As filed with the Securities and Exchange Commission on April 11, 1997
Registration No. 333-
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------
FORM S-3
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
----------
SYRATECH CORPORATION
(Exact name of registrant as specified in its charter)
<TABLE>
<CAPTION>
<S> <C> <C>
DELAWARE 3914 13-3354944
(State or other jurisdiction of (Primary Standard Industrial (I.R.S. Employer
incorporation or organization) Classification Code Number) Identification No.)
</TABLE>
----------
175 McClellan Highway
East Boston, MA 02128-9114
Phone: (617) 561-2200
(Address, including zip code, and telephone number, including area code, of
registrant's principal executive offices)
----------
E. MERLE RANDOLPH
Vice President, Treasurer and
Chief Financial Officer
Syratech Corporation
175 McClellan Highway
East Boston, MA 02128-9114
Phone: (617) 561-2200
(Name, address, including zip code, and telephone number, including area
code, of agent for service)
----------
With copies to:
<TABLE>
<CAPTION>
<S> <C> <C>
JAMES L. PURCELL, ESQ. JAMES WESTRA, ESQ. KIRK A. DAVENPORT, ESQ.
Paul, Weiss, Rifkind, Wharton & Garrison Hutchins, Wheeler & Ditmar Latham & Watkins
1285 Avenue of the Americas A Professional Corporation 885 Third Avenue
New York, New York 10019-6064 101 Federal Street New York, New York 10022-4802
(212) 373-3000 Boston, Massachusetts 02110 (212) 906-1200
(617) 951-6600
</TABLE>
Approximate date of commencement of proposed sale to the public:
As soon as practicable after this Registration Statement becomes effective.
----------
If the only securities being registered on this Form are being offered
pursuant to dividend or interest reinvestment plans, please check the
following box. [ ]
If any of the securities being registered on this Form are to be offered
on a delayed or continuous basis pursuant to Rule 415 under the Securities
Act of 1933, other than securities offered only in connection with dividend
or interest reinvestment plans, check the following box. [ ]
If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following
box and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering. [X] File No. 333-18133
If this Form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. [ ]
If delivery of the prospectus is expected to be made pursuant to Rule 434,
please check the following box. [ ]
CALCULATION OF REGISTRATION FEE
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=========================================================================================================
Proposed Maximum Proposed Maximum
Title of Each Class of Amount to be Offering Price Per Aggregate Offering Amount of
Securities to be Registered Registered Note Price(1) Registration Fee
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
11% Senior Notes due 2007 $10,000,000.00 $1,000.00 $10,000,000.00 $3,031
- ---------------------------------------------------------------------------------------------------------
Guarantees of 11% Senior
Notes due 2007 $10,000,000.00 (2) (2) (2)
=========================================================================================================
</TABLE>
(1) Estimated solely for the purposes of calculating the registration fee
pursuant to Rule 457(c).
(2) No additional consideration will be paid by the purchasers of the Senior
Notes for the Guarantees. Pursuant to Rule 457(n), no separate fee is
payable in respect of the Guarantees.
----------
================================================================================
<PAGE>
TABLE OF ADDITIONAL REGISTRANTS
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
State or Other Primary Standard I.R.S. Employer Address, Including Zip Code and
Jurisdiction of Classification Code Identification Telephone Number, Including Area
Name Incorporation Number Number Code of Principal Executive Office
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
175 McClellan Highway
Syratech Holding East Boston, Massachusetts 02128
Corporation Arkansas 5023 71-0747664 (617)561-2200
- ------------------------------------------------------------------------------------------------------------------------------------
175 McClellan Highway
Wallace International East Boston, Massachusetts 02128
Silversmiths, Inc. Delaware 3914 06-1183605 (617)561-2200
- ------------------------------------------------------------------------------------------------------------------------------------
175 McClellan Highway
East Boston, Massachusetts 02128
Wallace International de P.R., Inc. Delaware 3914 66-0402645 (617)561-2200
- ------------------------------------------------------------------------------------------------------------------------------------
175 McClellan Highway
East Boston, Massachusetts 02128
International Silver Company Delaware 5023 04-3105031 (617)561-2200
- ------------------------------------------------------------------------------------------------------------------------------------
175 McClellan Highway
East Boston, Massachusetts 02128
International Silver de P.R., Inc. Delaware 3545 66-0467204 (617)561-2200
- ------------------------------------------------------------------------------------------------------------------------------------
175 McClellan Highway
East Boston, Massachusetts 02128
PMW Silver de P.R., Inc. Delaware 3356 66-0503108 (617)561-2200
- ------------------------------------------------------------------------------------------------------------------------------------
175 McClellan Highway
East Boston, Massachusetts 02128
Towle Manufacturing Company Delaware 3914 04-3093194 (617)561-2200
- ------------------------------------------------------------------------------------------------------------------------------------
175 McClellan Highway
East Boston, Massachusetts 02128
Rosemar Silver Company, Inc. Delaware 3914 04-3094668 (617)561-2200
- ------------------------------------------------------------------------------------------------------------------------------------
175 McClellan Highway
East Boston, Massachusetts 02128
Towle Holloware, Inc. Delaware 5023 04-3094663 (617)561-2200
- ------------------------------------------------------------------------------------------------------------------------------------
175 McClellan Highway
East Boston, Massachusetts 02128
Farberware Inc. Delaware 5023 13-3880567 (617)561-2200
- ------------------------------------------------------------------------------------------------------------------------------------
175 McClellan Highway
East Boston, Massachusetts 02128
Silvestri, Inc. Delaware 5199 04-3309807 (617)561-2200
- ------------------------------------------------------------------------------------------------------------------------------------
175 McClellan Highway
Silvestri, Inc. of East Boston, Massachusetts 02128
South Carolina South Carolina 6512 57-1046114 (617)561-2200
- ------------------------------------------------------------------------------------------------------------------------------------
6048 South York Road
Gastonia, North Carolina 28052
Rauch Industries, Inc. North Carolina 5199 56-1074945 (704)867-5333
- ------------------------------------------------------------------------------------------------------------------------------------
6048 South York Road
Gastonia, North Carolina 28052
Rochard, Inc. New York 5199 13-2731346 (704)867-5333
- ------------------------------------------------------------------------------------------------------------------------------------
6048 South York Road
Gastonia, North Carolina 28052
Holiday Products, Inc. North Carolina 5199 56-1803414 (704)867-5333
- ------------------------------------------------------------------------------------------------------------------------------------
6048 South York Road
Gastonia, North Carolina 28052
Northstar Sales Corporation North Carolina 6512 56-1678701 (704)867-5333
- ------------------------------------------------------------------------------------------------------------------------------------
175 McClellan Highway
East Boston, Massachusetts 02128
Leonard Florence Associates, Inc. Massachusetts 5023 04-2904074 (617)561-2200
- ------------------------------------------------------------------------------------------------------------------------------------
4251 Crisfield Highway
Crisfield, Maryland 21871
CHI International, Inc. Maryland 3914 52-1930353 (410)968-0503
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
State or Other Primary Standard I.R.S. Employer Address, Including Zip Code and
Jurisdiction of Classification Code Identification Telephone Number, Including Area
Name Incorporation Number Number Code of Principal Executive Office
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
175 McClellan Highway
Syratech Security East Boston, Massachusetts 02128
Corporation Massachusetts 4841 04-3270184 (617)561-2200
- -------------------------------------------------------------------------------------------------------------------------------
175 McClellan Highway
Syratech West Coast East Boston, Massachusetts 02128
Warehouse Corp. California 6512 33-0689857 (617)561-2200
- -------------------------------------------------------------------------------------------------------------------------------
175 McClellan Highway
175 Amlegion Revere Massachusetts East Boston, Massachusetts 02128
Realty Trust Trust 6798 04-6812249 (617)561-2200
- -------------------------------------------------------------------------------------------------------------------------------
175 McClellan Highway
East Boston, Massachusetts 02128
Syratech Silver Sales Corp. Georgia 6512 04-3094665 (617)561-2200
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
EXPLANATORY NOTE
This Registration Statement is being filed pursuant to Rule 462(b) under the
Securities Act of 1933, as amended. The contents of the Registration Statement
on Form S-3 (Registration No. 333-18133) filed by Syratech Corporation et al.
(collectively, the "Company") on December 18, 1996, as amended by Amendment No.
1 to the Registration Statement on Form S-3 filed by the Company on March 18,
1997, which was declared effective on April 10, 1997, are incorporated by
reference.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Company
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Boston, State of Massachusetts, on the 10th day of
April, 1997.
SYRATECH CORPORATION
By: /s/ LEONARD FLORENCE
------------------------------------
Leonard Florence
Chairman of the Board,
Chief Executive Officer and President
Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement has been signed by the following persons in the capacities and on
the dates indicated below.
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<CAPTION>
Signature Title Date
- ---------------------------- -------------------------------------- ----------------
<S> <C> <C>
/s/ LEONARD FLORENCE Chairman of the Board, Chief April 10, 1997
- ------------------------- Executive Officer and President
Leonard Florence (Principal Executive Officer)
/s/ E. MERLE RANDOLPH Vice President, Chief Financial April 10, 1997
- ------------------------- Officer, Treasurer and Director
E. Merle Randolph (Principal Financial and Accounting
Officer)
/s/ Irwin Chafetz Director April 10, 1997
- -------------------------
Irwin Chafetz
/s/ Frederick H. Chicos Director April 10, 1997
- -------------------------
Frederick H. Chicos
/s/ Harold Cohen Director April 10, 1997
- -------------------------
Harold Cohen
/s/ Jerry R. Jacob Director April 10, 1997
- -------------------------
Jerry R. Jacob
/s/ Melvin L. Levine Director April 10, 1997
- -------------------------
Melvin L. Levine
/s/ Alan Perlman Director April 10, 1997
- -------------------------
Alan Perlman
/s/ Harold Roitenberg Director April 10, 1997
-------------------------
Harold Roitenberg
/s/ Jacob Saliba Director April 10, 1997
-------------------------
Jacob Saliba
</TABLE>
II-1
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Guarantors
have duly caused this Registration Statement to be signed on their behalf by
the undersigned, thereunto duly authorized in the City of Boston, State of
Massachusetts, on the 10th day of April, 1997.
CHI INTERNATIONAL, INC.
FARBERWARE INC.
INTERNATIONAL SILVER COMPANY
INTERNATIONAL SILVER DE P.R., INC.
LEONARD FLORENCE ASSOCIATES, INC.
PMW SILVER DE P.R., INC.
ROSEMAR SILVER COMPANY, INC.
SILVESTRI, INC.
SILVESTRI, INC. OF SOUTH CAROLINA
SYRATECH SECURITY CORPORATION
SYRATECH SILVER SALES CORP.
TOWLE HOLLOWARE, INC.
TOWLE MANUFACTURING COMPANY
WALLACE INTERNATIONAL SILVERSMITHS,
INC.
WALLACE INTERNATIONAL DE P.R., INC.
By: /s/ LEONARD FLORENCE
------------------------------------
Leonard Florence
President and Sole Director
HOLIDAY PRODUCTS, INC.
By: /s/ ROGER S. SILVERSTEIN
------------------------------------
Roger S. Silverstein
President and Director
By: /s/ LEONARD FLORENCE
------------------------------------
Leonard Florence
Director
By: /s/ MARSHALL A. RAUCH
------------------------------------
Marshall A. Rauch
Director
By: /s/ DONALD G. WALSER
------------------------------------
Donald G. Walser
Director
II-2
<PAGE>
SYRATECH WEST COAST WAREHOUSE CORP.
By: /s/ LEONARD FLORENCE
------------------------------------
Leonard Florence
President and Director
By: /s/ FAYE A. FLORENCE
------------------------------------
Faye A. Florence
Director
By: /s/ E. MERLE RANDOLPH
------------------------------------
E. Merle Randolph
President and Director
SYRATECH HOLDING CORPORATION
By: /s/ RICHARD FREIMAN
------------------------------------
Richard Freiman
President and Sole Director
RAUCH INDUSTRIES, INC.
By: /s/ LEONARD FLORENCE
------------------------------------
Leonard Florence
President and Director
By: /s/ E. MERLE RANDOLPH
------------------------------------
E. Merle Randolph
Director
By: /s/ FAYE A. FLORENCE
------------------------------------
Faye A. Florence
Director
II-3
<PAGE>
175 AMLEGION REVERE REALTY TRUST
By: /s/ LEONARD FLORENCE
------------------------------------
Leonard Florence
President and Trustee
By: /s/ FAYE A. FLORENCE
------------------------------------
Faye A. Florence
Trustee
By: /s/ E. MERLE RANDOLPH
------------------------------------
E. Merle Randolph
Trustee
ROCHARD, INC.
By: /s/ RICHARD SONKING
------------------------------------
Richard Sonking
President and Director
By: /s/ LEONARD FLORENCE
------------------------------------
Leonard Florence
Director
NORTHSTAR SALES CORPORATION
By: /s/ LEONARD FLORENCE
------------------------------------
Leonard Florence
President and Director
By: /s/ MARSHALL A. RAUCH
------------------------------------
Marshall A. Rauch
Director
By: /s/ DONALD G. WALSER
------------------------------------
Donald G. Walser
Director
II-4
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Pagination
by
Exhibit Exhibit sequential
Number Description numbering
- --------- ------------------------------------------------------------------------------------------ -------------
<S> <C> <C>
(a) Exhibits
1.1 Form of Underwriting Agreement. Incorporated by reference from Exhibit 1.1 to Form S-3
Registration Statement No. 333-18133
2.1 Restated Agreement and Plan of Merger dated November 27, 1996, effective as of
October 23, 1996 between Syratech and THL Transaction I Corp. and the Amendment,
dated February 14, 1997 to the Restated Agreement and Plan of Merger (Incorporated
by reference from Exhibit 2.1 to Form S-4 Registration Statement No. 333-16917)
3.1 Restated Certificate of Incorporation of Syratech. Incorporated by reference from
Exhibit 3.1 to Form S-1 Registration Statement No. 33-41619.
3.2 Syratech Corporation Certificate of Designations in respect of Series A Preferred Stock
dated October 26, 1992. Incorporated by reference from Exhibit 3.2 to Form S-4
Registration Statement No. 333-16917.
3.3 Bylaws of Syratech. Incorporated by reference from Exhibit 3.2 to Form S-1
Registration Statement No. 33-41619.
3.4 Amendment to Section 2.9 of the Bylaws of Syratech, effective August 15, 1991.
Incorporated by reference from Exhibit 3.3 to Form S-1 Registration Statement No.
33-41619.
3.5 Certificate of Ownership and Merger of WSC Liquidating, Inc. by and into Syratech
Corporation dated May 9, 1996. Incorporated by reference from Exhibit 3.5 to Form
S-4 Registration Statement No. 333-16917.
4.1 Form of Indenture dated as of April, 1997 between Syratech Corporation as Issuer and
State Street Bank and Trust Company, as Trustee. Incorporated by reference from Exhibit 4.1 to
Form S-3 Registration Statement No. 333-18133.
5.1 Opinion of Paul, Weiss, Rifkind, Wharton & Garrison (filed herewith).
10.1 Form of Amended and Restated Employment Agreement dated as of April , 1997
between Leonard Florence and the Company. (Incorporated by reference from Exhibit
2.1 to Form S-4 Registration Statement No. 333-16917)
10.2 Employment Agreement dated August 16, 1991 between E. Merle Randolph and the
Company. Incorporated by reference from Exhibit 10.17 to Form S-1 Registration
Statement No. 33-41619.
10.3 Employment Agreement dated August 16, 1991, between Melvin L. Levine and the
Company. Incorporated by reference from Exhibit 10.18 to Form S-1 Registration
Statement No. 33-41619.
10.4 Employment Agreement dated August 16, 1991 between Alan R. Kanter and the
Company. Incorporated by reference from Exhibit 10 to Form S-1 Registration
Statement No. 33-41619.
10.5 Amendment No. 1 dated as of July 27, 1996 to Employment Agreement dated as of
August 16, 1991 between E. Merle Randolph and Company. Incorporated by reference
from Exhibit 10.5 to Form S-4 Registration Statement No. 333-16917.
10.6 Amendment No. 1 dated as of May 11, 1995 to Employment Agreement dated as of
August 16, 1991 between Melvin L. Levine and the Company. Incorporated by
reference from Exhibit 10.8 to Form 10-K for Syratech for the year ended December
31, 1995.
10.7 Amendment No. 1 dated as of July 27, 1996 to Employment Agreement dated as of
August 16, 1991 between Alan R. Kanter and the Company. Incorporated by reference
from Exhibit 10.7 to Form S-4 Registration Statement No. 333-16917.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Pagination
by
Exhibit Exhibit sequential
Number Description numbering
- --------- -------------------------------------------------------------------------------------- -------------
<S> <C> <C>
10.8 Retirement Benefit Agreement dated as of July 27, 1996 between Faye A. Florence and
the Company. Incorporated by reference from Exhibit 10.8 to Form S-4 Registration
Statement No. 333-16917.
10.9 Amendment No. 2, dated as of January 31, 1997, effective as of December 31, 1996,
to Employment Agreement dated as of August 16, 1991 between E. Merle Randolph
and the Company. Incorporated by reference to Exhibit 10.9 to Form S-4 Registration
Statement No. 333-16917.
10.10 Amendment No. 2, dated as of January 31, 1997, effective as of December 31, 1996,
to Employment Agreement dated as of August 16, 1991 between Melvin L. Levine and
the Company. Incorporated by reference to Exhibit 10.10 to Form S-4 Registration
Statement No. 333-16917.
10.11 Amendment No. 2 dated January 31, 1997 effective as of December 31, 1996, to
Employment Agreement dated as of August 16, 1991 between Alan R. Kanter and the
Company. Incorporated by reference to Exhibit 10.11 to Form S-4 Registration
Statement No. 333-16917.
10.12 Agreement dated December 31, 1996 by and between the Company, THL I Transaction
Corp., Leonard Florence and Melvin L. Levine. Incorporated by reference to Exhibit
10.12 to Form S-4 Registration Statement No. 333-16917.
10.13 Agreement dated December 31, 1996 by and between the Company, THL I Transaction
Corp., Leonard Florence and E. Merle Randolph. Incorporated by reference to Exhibit
10.13 to Form S-4 Registration Statement No. 333-16917.
10.14 Agreement dated December 31, 1996 by and between the Company, THL I Transaction
Corp., Leonard Florence and Alan R. Kanter. Incorporated by reference to Exhibit
10.14 to Form S-4 Registration Statement No. 333-16917.
10.15 Asset Purchase Agreement dated February 2, 1996 by and between Farberware Inc.,
the Company, Lifetime Hoan Corporation and Far-B Acquisition Corp., Inc.
Incorporated by reference from Exhibit 1 to Form 8-K dated April 16, 1996.
10.16 Settlement Agreement dated February 3, 1997 by and among Bruckner Manufacturing
Corp. (formerly Farberware Inc.), U.S. Industries, Inc., Farberware Inc. (formerly
Far-B Acquisition Corp.) and Lifetime Hoan Corporation. Incorporated by reference to
Exhibit 10.16 to Form S-4 Registration Statement No. 333-16917.
10.17 Agreement dated as of December 7, 1995 among the Company, SYR Acquisition Inc.
and Rauch Industries, Inc. Incorporated by reference from Exhibit 1 to Form 8-K of
the Company dated December 7, 1995.
10.18 Amended and Restated Line of Credit Agreement among Wallace International de Puerto
Rico, Inc., International Silver de Puerto Rico, Inc. and Banco Popular de Puerto
Rico dated October 15, 1996. Incorporated by reference to Exhibit 10.18 to Form S-4
Registration Statement No. 333-16917.
10.19 Agreement, dated as of February 2, 1996, by and among the Company, Lifetime Hoan
Corporation and Far-B Acquisition Corp. Incorporated by reference to Exhibit 10.19 to
Form S-4 Registration Statement No. 333-16917.
10.20 Agreement, dated as of May 3, 1996, by and among the Company, Farberware Inc.
and Meyer Manufacturing Co. Ltd. Incorporated by reference to Exhibit 10.20 to Form
S-4 Registration Statement No. 333-16917.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Pagination
by
Exhibit Exhibit sequential
Number Description numbering
- --------- ---------------------------------------------------------------------------------------- -------------
<S> <C> <C>
10.21 License Agreement, dated as of July 12, 1996 by and between Farberware Inc. and
Service Merchandise Company, Inc. (redacted to omit certain royalty information).
10.22 Agreement, dated as of October 16, 1996, among Farberware Inc., Service
Merchandise Company, Inc. and Windmere-Durable Holdings, Inc. (amending Item
10.21). Incorporated by reference to Exhibit 10.22 to Form S-4 Registration Statement
No. 333-16917.
12.1 Schedule Regarding Computation of Ratio of Earnings to Fixed Charges.
Incorporated by reference to Exhibit 12.1 to Form S-3 Registration Statement No. 333-18133.
23.1 Consent of Paul, Weiss, Rifkind, Wharton & Garrison (included in the opinion filed as
Exhibit 5.1)
23.2 Consent of Deloitte & Touche LLP (filed herewith)
23.3 Consent of Coopers & Lybrand L.L.P. (filed herewith)
25.1 Statement on Form T-1 of the eligibility of the Trustee. Incorporated by reference to
Exhibit 25.1 to Form S-3 Registration Statement No. 333-18133.
</TABLE>
April 11, 1997
Syratech Corporation
Syratech Holding Corporation
Wallace International Silversmiths, Inc.
Wallace International DE P.R., Inc.
International Silver Company
International Silver DE P.R., Inc.
PMW Silver DE P.R., Inc.
Towle Manufacturing Company
Rosemar Silver Company, Inc.
Towle Holloware, Inc.
Farberware Inc.
Silvestri, Inc.
Silvestri, Inc. of South Carolina
Rauch Industries, Inc.
Rochard, Inc.
Holiday Products, Inc.
Northstar Sales Corporation
Leonard Florence Associates, Inc.
CHI International, Inc.
Syratech Security Corporation
Syratech West Coast Warehouse Corp.
175 Amlegion Revere Realty Trust
Syratech Silver Sales Corp.
Registration Statement on Form S-3
--------------------------
Ladies and Gentlemen:
In connection with the Registration Statement on Form S-3 (including
all amendments and supplements thereto, the "Registration Statement") filed by
<PAGE>
Syratech Corporation 2
Syratech Corporation, a Delaware corporation (the "Company") and several
guarantors (the "Guarantors"), with the Securities and Exchange Commission (the
"SEC") on April 11, 1997 (File No. to be assigned), pursuant to the Securities
Act of 1933, as amended (the "Act"), and the rules and regulations promulgated
thereunder, we have been requested to render our opinion as to the legality of
the securities being registered thereunder. The Registration Statement relates
to the registration under the Act of the Company's Senior Notes due 2007 (the
"Notes") and the Subsidiary Guarantees of the Notes (the "Guarantees").
Capitalized terms used herein and not otherwise defined herein shall have the
respective meanings ascribed thereto in the Registration Statement. In
connection with this opinion, we have examined originals, or copies certified or
otherwise identified to our satisfaction, of the following documents:
1. The Registration Statement;
2. The proposed form of the Underwriting Agreement included as
Exhibit 1.1 to the Registration Statement (the "Underwriting
Agreement");
<PAGE>
Syratech Corporation 3
3. The proposed form of the Indenture included as Exhibit 4.1 to the
Registration Statement pursuant to which the Notes are to be issued
(the "Indenture");
4. The proposed form of Note included as Exhibit A to the Indenture;
and
5. The proposed form of Subsidiary Guarantee included as Exhibit B to
the Indenture.
In addition, we have examined: (i) such corporate records of the
Company and the Guarantors incorporated in the States of Delaware and New York
(the "Delaware and New York Guarantors") as we have considered appropriate,
including copies of their certificates of incorporation or articles of
incorporation, as amended, and by-laws, as amended, as in effect on the date
hereof, and certified copies of resolutions of the boards of directors of the
Company and the Delaware and New York Guarantors; and (ii) such other
certificates, agreements and documents as we deemed relevant and necessary as a
basis for the opinions hereinafter expressed.
In our examination of the aforesaid documents, we have assumed, without
independent investigation, the genuineness of all signatures, the
enforceability of the Underwriting Agreement and the Indenture against each
party thereto other than the Company and the Guarantors, the legal capacity of
all individuals who have executed any of the documents, the authenticity of all
documents submitted to us as
<PAGE>
Syratech Corporation 4
originals, the conformity to the original documents of all documents submitted
to us as certified, photostatic, reproduced or conformed copies of valid
existing agreements or other documents and the authenticity of all such latter
documents. We have also assumed that the Underwriting Agreement, the Indenture,
the Notes and the Guarantees to be executed and delivered by the Company and
the Guarantors will be in the respective forms filed as Exhibits to the
Registration Statement or incorporated therein by reference.
In expressing the opinions set forth herein, we have relied upon the
factual matters contained in the representations and warranties of the Company
and the Guarantors made in the documents; and we have consulted with, and relied
solely upon the advice of, counsel in the states of Arkansas, South Carolina,
North Carolina, Massachusetts, Maryland, California and Georgia to the effect
that (i) the Indenture has been duly authorized by the Guarantors thereto other
than the Delaware and New York Guarantors, (ii) the Guarantees have been duly
authorized by the Guarantors other than the Delaware and New York Guarantors in
accordance with the terms of the Indenture and (iii) the execution and delivery
by the Guarantors other than the Delaware and New York Guarantors of the
Indenture and the Guarantees, and the performance by such Guarantors of their
obligations under the Indenture and the Guarantees, will not conflict with or
violate their articles of incorporation, by-laws or the laws of their respective
states of incorporation.
<PAGE>
Syratech Corporation 5
Based upon the foregoing, and subject to the assumptions, exceptions
and qualifications set forth herein, we are of the opinion that:
(i) The Notes, when duly executed, issued and delivered by the
Company and paid for as contemplated in the Registration Statement, the
Underwriting Agreement and the Indenture, and authenticated by the Trustee under
the Indenture, will be legal, valid and binding obligations of the Company
enforceable against the Company in accordance with their terms.
(ii) Assuming that due authentication and delivery of the
Notes pursuant, to the Indenture, the Guarantees, when duly executed, issued and
delivered by the Guarantors, will be legal, valid and binding obligations of the
Guarantors enforceable against the Guarantors in accordance with their terms.
The foregoing opinion is subject to the qualification that (i) the
enforceability of the Notes and the Guarantees may be limited by bankruptcy,
insolvency, reorganization, fraudulent conveyance or transfer, moratorium or
similar laws affecting creditors' rights generally; and (ii) rights of
acceleration and the availability of equitable remedies may be limited by
equitable principles of general applicability (regardless of whether such
enforceability is considered in a proceeding at law or in equity).
Our opinions expressed above are limited to the laws of the State of
New York, the General Corporation Law of the State of Delaware and the Federal
<PAGE>
Syratech Corporation 6
laws of the United States. Please be advised that no member of this firm is
admitted to practice in the State of Delaware. Our opinions are rendered only
with respect to the laws, and the rules, regulations and orders thereunder,
which are currently in effect.
We hereby consent to the use of our name in the Registration Statement
and in the prospectus therein as the same appears in the caption "Legal Matters"
and to the use of this opinion as an exhibit to the Registration Statement. In
giving this consent, we do not thereby admit that we come within the category of
persons whose consent is required by the Act or by the rules and regulations
promulgated thereunder.
Very truly yours,
/s/ PAUL, WEISS, RIFKIND, WHARTON & GARRISON
----------------------------------------
PAUL, WEISS, RIFKIND, WHARTON & GARRISON
EXHIBIT 23.2
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in this Registration Statement of
Syratech Corporation (the "Company") on Form S-3 of our reports dated February
7, 1997 (February 14, 1997 as to Note 15) and February 7, 1997, appearing in (i)
Amendment No. 1 to Registration Statement No. 333-18133 of Syratech Corporation
on Form S-3 and (ii) the Company's Annual Report on Form 10-K for the year ended
December 31, 1996.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
April 9, 1997
EXHIBIT 23.3
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration statement of
Syratech Corporation on Form S-3 (File No. to be assigned) of our report dated
March 12, 1996, as contained in Form 8-K/A dated February 27, 1997 on our audits
of the consolidated balance sheet of Rauch Industries, Inc. as of December 31,
1995 and 1994 and the consolidated statements of income, stockholders' equity,
and cash flows for each of the three years in the period ended December 31,
1995. We also consent to the reference to our firm under the caption "Experts."
COOPERS & LYBRAND L.L.P.
Charlotte, North Carolina
April 10, 1997
