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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 (Date of Earliest Event Reported): May 5, 1998
AMERICAN BANKNOTE CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
DELAWARE
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(State or Other Jurisdiction of Incorporation)
1-3410 13-0460520
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(Commission File Number) (I.R.S. Employer Identification No.)
200 PARK AVENUE, NEW YORK, N.Y. 10166-4999
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(Address of Principal Executive Offices) (Zip Code)
(212) 557-9100
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
The information set forth in the press release issued by American
Banknote Corporation, attached hereto as Exhibit 99.1, is incorporated herein
by reference.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
(c) Exhibits
99.1 Press release of American Banknote Corporation dated
May 5, 1998.
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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.
AMERICAN BANKNOTE CORPORATION
By: /s/ Patrick D. Reddy
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Patrick D. Reddy,
Vice President and
Assistant Secretary
Date: May 15, 1998
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EXHIBIT INDEX
Item No.
99.1 Press release of American Banknote Corporation dated May 5, 1998
EXHIBIT 99.1
American Banknote Corporation
200 Park Avenue
New York, New York 10166-4999
Contact: Jean Marie Young
Director - Investor Relations
(212) 557-9100
FOR IMMEDIATE RELEASE
American Banknote Corporation Announces an Initial Public Offering of American
Bank Note Holographics
NEW YORK, May 5, 1998 - American Banknote Corporation (NYSE:ABN) today
announced the registration of an initial public offering of its wholly-owned
subsidiary, American Bank Note Holographics. American Banknote Corporation
expects to raise more than $120 million from the offering, which it plans to
use to retire its senior secured debt.
American Banknote is also considering raising money in the public markets via
its Australian subsidiary, Leigh-Mardon, by selling part of the company to the
public, later in the year in Australia. Likewise, the Company is exploring a
variety of strategies to raise capital through its 77-1/2% owned Brazilian
subsidiary in order to fund its continued growth. Discussions are underway
with its minority owner, Banco Bradesco, as well as other financial
institutions.
Morris Weissman, Chairman and Chief Executive Officer, in commenting on these
initiatives stated: "As previously indicated, we intend to de-leverage and
are taking the necessary steps to insure the success of this program. In
addition, we hope to raise capital for our subsidiaries so that they can
continue to grow, unencumbered by the burden of heavy corporate debt."
Weissman concluded: "Our most important goal in 1998 is to enhance
shareholder value. We hope to prove to the market that the inherent values of
our underlying operating subsidiaries, not apparent when evaluating American
Banknote on the basis of traditional consolidated earnings per share, are
indeed significant."
American Banknote Corporation is a leading global full-service provider of
secure transaction solutions in carefully selected markets along three major
product groups: Transaction Cards & Systems, Printing Services & Document
Management, and Security Printing Solutions. A combined strategy of operating
along product lines and constant expansion of transaction activities worldwide
reflects the rapidly changing field of electronic commerce.
This release contains forward-looking statements relating to future financial
results. Actual results may differ materially as a result of factors over
which the Company has no control. These risk factors and additional
information are included in the Company's annual report on Form 10-K and
quarterly reports on Form 10-Q on file with the Securities and Exchange
Commission.
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