPOSE OF TRANSACTION.
On October 17, 1997, the Reporting Persons, acting as a group,
presented to Sybron's Board of Directors a proposal to acquire, through an
entity to be formed by them, all of the issued and outstanding Shares, not owned
by the members of the Reporting Persons, for a purchase price of $32 to $33 per
Share in cash, with the result that the Shares would become eligible for
termination of registration pursuant to Section 12(g)(4) of the Exchange Act.
The accomplishment of the acquisition is contingent upon procurement of the
necessary financing, negotiation and completion of definitive agreements
relating to the transaction(s) and approval of Sybron's Board of Directors.
At the present time, other than the actions described in the
preceding paragraph, the Reporting Persons have no specific plans or proposals
that would relate to or result in any of the actions specified in clauses (a)
through (j) of Item 4. However, the Reporting Persons may consider any such
plans or proposals in the future, if deemed appropriate.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) 399 Venture is the record and beneficial owner of
2,025,000 Shares or approximately 35.7% of the issued and outstanding Shares.
399 Venture is a wholly owned subsidiary of Citibank, N.A.,
and Citibank, N.A. is a wholly owned subsidiary of Citicorp. Citibank, N.A. and
Citicorp own no Shares directly.
Richard M. Klein is the beneficial owner of 451,677 Shares or
approximately 7.7% of the issued and outstanding Shares. In addition, Dr. Klein
holds options to purchase 6,900 Shares which are exercisable on or before 60
days from the date hereof. If such option shares are treated as outstanding
Shares, as contemplated by Rule 13d-3(d)(1), the option shares, together with
the 451,677 Shares owned by Dr. Klein represent 7.9% of the issued and
outstanding Shares. Dr. Klein holds options to purchase 23,100 Shares which
options are not exercisable within 60 days of the date hereof and are not
included in his beneficial ownership for the purposes of this Item.
John H. Schroeder is the beneficial owner of 57,853 Shares or
approximately 0.99% of the issued and outstanding Shares.
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<PAGE>
In addition, Mr. Schroeder holds options to purchase 6,300 Shares which are
exercisable on or before 60 days from the date hereof. If such option shares are
treated as outstanding Shares, as contemplated by Rule 13d- 3(d)(1), the option
shares, together with the 57,857 Shares owned by Dr. Klein represent 1.1% of the
issued and outstanding Shares. Mr. Schroeder holds options to purchase 29,700
Shares which options are not exercisable within 60 days of the date hereof and
are not included in his beneficial ownership for the purposes of this Item.
(b) 399 Venture has sole ownership of, and voting and
dispositive powers over, 2,025,000 Shares. Citicorp and Citibank, N.A. own no
Shares directly. Dr. Klein has sole ownership of, and voting and disposititve
powers over, 451,677 Shares. Mr. Schroeder has sole ownership of, and voting and
dispositive powers over, 57,857 Shares.
(c) None.
(d) Not appliciable.
(e) Not appliciable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.
To the extent such information was available on the date
hereof, to the knowledge of each Reporting Person on the date hereof, except as
set forth herein or in the Exhibits, if any, filed herewith, no Reporting Person
nor any of its executive officers or directors, as applicable, has any other
contracts, arrangements, understandings or relationships (legal or otherwise)
with any person with respect to securities issued by Sybron, including, but not
limited to, transfer or voting of any such securities, finder's fees, joint
ventures, loan or option arrangements, puts or calls, guarantees of profits,
divisions of profits or loss or the giving or withholding of proxies.
The members of the group anticipate entering into agreement(s)
among themselves relating to the Shares and/or Sybron, but no such agreement has
been entered into as of the date hereof.
Richard M. Klein and John H. Schroeder are eligible to
participate in Sybron's Savings & Thrift Plan, as amended, (the "401(k) Plan")
1992 Stock Option Plan, as amended, and Executive Bonus Plan. Additionally, each
of Dr. Klein and Mr. Schroeder have the right to participate in Sybron's
Supplemental Executive Retirement Plan (the "SERP"). Both Dr. Klein and Mr.
Schroeder are employees of Sybron.
Pursuant to Sybron's Savings and Thift Plan, as amended (the
"401(k) Plan"), each of Dr. Klein and Mr. Schroeder may purchase Shares, in the
401(k) Plan, by deferring compensation otherwise payable to them by Sybron, and
Sybron will contribute,in the form of Shares on behalf of each of Dr. Klein and
Mr. Schroeder, an amount equal to 35 cents for each dollar of such deferred
compensation invested in the 401(k) Plan.
Pursuant to the terms of Sybron's 1992 Stock Option Plan, as
amended, from time to time, each of Dr. Klein and Mr. Schroeder may be awarded
Shares in the sole discretion of Sybron's Board of Directors. During the 60 days
immediately preceding the date hereof, no options were granted to either Dr.
Klein and Mr. Schroeder.
Pursuant to the terms of the Executive Bonus Plan, a portion
of Dr. Klein and Mr. Schroeder's Bonus is payable in the form of Shares as
follows:
Richard M. Klein:
Bonus Year Projected Target Closing Price Restricted Shares
1997 106,274 15.50 6,856
1998 109,463 10.75 10,182
1999 112,745 16.00 7,046
John H. Schroeder
Bonus Year Projected Target Closing Price Restricted Shares
1997 40,912 15.50 2,639
1998 42,139 10.75 3,919
1999 48,954 16.00 3,059
Pursuant to the terms of the SERP, on an annual basis, on or
about March 1st, Sybron makes a contribution to the SERP for the benefit of each
of Dr. Klein and Mr. Schroeder which is based on the reduction in the amount
that Dr. Klein and Mr. Schroeder, respectively, would be eligible to invest in
the 401(k) Plan, but for the limits on recognized compensation under applicable
tax law.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit Description Page
Exhibit 1 Joint Filing Agreement, dated
October 24, 1997 among 399 Venture,
Citibank, N.A., Citicorp, Richard M.
Klein and John H. Schroeder
SIGNATURES
After reasonable inquiry and to the best of their knowledge
and belief, the undersigned certify that the information set forth in this
statement is true, complete and correct. In executing this statement, the
undersigned agree, to the extent required by Rule 13d-1(f), that this statement
is being filed on behalf of each of the reporting persons herein.
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<PAGE>
Dated: October 27, 1997 399 VENTURE PARTNERS, INC.
By: /s/ Paul C. Schorr IV
Name: Paul C. Schorr IV
Title: Vice President
CITIBANK, N.A.
By: /s/ Mary Lynn Putney
Name: Mary Lynn Putney
Title: Managing Director
CITICORP
By: /s/ Ann M. Goodbody
Name: Ann M. Goodbody
Title: Vice President
/s/ Richard M. Klein
Richard M. Klein
/s/ John H. Schroeder
John H. Schroeder
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<PAGE>
ANNEX A SCHEDULE 13D RELATING TO
COMMON SHARES OF SYBRON CHEMICALS INC.
(Parenthetical references are to the country of citizenship of persons who are
not United States citizens)
Citicorp
Directors Executive Officers
Alain J. P. Belds (Brazil) William I. Campbell (Canada)
D. Wayne Calloway Paul J. Collins
Paul J. Collins Edward Horowitz
Kenneth T. Derr Thomas E. Jones (England)
John M. Deutch Charles E. Long
Ruben Mark Dionisio R. Martin (Argentina)
Richard D. Persons Robert A. McCormack
John S. Reed Victor J. Menezes (India)
William R. Rhodes Lawrence R. Phillips
Roseanne L. Ridgeway John S. Reed
H. Onno Ruding (Netherlands) William R. Rhodes
Robert B. Shapiro John J. Roobe
Frank A. Shrontz H. Onno Ruding (Netherlands)
Franklin A. Thomas Mary Alice Taylor
Edgar S. Woolard, Jr.
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<PAGE>
Citibank, N.A.
Directors Executive Officers
D. Wayne Calloway William I. Campbell (Canada)
Paul J. Collins Paul J. Collins
John M. Deutch Edward Horowitz
Ruben Mark Thomas E. Jones (England)
Richard D. Parsons Charles E. Long
John S. Reed Dionisio R. Martin (Argentina)
William R. Rhodes Robert A. McCormack
Roseanne L. Ridgeway Victor J. Menezes (India)
Robert B. Shapiro Lawrence R. Phillips
Frank A. Shrontz John S. Reed
Franklin A. Thomas William R. Rhodes
John J. Roobe
H. Onno Ruding (Netherlands)
Mary Alice Taylor
399 Venture Partners, Inc.
Directors Executive Officers
William T. Comfort William T. Comfort
Ann M. Goodbody David F. Thomas
Thomas E. Jones Bryon L. Knief
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<PAGE>
Frederick A. Roesch Richard M. Cashin
Charles E. Corpening
Michael A. Delaney
Noelle M. Doumar
David Y. Howe
Richard E. Mayberry
Thomas F. McWilliams
M. Saleem Maquaddam
Paul C. Schorr
Joseph M. Silvestri
James A. Urry
John D. Weber
Lauren M. Connelly
Helene B. Shavin
Thomas H. Sanders
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<PAGE>
Exhibit 1
Agreement dated October 24, 1997
Re: Joint Filing of Schedule 13D
The undersigned hereby agree that:
(i) each of them is individually eligible to use the Schedule 13D
attached hereto;
(ii) the attached Schedule 13D is filed on behalf of each of them;
(iii) each of them is responsible for the timely filing of such
Schedule 13D and any amendments thereto, and for the completeness
and accuracy of the information therein concerning himself or
itself; but none of them is responsible for the completeness and
accuracy of the information concerning the other persons making
the filing, unless he or it knows or has reason to believe that
such information is inaccurate.
/s/ Richard M. Klein 399 VENTURE PARTNERS, INC.
Richard M. Klein
By: /s/ Paul C. Schorr IV
/s/ John H. Schroeder Name: Paul C. Schorr IV
John H. Schroeder Title: Vice President
CITIBANK, N.A.
By: /s/ Mary Lynn Putney
Name: Mary Lynn Putney
Title: Managing Director
CITICORP
By: /s/ Ann M. Goodbody
Name: Ann M. Goodbody
Title: Vice President
-13-
