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): October 26, 1994
JAMES RIVER CORPORATION OF VIRGINIA
(Exact name of registrant as specified in its charter)
Virginia
(State or other jurisdiction of incorporation)
1-7911 54-0848173
(Commission File Number) (IRS Employer Identification Number)
120 Tredegar Street, Richmond, Virginia 23219
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: (804) 644-5411
Item 5. Other Events.
James River Corporation of Virginia (the "Company" or "James
River") has implemented a program to modify its currency
hedge and interest rate swap position. Under such program,
the Company has effectively changed the notional amount of
its hedge of the foreign currency exposure of its net
investment in Jamont from $488 million to $470 million
denominated in various currencies; the Company intends to
reduce such notional amount to $330 million denominated in
French francs. The various contracts mature on September 1,
1998. In connection with these contracts, James River has
entered into interest swap agreements to fix the French
franc interest costs of the hedge. Currency gains and
losses on the contracts and any differential in the interest
costs are recorded in the foreign currency translation
component of retained earnings.
The Company also is a party to interest rate swap agreements
maturing between September 1, 1998 and January 19, 1999.
The program modifications result in the Company having a
notional amount of $1,286 million of LIBOR-based floating
rate debt. To manage its exposure to floating rate debt,
James River has entered into interest rate protection
agreements with respect to a notional amount of $646 million
of such LIBOR-based floating rate debt, which effectively
protect the Company against six-month LIBOR rates rising
above 6.5% provided those rates stay below 8.01%.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
JAMES RIVER CORPORATION OF VIRGINIA
By: /s/ Stephen E. Hare
Stephen E. Hare
Senior Vice President,
Corporate Finance
and Chief Financial Officer
Date: October 26, 1994
