UNITED STATES
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): MARCH 15, 1996
APPLIED MAGNETICS CORPORATION
(Exact Name of Registrant as Specified in its Charter)
DELAWARE
(State or Other 1-6635 95-1950506
Jurisdiction of (Commission (IRS Employer
Incorporation) File Number) Identification No.)
75 ROBIN HILL ROAD
GOLETA, CALIFORNIA 93117
(Address of Principal Executive Offices)
REGISTRANT'S TELEPHONE NUMBER,
INCLUDING AREA CODE: (805) 683-5353
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Item 5. OTHER EVENTS
On March 15, 1996, Applied Magnetics Corporation
announced that it has executed an agreement for the sale, in an
offshore offering and in a concurrent private placement in the
United States, of $100.0 million of 7.0% Convertible Subordinated
Debentures due 2006.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
Exhibit No. Description of Exhibit
----------- ----------------------
99 Press Release dated March 15, 1996 announcing
that Applied Magnetics Corporation has
executed an agreement for the sale, in an
offshore offering and in a concurrent private
placement in the United States, of $100.0
million of 7.0% Convertible Subordinated
Debentures due 2006.
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.
APPLIED MAGNETICS CORPORATION
By: /s/ Craig D. Crisman
-----------------------------
Craig D. Crisman
Chairman of the Board and
Chief Executive Officer
(Principal Financial Officer)
Dated: March 20, 1996
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INDEX TO EXHIBITS
Sequentially
Numbered
Exhibit Number Description of Exhibit Page
-------------- ---------------------- ------------
Exhibit 99 Press Release dated March
15, 1996 announcing that
Applied Magnetics
Corporation has executed
an agreement for the
sale, in an offshore
offering and in a
concurrent private
placement in the United
States, of $100.0 million
of 7.0% Convertible
Subordinated Debentures
due 2006. 4
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EXHIBIT 99
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FOR IMMEDIATE RELEASE: FOR MORE INFORMATION:
March 15, 1996 Craig D. Crisman
Chairman and Chief
Executive Officer
(805) 683-5353
APPLIED MAGNETICS CORPORATION
EXECUTES AGREEMENT FOR THE SALE OF
$100.0 MILLION OF CONVERTIBLE SUBORDINATED DEBENTURES
Goleta, CA - Applied Magnetics Corporation (NYSE: APM)
today announced that it has executed an agreement for the sale,
in an offshore offering and in a concurrent private placement in
the United States, of $100.0 million of 7.0% Convertible
Subordinated Debentures due 2006. The Debentures, non-callable
for three years, will be convertible into common stock at a rate
of $18.60 per share, which equates to an aggregate of
approximately 5,376,344 shares of the Company's common stock.
The agreement provides for an option to purchase up to
approximately $15.0 million principal amount of additional
debentures for the purpose of covering over-allotments, if any.
The sale is scheduled to close on March 22, 1996.
Proceeds from the sale of the debentures will be used
to repay debt, to fund capital expenditures and for general
corporate purposes.
Neither the debentures nor the common stock issuable
upon conversion have been registered under the United States
Securities Act of 1933. Accordingly, these securities may not be
offered or sold in the United States or to any U.S. person absent
registration or an applicable exemption from the registration
requirements.
Applied Magnetics, with headquarters in Goleta, CA, is
a major independent supplier of magnetic recording heads for disk
drive applications for the worldwide data storage segment of the
computer industry.
This announcement is neither an offer to sell nor a
solicitation of an offer to buy any of these securities.
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