<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 1, 1997
--------------------------------
SEARCH CAPITAL GROUP, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
DELAWARE 0-9539 41-1356819
- ---------------------------- ------------------------ -------------------
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
700 N. PEARL STREET
SUITE 400
DALLAS, TEXAS 75201-7490
- ---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (214) 965-6000
------------------------------
NOT APPLICABLE
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
ITEM 5. OTHER EVENTS.
On May 1, 1997, Registrant announced that it had signed a letter of
intent with an affiliate of Lehman Brothers Holdings Inc. pursuant to which
Lehman would provide a $100 million, two year revolving warehouse line of
credit facility to Search. The letter of intent is subject to certain
conditions, including negotiation and execution of mutually acceptable
definitive facility documents and completion of due diligence.
As part of its compensation for providing the facility, Lehman will
receive common stock of Registrant and warrants to purchase additional shares
of common stock of Registrant upon the closing of the facility.
The press release issued by Registrant with respect to the signing of
the letter of intent is filed herewith as Exhibit 99.
-2-
<PAGE> 3
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) EXHIBITS.
Exhibit No. Description
99 Press Release dated May 1, 1997
<PAGE> 4
SIGNATURE
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.
SEARCH CAPITAL GROUP, INC.
By: /s/ Ellis A. Regenbogen
-------------------------------
Ellis A. Regenbogen
Executive Vice President
Dated: May 5, 1997
<PAGE> 5
EXHIBIT INDEX
Exhibit No. Description
----------- -----------
99 Press Release dated May 1, 1997
<PAGE> 1
Contact: James F. Leary
Vice Chairman, Finance
Search Capital Group, Inc.
(214) 965-6000
FOR IMMEDIATE RELEASE: May 1, 1997
SEARCH CAPITAL ANNOUNCES $35 MILLION SUBORDINATED DEBT OFFERING
SEARCH CAPITAL SIGNS LETTER OF INTENT WITH LEHMAN BROTHERS FOR
$100 MILLION WAREHOUSE LINE OF CREDIT
DALLAS, Texas -- Search Capital Group, Inc. (NASDAQ: SCGI) announced today that
it has signed a letter of intent with an affiliate of Lehman Brothers Holdings
Inc. pursuant to which Lehman would provide a $100 million, two year revolving
warehouse line of credit facility to Search. The letter of intent is subject to
certain conditions including, among other things, negotiation and execution of
mutually acceptable definitive facility documents and completion of due
diligence.
George C. Evans, Chairman and CEO of Search, said "This facility with
Lehman will provide diversification in our long-term financing needs to
implement our strategic growth plan."
As part of its compensation for providing the facility, Lehman will
receive common stock and warrants to purchase additional shares of common stock
upon the closing of the facility.
Search Capital Group, Inc. is a specialized financial services company
engaged in the purchasing, financing and servicing of non-prime automobile
installment loans. Search also has non-auto consumer finance operations. Search
common shares and 9%/7% convertible preferred shares are traded on the NASDAQ
National Market under the symbols "SCGI" and "SCGIP", respectively.
# # #
