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 4, 1996
APPLIED MAGNETICS CORPORATION
(Exact Name of Registrant as Specified in its Charter)
DELAWARE 1-6635 95-1950506
(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
75 ROBIN HILL ROAD
GOLETA, CALIFORNIA 93117
(Address of Principal Executive Offices)
REGISTRANT'S TELEPHONE NUMBER,
INCLUDING AREA CODE: (805) 683-5353
Exhibit Index on Page 3
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Item 5. OTHER EVENTS
On March 4, 1996, Applied Magnetics Corporation
announced that it plans to raise $100 million through the sale
of convertible subordinated notes to institutional investors
and non-U.S. investors for repaying debt and for working
capital and other general corporate purposes, including capital
expenditures for increases in the production of MR and advanced
inductive thin film products.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
Exhibit No. Description of Exhibit
----------- ----------------------
99 Press Release dated March 4, 1996
announcing Applied Magnetics Corporation's
plans to raise $100 million through the
sale of convertible subordinated notes to
institutional investors and non-U.S.
investors for repaying debt and for working
capital and other general corporate
purposes, including capital expenditures
for increases in the production of MR and
advanced inductive thin film products.
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 11, 1996
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INDEX TO EXHIBITS
Sequentially
Exhibit Numbered
Number Description of Exhibit Page
------- ---------------------- -------------
99 Press Release dated March 4, 1996
announcing Applied Magnetics
Corporation's plans to raise $100
million through the sale of
convertible subordinated notes to
institutional investors and non-
U.S. investors for repaying debt
and for working capital and other
general corporate purposes,
including capital expenditures
for increases in the production
of MR and advanced
inductive thin film products. 4
Page 3 of 4 <PAGE>
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Craig D. Crisman
CEO and Chairman
805/683-5353
GOLETA, CALIFORNIA, March 4, 1996 - APPLIED MAGNETICS
CORPORATION (NYSE:APM) announced plans to raise $100 million
through the sale of convertible subordinated notes to
institutional investors and non-U.S. investors.
The notes will be convertible into Applied Magnetics
common stock and will have a ten-year term.
Neither the notes nor the common stock issuable upon
conversion have been registered under the 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
of the Act.
Craig Crisman, Chairman and CEO, said "Proceeds from the
sale of the notes will be used to repay debt and for working
capital and other general corporate purposes, including capital
expenditures for increases in the production of MR and advanced
inductive thin film products."
Applied Magnetics Corporation, headquartered in Goleta,
California, is a major independent supplier of magnetic
recording heads for the disk drive applications for the
worldwide data storage segment of the computer industry.
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