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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report: December 2, 1999
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HOUSEHOLD INTERNATIONAL, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-8198 36-3121988
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation Number)
2700 Sanders Road, Prospect Heights, Illinois 60070
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 847/564-5000
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Item 5. Other Events
Household International, Inc. ("Household")
announced on December 2, 1999 that it had reached a
merger agreement with Renaissance Holdings, Inc.
("RHI"), a privately held issuer of non-prime credit
cards headquartered in Beaverton, Oregon. A press
release of Household is filed as an exhibit hereto.
Under the terms of the agreement, RHI shareholders
could receive up to 5 million shares of Household
common stock. The transaction is valued at
approximately $300 million. The transaction is subject
to regulatory clearance and the approval of RHI
shareholders. In connection with the agreement,
shareholders of RHI holding over 50% of the shares of
RHI have agreed to vote for the merger at the RHI
shareholder meeting that will be called for that
purpose. The transaction is expected to be completed
in the first quarter of 2000.
Item 7. Financial Statements and Exhibits
(a) Financial statements of businesses acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
(c) Exhibits.
No. Exhibit
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99 Press release titled "Household
International To Purchase Renaissance
Holdings To Expand Household's
Non-prime Credit Card Program" dated
December 2, 1999
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SIGNATURE
Pursuant to the requirement 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.
HOUSEHOLD INTERNATIONAL, INC.
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(Registrant)
By: /s/ John W. Blenke
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John W. Blenke
Assistant Secretary
Dated: December 2, 1999
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U:\LAW\EDGAR\I8K12-2-99.WP
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EXHIBIT INDEX
Exhibit No. Exhibit
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99 Press release titled "Household International
To Purchase Renaissance Holdings To Expand
Household's Non-prime Credit Card Program"
dated December 2, 1999
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Household International
To Purchase Renaissance Holdings To Expand
Household's Non-prime Credit Card Program
Prospect Heights, IL, December 2, 1999 - Household International
(NYSE:HI) announced that it has signed a definitive agreement to
purchase Renaissance Holdings, Inc., a privately held issuer of
secured and unsecured credit cards to non-prime customers, for
approximately $300 million. Approximately 70 percent of the
consideration will be in the form of Household common shares and
the remainder will be in cash. The transaction is expected to
close in the first quarter of 2000. Household anticipates that
the transaction will be accretive to earnings in 2000 and
thereafter.
Since January 1999, Household and Renaissance have worked
together as partners in developing and managing Household's non-
prime credit card program. With this agreement, Renaissance
Holdings will be renamed Renaissance Credit Services and operate
as a wholly owned subsidiary of Household.
William F. Aldinger, Household's chairman and chief executive
officer said, "This transaction is a logical extension of our
previous decision to refocus our credit card business to better
serve the more traditional Household-type customer. It will add
to our excellent growth and profit momentum."
Bobby Mehta, Household's Group Executive - U. S. Bankcard,
commented, "We are extremely pleased to move forward from a
successful partnership with Renaissance to a fully integrated
relationship. Working together as partners we've already created
a competitive and growing non-prime credit card business. This
transaction will enable us to build on our success and further
expand in this profitable sector."
Irving Levin, president of Renaissance, who will remain in charge
of all Renaissance operations, commented, "Joining forces with
Household opens up exciting new opportunities for our customers
and employees. As our partnership has grown, it became apparent
that our two organizations are an excellent fit not only from a
business perspective, but also from a culture and values
perspective. This merger brings together two strong companies
with complementary areas of expertise and presents immediate
opportunities for growth."
Household International, through its subsidiaries, is a leading
provider of consumer finance, credit card, auto finance and
credit insurance products in the United States, United Kingdom
and Canada. In the United States, Household operates under the
two oldest and most recognized names in consumer finance - HFC
and Beneficial. Household is also one of the nation's largest
issuers of private-label and general purpose credit cards,
including the GM Card and the AFL-CIO's Union Privilege card.
For more information, visit the company's web site at
http://www.household.com.
This press release contains certain projections that may be
forward-looking in nature, as defined by the Private Securities
Litigation Reform Act of 1995. A variety of factors may cause
actual results to differ materially from the results discussed in
these forward-looking statements. Factors that might cause such
a difference are discussed in Household International's Annual
Report on Form 10-K and Quarterly Report on Form 10-Q, filed with
the SEC.
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CONTACTS:
Craig A. Streem, Vice President -- Investor Relations, 847-564-6053,
Celeste M. Murphy, Director -- Investor Relations, 847-564-7568,
both of Household International
