<PAGE> 1
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: July 6, 1994
THE FOOTHILL GROUP, INC.
(Exact name of registrant as specified in charter)
Delaware 0-5467 94-1663353
-------- ------ ----------
(State of Incorporation) (Commission (IRS Employer
File Number) Identification No.)
11111 Santa Monica Boulevard
Los Angeles, California 90025
(Address of principal executive office)
Registrant's telephone number: (310) 996-7000
<PAGE> 2
Item 7: Financial Statements, Pro Forma Financial Information and Exhibits
Exhibit 28 - Additional Exhibits
Press release announcing common stock repurchase program.
Press release announcing new senior rating from Duff & Phelps for subsidiary.
Press release announcing credit facilities totaling $300 million for
subsidiary.
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.
Dated: July 6, 1994 THE FOOTHILL GROUP, INC.
By: C/HENRY K. JORDAN
-------------------------------------
Henry K. Jordan
Vice President and
Chief Financial Officer
<PAGE> 3
[Foothill Letterhead]
NEWS
FOOTHILL GROUP SUBSIDIARY ESTABLISHES
-------------------------------------
CREDIT FACILITIES TOTALING $300 MILLION
---------------------------------------
LOS ANGELES, CALIFORNIA, July 6, 1994 ... The Foothill Group, Inc.
(NYSE-FGI) announced today that its subsidiary, Foothill Capital Corporation,
has established two credit facilities totaling $300 million with 22 banks. The
multi-year revolving credit facility, with $200 million in commitments, has an
initial expiration date of June 30, 1997 while the revolving credit facility,
with $100 million in commitments, has an initial expiration date of June 29,
1995. These credit facilities replace an existing $250 million credit facility
and will be used primarily to support Foothill Capital's outstanding commercial
paper. Bank of America NT&SA serves as agent for the banks on the credit
facilities.
Kent W. Dahl, Vice President and Treasurer of Foothill Capital, stated,
"Foothill Capital is pleased to announce the establishment of these credit
facilities. We received commitments for the facilities in excess of our
largest amount despite a significant reduction in bank commitment fees compared
to our existing credit facility. This indicates continued strong support from
the banking community for our business strategy."
The Foothill Group, Inc. is a specially financial services company which
operates two tightly linked businesses: commercial lending and money
management. Foothill Capital Corporation, its wholly-owned subsdiary, provides
asset-based financing to businesses throughout the United States. The parent
company's money management operation conducts business through institutional
limited partnerships, seeking above average returns by investing in the debt
instruments of companies in reorganization or in the process of restructuring.
At March 31, 1994, Foothill had total assets owned or under management of over
$1.1 billion.
<PAGE> 4
[Foothill Letterhead]
News
FOOTHILL GROUP SUBSIDIARY
-------------------------
RECEIVES UPGRADE IN SENIOR DEBT RATING
--------------------------------------
FROM DUFF & PHELPS
------------------
LOS ANGELES, CALIFORNIA, June 1, 1994 . . . The Foothill Group, Inc.
(NYSE-FGI) today announced that its subsidiary, Foothill Capital Corporation,
has received an upgrade in its senior debt rating to "BBB+" from Duff & Phelps
Credit Rating Co. Foothill Capital's senior debt had previously been rated
"BBB". Duff & Phelps also reaffirmed Foothill Capital's commercial paper
rating of "Duff 2".
Kent W. Dahl, Vice President and Treasurer of Foothill Capital, stated,
"We are very pleased to receive this upgrade from a major credit rating agency,
which should, over time, lower our borrowing costs and improve our access to
the capital markets."
The Foothill Group, Inc. is a specialized financial services company which
operates two tightly linked businesses: commercial lending and money
management. Foothill Capital Corporation, its wholly owned subsidiary,
provides asset-based financing to businesses throughout the United States. The
parent company's money management operation conducts business through
institutional limited partnerships, seeking above average returns by investing
in the debt instruments of companies in reorganization or in the process of
restructuring. As of March 31, 1994, Foothill had total assets owned or under
management of more than $1.1 billion.
<PAGE> 5
[FOOTHILL LETTERHEAD]
N E W S
FOOTHILL GROUP SUBSIDIARY
-------------------------
RECEIVES UPGRADE IN SENIOR DEBT RATING
--------------------------------------
FROM DUFF & PHELPS
------------------
LOS ANGELES, CALIFORNIA, June 1, 1994 . . . The Foothill Group, Inc.
(NYSE-FGI) today announced that its subsidiary, Foothill Capital Corporation,
has received an upgrade in its senior debt rating to "BBB+" from Duff & Phelps
Credit Rating Co. Foothill Capital's senior debt had previously been rated
"BBB". Duff & Phelps also reaffirmed Foothill Capital's commercial paper
rating of "Duff 2".
Kent W. Dahl, Vice President and Treasurer of Foothill Capital, stated,
"We are very pleased to receive this upgrade from a major credit rating agency,
which should, over time, lower our borrowing costs and improve our access to
the capital markets."
The Foothill Group, Inc. is a specialized financial services company which
operates two tightly linked businesses: commercial lending and money
management. Foothill Capital Corporation, its wholly owned subsidiary,
provides asset-based financing to businesses through the United States. The
parent company's money management operation conducts business through
institutional limited partnerships, seeking above average returns by investing
in the debt instruments of companies in reorganization or in the process of
restructuring. As of March 31, 1994, Foothill had total assets owned or under
management of more than $1.1 billion.
<PAGE> 6
[FOOTHILL LETTERHEAD]
NEWS
THE FOOTHILL GROUP, INC. ANNOUNCES
----------------------------------
COMMON STOCK REPURCHASE PROGRAM
-------------------------------
LOS ANGELES, CALIFORNIA, May 27, 1994 . . . The Foothill Group, Inc.
(NYSE-FGI) Board of Directors today authorized the Company to repurchase up to
625,000 shares of its common stock from time to time in the open market. This
action was taken in light of existing securities market conditions and the
Board's belief that the common stock is undervalued.
The Foothill Group, Inc. is a specialized financial services company
which operates two tightly linked businesses: commercial lending and money
management. Foothill Capital Corporation, its wholly-owned subsidiary, provides
asset-based financing to businesses throughout the United States. The parent
company's money management operation conducts business through institutional
limited partnerships, seeking above average returns by investing in debt
instruments of companies in reorganization or in the process of restructuring.
As of March 31, 1994, Foothill had total assets owned or under management of
more than $1.1 billion.
