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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: December 3, 1998
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(Date of earliest event reported)
HELLER FINANCIAL, INC.
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
1-6157 36-1208070
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(Commission File Number) (IRS Employer Identification Number)
500 West Monroe Street, Chicago, Illinois 60661
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(Address of principal executive offices) (Zip Code)
(312) 441-7000
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(Registrant's telephone number, including area code)
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Item 5. Other Events
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On December 2, 1998, Heller Financial, Inc. (the "Registrant") issued a press
release announcing the acquisition of more than $600 million in assets
associated with Dana Corporation's leasing operation. Heller has purchased
assets from Dana Commercial Credit Corporation's international technology
leasing business in the United States, Canada, United Kingdom, Germany,
Switzerland and France. A copy of the press release is attached.
Item 7. Financial Statements and Exhibits
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(c) Exhibits
99 Heller Financial, Inc. - Press Release
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Dated: December 3, 1998
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HELLER FINANCIAL, INC.
By: /s/ Lauralee E. Martin
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Lauralee E. Martin
Title: Executive Vice President and
Chief Financial Officer
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EXHIBIT INDEX
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Exhibit Sequentially
Number Numbered Pages
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99 Heller Financial, Inc. - Press Release 4-6
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Heller Financial Completes Purchase of International
Technology Leasing Assets from Dana Commercial Credit Corporation
$600 Million Plus Asset Transaction Increases Heller's Scale,
Forms Global Vendor Finance Unit
(Chicago, IL, December 2, 1998)--Heller Financial, Inc. (NYSE: HF) today
announced it has completed the acquisition of more than $600 million in assets
associated with Dana Corporation's (NYSE: DCN) leasing operation. Heller has
purchased assets from Dana Commercial Credit Corporation's (DCC) international
technology leasing business in the United States, Canada, United Kingdom,
Germany, Switzerland and France. Upon completion of the transaction, Heller
announced the formation of Heller Global Vendor Finance, which represents the
new entity created by the combination of DCC's technology leasing unit and
Heller's existing vendor finance unit. At its inception, Heller Global Vendor
Finance has approximately $2.5 billion in assets under management and
originations of over $1.2 billion annually through its existing vendor finance
programs. The group will be led by J. Stephen Gagne, former President and Chief
Operating Officer of DCC.
This strategic acquisition of the DCC assets is a natural extension of
Heller's existing vendor finance business, enabling the company to quickly
expand its position in the international vendor leasing market. The move
underscores Heller's long-standing commitment to providing strategic financing
solutions for small and mid-sized businesses.
"The combination of these two powerful forces positions us to offer
seamless global financing programs to our current and prospective clients," said
Frederick E. Wolfert, President and Chief Operating Officer of Heller Financial.
"The acquisition of DCC's assets is indicative of Heller's strategy to pursue
growth opportunities which add to the strength of our franchise and increases
our scale in the global marketplace."
"Heller and DCC are two of the most respected organizations in the leasing
industry," said Gagne. "DCC's international small-ticket leasing expertise will
combine with Heller's mid- and large-ticket leasing capabilities to enable
Heller to provide a full range of vendor financing products and services in
major markets throughout the world."
"Our customers will benefit from expanded global capabilities, a full range
of financing product offerings, extensive industry expertise and service
capabilities, and the financial stability of Heller one of the world's premier
financial services companies," said Wolfert.
The purchased assets of DCC's technology leasing group specialize in
providing customized leasing and financing programs to clients such as Avnet
(US), Ingram Micro (Germany), MicroAge, Inc. (US), Mitsubishi Electric PC
Division (US and Germany) and Pinacor (US). DCC is the only leasing company ever
to be awarded the Malcolm Baldrige National Quality Award, which is widely
regarded as the highest recognition possible for business performance excellence
in the United States. Additionally, the group was the sole recipient of the 1995
Michigan Quality Leadership Award.
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Dana Corporation is one of the world's largest independent suppliers to
vehicular, off-highway, and industrial manufacturers and their related
aftermarkets. Dana produces components and systems used on more than 95 percent
of the world's 670 million motor vehicles. Founded in 1904 and based in Toledo,
Ohio, the company operates 270 major facilities in 33 countries and employs more
than 79,000 people. The company had pro forma sales of $11.9 billion in 1997.
Heller Financial, Inc. is a worldwide commercial finance company providing
a broad range of financing solutions to middle-market and small business
clients. With more than $13 billion in owned and managed assets, Heller offers
equipment financing and leasing, sales finance programs, factoring and working
capital loans, collateral- and cash flow-based financing, and financing for
commercial real estate. The company also offers trade finance, factoring, asset-
based lending, leasing and vendor finance products to clients in Europe, Asia,
Australia and Latin America.
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