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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: October 5, 1999
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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 October 4, 1999, Heller Financial, Inc. (the "Registrant") issued a press
release announcing that it has agreed to sell its domestic factoring business,
known as Commercial Services, to The CIT Group (NYSE: CIT) for approximately
$560 million in cash.
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: October 4, 1999
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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
Exhibit Sequentially
Number Numbered Pages
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99 Heller Financial, Inc. - Press Release 4-5
3
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Exhibit 99
Heller Financial Announces Agreement to Sell
Its Commercial Services Unit to The CIT Group
CHICAGO, IL (October 4, 1999) Heller Financial, Inc. (NYSE: HF) announced today
that it has agreed to sell its Commercial Services unit to The CIT Group (NYSE:
CIT) for approximately $560 million in cash.
The Commercial Services unit is Heller's domestic factoring business,
which, as of August 31, 1999, had total net assets of $435 million, reflecting
$953 million of factored accounts receivable and $518 million of credit balances
due factoring clients.
Completion of the sale, which is subject to customary regulatory approvals,
is expected to occur during the fourth quarter of 1999. The after-tax gain
associated with the transaction will be determined after closing, and will
ultimately include final adjustments for transactions costs, obligations to
employees, and third party contracts such as facility leases and vendor
contracts.
Commercial Services provides factoring, asset-based revolving credit
facilities, and accounts receivable management services to clients in the U.S.
textile and apparel industries. The unit employs approximately 375 people,
primarily in New York, NY and Glendale, CA.
Heller's International Group, which includes wholly owned and joint venture
factoring and asset based lending operations in more than 20 countries around
the world, is unaffected by this transaction.
"Heller has a long, rich history in the U.S. factoring business, but we
believe that long-term success in this business increasingly requires
substantial economies of scale, which Commercial Services will not be able to
achieve through internal growth," said Heller Chairman and Chief Executive
Officer Richard J. Almeida. "We believe that we can best maximize shareholder
value by redeploying the capital and other resources made available from the
sale of Commercial Services to accelerate our investment in Heller businesses
that offer substantially greater opportunities for long-term growth and
profitability. Accordingly, we do not expect this transaction to negatively
impact earnings growth in the future."
The CIT Group, Inc., is a leading diversified finance organization offering
secured commercial and consumer financing primarily in the United States to
smaller, middle-market and larger businesses and to individuals through a
nationwide distribution network.
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 $14 billion in owned and managed assets, Heller offers
equipment financing and leasing, sales finance programs, collateral- and cash
flow-based financing, financing for healthcare companies and financing for
commercial real
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estate. The company also offers trade finance, factoring, asset-based lending,
leasing and vendor finance products and programs to clients in Europe, Asia,
Australia and Latin America. Heller's common stock is listed as "HF" on the
New York and Chicago Stock Exchanges. Heller can be found on the World Wide Web
at http://www.hellerfinancial.com.
