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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): June 28, 1996
Air Express International Corporation
(Exact Name of Registrant as Specified in its Charter)
Delaware 1-8306 36-2074327
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
120 Tokeneke Road, Darien, Connecticut 06820
(Address of Principal Executive Offices)
(203) 655-7900
(Registrant's telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Page 1 of 5 pages
Exhibit Index on Page 3
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Item 5. Other Events.
On June 28, 1996 the Registrant established a $75 million syndicated credit
facility. A copy of the News Release issued by the Registrant on July 11, 1996
is filed herewith as Exhibit 1 hereto.
On July 8, 1996 (the "Redemption Date"), the Registrant completed the
redemption of its outstanding 6% Convertible Subordinated Debentures due January
15, 2003 (the "Debentures"). As a result of the call for redemption, an
aggregate of $74,735,000 principal amount of Debentures were converted by the
holders thereof into 3,290,756 newly-issued shares of Common Stock and the
remaining $15,000 principal amount of Debentures were redeemed at a redemption
price of 104.2% of their principal amount plus accrued interest from January 15,
1996 to the Redemption Date. As of the close of business on the Redemption Date,
after giving effect to the conversion of outstanding Debentures, the Registrant
had outstanding an aggregate of 22,666,413 shares of Common Stock. A copy of the
News Release issued by the Registrant on July 11, 1996 is filed herewith as
Exhibit 2 hereto.
Item 7. Financial Statements and Exhibits.
(C) Exhibits
1. News Release dated July 11, 1996.
2. News Release dated July 11, 1996.
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.
AIR EXPRESS INTERNATIONAL CORPORATION
(Registrant)
By: ________________________________________
Daniel J. McCauley
Vice President, General Counsel and Secretary
Dated: July 23, 1996
Page 2 of 5
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EXHIBIT INDEX
Page No.
Exhibit 1. News Release dated July 11, 1996 . . . . . . . . . 4
Exhibit 2. News Release dated July 11, 1996 . . . . . . . . . 5
Page 3 of 5
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Exhibit 1
July 11, 1996
For more information, please contact:
Dennis M. Dolan, Vice President and Chief Financial Officer
AIR EXPRESS INTERNATIONAL CORPORATION
ANNOUNCES ESTABLISHMENT OF CREDIT FACILITY
Darien, Connecticut.....Air Express International Corporation ("AEI") today
announced the establishment of a $75 million syndicated credit facility. The
facility is a three-year revolving credit loan for which The Bank of New York
is lead agent. First National Bank of Chicago is co-agent, with First Union
Bank and Bank of Boston as additional participants in the syndicate.
Dennis M. Dolan, Vice President and Chief Financial Officer, stated, "The
establishment of this facility will provide AEI with the flexibility to continue
to strengthen its global network via internal expansion and acquisitions."
Based in Darien, Connecticut, AEI is an integrated logistics company offering
transportation, warehousing and distribution and information service
solutions to customers throughout the world.
Page 4 of 5
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Exhibit 2
July 11, 1996
For more information, please contact:
Dennis M. Dolan, Vice President and Chief Financial Officer
AIR EXPRESS INTERNATIONAL
COMPLETES REDEMPTION OF DEBENTURES
Darien, Connecticut....AIR EXPRESS INTERNATIONAL CORPORATION
(NASDAQ symbol: AEIC) announced that on July 8, 1996 it completed the
redemption of its outstanding 6% Convertible Subordinated Debentures due
January 15, 2003. As a result of the call of the Debentures for redemption,
an aggregate of $74,735,000 principal amount of Debentures were converted
by the holders into 3,290,756 newly-issued shares of the Common Stock and
the remaining $15,000 principal amount of Debentures were redeemed at a
redemption price of 104.2% of their principal amount plus accrued interest
thereon to the redemption date. As of the close of business on July 8, 1996,
after giving effect to the conversion of outstanding Debentures, the Company
had outstanding a total of 22,666,413 shares of Common Stock.
Page 5 of 5
