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As filed with the Securities and Exchange Commission on March 13, 1997
Registration No. 333-15933
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 1 TO
FORM S-3
REGISTRATION STATEMENT
Under
THE SECURITIES ACT OF 1933
MAGNETEK, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 95-3917584
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
26 Century Boulevard
P.O. Box 290159
Nashville, Tennessee 37229-0159
(615) 316-5100
(Address, including zip code, and telephone number, including
area code, of registrant's principal executive offices)
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SAMUEL A. MILEY, ESQ.
Vice President, General Counsel and Secretary
MagneTek, Inc.
26 Century Boulevard
P.O. Box 290159
Nashville, Tennessee 37229-0159
(615) 316-5100
(Name, address, including zip code and telephone number,
including area code, of agent for service)
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COPY TO:
JENNIFER BELLAH, ESQ.
Gibson, Dunn & Crutcher LLP
333 South Grand Avenue
Los Angeles, California 90071-3197
(213) 229-7000
APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC:
FROM TIME TO TIME AFTER THE EFFECTIVE DATE OF THIS REGISTRATION STATEMENT.
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. /X/
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 from the same offering. / /
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. / /
THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES
AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE
A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT
SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(a) OF THE
SECURITIES ACT OF 1933, AS AMENDED, OR UNTIL THE REGISTRATION STATEMENT SHALL
BECOME EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID SECTION
8(a), MAY DETERMINE.
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Information contained herein is subject to completion or amendment. A
registration statement relating to these securities has been filed with the
Securities and Exchange Commission. These securities may not be sold nor may
offers to buy be accepted prior to the time the registration statement becomes
effective. This prospectus shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these securities
in any State in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such State.
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SUBJECT TO COMPLETION, DATED MARCH 13, 1997
PROSPECTUS
MAGNETEK, INC.
Common Stock
($.01 par value)
750,000 Shares
This Prospectus relates to 750,000 shares (the "Securities") of Common
Stock, par value $.01 per share ("Common Stock"), of MagneTek, Inc., a Delaware
corporation (the "Company"), which may be offered for sale from time to time by
Firstar Trust Company (the "Selling Stockholder"), as trustee under the MagneTek
Employee Benefit Plan Master Trust Agreement ("Trust"), the funding vehicle for
the MagneTek, Inc. FlexCare Plus Retirement Pension Plan (the "Pension Plan").
The Company is registering the Securities in order to provide the Selling
Stockholder with freely tradable securities pursuant to a Registration Rights
Agreement dated as of June 28, 1996 (the "Registration Rights Agreement")
between the Company and the Pension Plan's Investment Manager with respect to
the Securities, U.S. Trust Company of California, N.A., a national banking
association ("U.S. Trust"). The Company will not receive any of the proceeds
from the sale of shares by the Selling Stockholder. The Company is generally
required to bear the expenses of the registration of the shares of Common Stock
offered hereby, including, without limitation, registration fees and legal and
accounting fees. Underwriting discounts, commissions and fees and transfer
taxes will be the responsibility of the Selling Stockholder. See "Selling
Stockholder."
The Common Stock is listed on the New York Stock Exchange under the
symbol "MAG." On February 28, 1997, the last reported sale price per share of
the Common Stock, as quoted on the New York Stock Exchange, was $16.625.
SEE "RISK FACTORS" BEGINNING ON PAGE 4 FOR CERTAIN CONSIDERATIONS
RELEVANT TO AN INVESTMENT IN THE SECURITIES.
The Selling Stockholder may from time to time offer and sell the
Securities held by it directly or through agents or broker-dealers on terms,
including the price per share, to be determined at the time of sale. To the
extent required, the names of any agent or broker-dealer and applicable
commissions or discounts and any other required information with respect to any
particular offer will be set forth in an accompanying Prospectus Supplement.
The Selling Stockholder reserves the sole right to accept or reject, in whole or
in part, any proposed purchase of the Securities to be made directly or through
agents.
The Company will not receive any proceeds from the sale of the
Securities by the Selling Stockholder but has agreed to bear certain expenses of
registration of the Securities under Federal and state securities laws, other
than commissions and discounts of agents or broker-dealers and transfer taxes,
if any.
The Selling Stockholder and any agents or broker-dealers that
participate with the Selling Stockholder in the distribution of Securities may
be deemed to be "underwriters" within the meaning of the Securities Act of 1933,
as amended (the "Securities Act"), and any commissions received by them and any
profit on the resale of the Securities may be deemed to be underwriting
commissions or discounts under the Securities Act. See "Plan of Distribution."
________________________________
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION NOR HAS THE COMMISSION OR ANY STATE SECURITIES
COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY
OF THIS PROSPECTUS. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.
_______________________________
The date of this Prospectus is , 1997.
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AVAILABLE INFORMATION
The Company has filed a Registration Statement on Form S-3 (the
"Registration Statement") with the Securities and Exchange Commission (the
"Commission") under the Securities Act, covering the Securities covered by
this Prospectus. This Prospectus omits certain information and exhibits
included in the Registration Statement, copies of which may be obtained upon
payment of a fee prescribed by the Commission or may be examined free of
charge at the principal office of the Commission in Washington, D.C.
Statements contained in this Prospectus as to the content of any contract or
other document are not necessarily complete, and in each instance reference
is made to the copy of the contract or other document filed as an exhibit to
the Registration Statement, each statement being qualified in all respects by
such reference and the exhibits and schedules thereto. For further
information regarding the Company and the Common Shares offered hereby,
reference is hereby made to the Registration Statement, including the
exhibits and schedules thereto, which may be inspected without charge at the
Commission's principal office at 450 Fifth Street, N.W., Washington, D.C.,
and copies of the Registration Statement or any part thereof may be obtained
from such office, upon payment of the fees prescribed by the Commission.
The Company is subject to the informational requirements of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), and in
accordance therewith files reports, proxy statements and other information
with the Commission. Such reports, proxy statements and other information
filed with the Commission by the Company can be inspected and copied at the
public reference facilities maintained by the Commission at 450 Fifth Street,
N.W., Room 1024, Washington, D.C. 20549, and at the regional offices of the
Commission located at 500 West Madison Street, Room 1400, Chicago, Illinois
60661 and at 75 Park Place, 14th Floor, New York, New York 10007. Copies of
such material can be obtained from the Public Reference Section of the
Commission at 450 Fifth Street, N.W., Room 1024, Washington, D.C. 20549, at
prescribed rates. The Commission maintains a World Wide Web site at
http://www.sec.gov that contains reports, proxy and information statements
and other information regarding registrants that file electronically with the
Commission. The Company's Common Stock is listed on the New York Stock
Exchange, and the reports, proxy and information statements and other
information filed by the Company with the New York Stock Exchange can also be
inspected at the offices of the New York Stock Exchange at 20 Broad Street,
New York, New York 10005.
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The following documents filed by the Company with the Commission (File
No. 1-10233) are by this reference incorporated in and made a part of this
Prospectus: (i) the Annual Report on Form 10-K for the fiscal year ended
June 30, 1996; (ii) the Current Reports on Form 8-K filed on July 31, 1996 and
August 26, 1996 and the Quarterly Reports on Form 10-Q for the quarters ended
September 30, 1996 and December 31, 1996; (iii) the description of the Company's
Common Stock contained in its Registration Statement on Form 8-A filed April 21,
1989; and (iv) all documents filed by the Company pursuant to Section 13(a),
13(c), 14 or 15(d) of the Exchange Act after the date of this Prospectus and
prior to the filing of a post-effective amendment which indicates that all
Securities offered hereby have been sold or which deregisters all Securities
then remaining unsold. Any statement contained in a document incorporated or
deemed to be incorporated by reference herein shall be deemed to be modified or
superseded for purposes of this Prospectus to the extent that a statement
contained herein or in any other subsequently filed document which also is or is
deemed to be incorporated by reference herein modifies or supersedes such
statement. Any such statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this Prospectus.
Copies of all documents that are incorporated herein by reference (not
including the exhibits to such documents, unless such exhibits are specifically
incorporated by reference into such documents or into this Prospectus) will be
provided without charge to each person, including any beneficial owner, to whom
this Prospectus is delivered, upon a written or oral request to MagneTek, Inc.,
Attention: Corporate Secretary, 26 Century Boulevard, P.O. Box 290159,
Nashville, Tennessee 37229-0159, telephone number (615) 316-5100.
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THE COMPANY
The Company manufactures and markets a diverse group of electrical
equipment products in two broad market segments. The Ballasts and
Transformers segment, which accounted for 54% of sales in fiscal 1996,
manufactures a broad range of equipment including lighting products (magnetic
and electronic lighting ballasts), power supplies and small transformer
products. The Motors and Controls segment, which accounted for 46% of sales
in fiscal 1996, manufactures equipment including fractional and integral
horsepower electric motors, medium voltage generators and variable speed
electronic drives.
The Company was incorporated in Delaware in June, 1984. The
principal executive offices of the Company are located at 26 Century
Boulevard, Nashville, Tennessee 37229-0159, telephone number (615) 316-5100.
THE OFFERING
Common Stock offered hereby ................ 750,000 shares
Common Stock outstanding after
the offering ............................... 26,574,402
NYSE Symbol ................................ MAG
(a) Based on the number of shares of Common Stock outstanding on
February 28, 1997. The consummation of the offering will not change the
number of shares of Common Stock outstanding.
All of the Securities are subject to the restrictions on transfer
in and other terms of the Registration Rights Agreement. Under the
Registration Rights Agreement, the Selling Stockholder may only transfer
shares of Common Stock in certain types of transactions and under certain
circumstances, including pursuant to the Registration contemplated hereby,
pursuant to Rule 144 under the Securities Act, to the Company, in response to
certain tender offers, and in certain negotiated transfers, whether
registered or not.
The Securities are being registered by the Company under the
Registration Rights Agreement, pursuant to which the Company agreed, among
other things, to file a Registration Statement for the sale of the shares of
Common Stock offered hereby. The Company is generally required to bear the
expenses of the registration of the shares of Common Stock offered hereby,
including, without limitation, registration fees and legal and accounting
fees. Underwriting discounts, commissions and fees and transfer taxes will be
the responsibility of the Selling Stockholder. To date, expenses of the
registration of the shares of Common Stock offered hereby are estimated at
$39,600, all of which will be paid by the Company. The Company has agreed to
indemnify the Selling Stockholder against certain liabilities under the
Securities Act.
Prohibited transactions under Title I of the Employee Retirement
Income Security Act of 1974 ("ERISA") and Section 4975 of the Internal Revenue
Code of 1986, as amended (the "Code"), could arise if, absent an available
exemption, a person or entity which is a "party in interest," as defined under
ERISA, or a "disqualified person," as defined under the Code, were to purchase
any of the Securities being offered by the Selling Stockholder. Any such
potential purchaser should consult with counsel in order to determine whether an
exemption is available with respect to any such purchase.
SELLING STOCKHOLDER
The Selling Stockholder is Firstar Trust Company, as trustee under the
Trust established pursuant to the Pension Plan. The Pension Plan is a defined
benefit plan for the purposes of ERISA and is designed to provide employee
participants with retirement income related to their salary and years of active
service. U.S. Trust acts as investment manager of a segregated account of the
Trust established pursuant to the Pension Plan, in which the shares of Common
Stock offered hereby are held. Both Firstar Trust Company and U.S. Trust
receive customary compensation for serving as trustee and investment manager,
respectively.
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On June 28, 1996, the Company contributed to the Pension Plan
750,000 shares of Common Stock, having an aggregate fair market value on such
date, in the hands of the Plan, of approximately $6,468,750 (determined by
U.S. Trust based on an independent valuation expert retained by U.S. Trust).
The Company did not receive any cash proceeds from the contribution of the
Securities, although the contribution of the Securities reduced the Company's
current or future funding obligations with respect to the Pension Plan. The
proceeds of any sales of the Securities by the Selling Stockholder will be
retained by the Pension Plan and used for the benefit of participating
employees and retirees of the Company and their beneficiaries.
U.S. Trust acts as investment manager pursuant to an investment
management agreement with the Company and the Pension Plan administrator. In
accordance with the terms of the investment management agreement, U.S. Trust
is responsible for the management and disposition of the shares of Common
Stock of the Company held by the Pension Plan and is a fiduciary of the
Pension Plan. U.S. Trust, in exercising its fiduciary duty, will decide
whether or not, and under what terms, it will direct the Selling Stockholder
to sell the shares of Common Stock offered hereby. At the date of this
Prospectus, the Pension Plan beneficially owned 750,000 shares of Common
Stock, representing approximately 3% of the Company's outstanding shares of
Common Stock. The Pension Plan is selling 750,000 shares of Common Stock
pursuant to this offering, and assuming that all such shares are sold, the
Pension Plan will beneficially own none of the outstanding shares of Common
Stock after this offering.
RISK FACTORS
CERTAIN INFORMATION SET FORTH IN THIS PROSPECTUS INCLUDES
"FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995 AND IS SUBJECT TO CERTAIN RISKS AND
UNCERTAINTIES, INCLUDING THOSE IDENTIFIED UNDER THIS CAPTION. READERS ARE
CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE STATEMENTS, WHICH SPEAK ONLY
AS OF THE DATE HEREOF. THE COMPANY UNDERTAKES NO OBLIGATION TO RELEASE
PUBLICLY ANY REVISIONS TO THESE FORWARD-LOOKING STATEMENTS TO REFLECT EVENTS
OR CIRCUMSTANCES AFTER THE DATE HEREOF OR TO REFLECT UNANTICIPATED EVENTS OR
DEVELOPMENTS.
IN ADDITION TO THE OTHER INFORMATION INCLUDED ELSEWHERE IN THIS
PROSPECTUS, THE FOLLOWING FACTORS SHOULD BE CONSIDERED CAREFULLY IN EVALUATING
AN INVESTMENT IN THE SECURITIES OFFERED BY THIS PROSPECTUS.
Leverage
During the late 1980s and early 1990s the Company grew rapidly,
primarily through acquisitions of electrical equipment businesses
supplemented by internal growth. The use of debt to finance the majority of
the acquisitions left the Company with a relatively high degree of financial
leverage in its balance sheet. Since March 1994, the Company's long-term
debt has been reduced by approximately $225 million. As of December 31,
1996, the Company had long-term debt, including current portion, of
approximately $297 million and total stockholders' equity of approximately
$52 million. This leverage increases the Company's sensitivity to
fluctuations in operating income and interest rates.
Dividend Policy
The Company has never paid any cash dividends on its Common Stock
and does not anticipate paying cash dividends in the near future. The
ability of the Company to pay dividends on its Common Stock is restricted by
provisions in the Company's loan agreements.
Recent Repositioning Actions
In fiscal 1996 the Company implemented a repositioning program
based on a company-wide operating review. As part of this repositioning, the
Company included in its results for the fiscal year ended June 30, 1996 a
total of $94.4 million in asset writedowns and reserves for its repositioning
program. These included approximately $29.2 million of asset writedowns
determined in accordance with FASB-121 which were primarily related to the
Company's investment in a German subsidiary, reserves of approximately $50.5
million for repositioning of operations, warranty and other costs and a $14.7
million increase in valuation reserves for deferred tax assets. Although
the Company believes the repositioning actions are appropriate, there can be
no assurance that such repositioning will enable the Company to achieve
significant or consistent improvements in profitability.
4
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USE OF PROCEEDS
The Securities are being offered hereby for the account of the
Selling Stockholder. Accordingly, the Company will not receive any of the
proceeds from the sale of the Securities offered hereby.
PLAN OF DISTRIBUTION
Sales of the Securities offered hereby may be made on the New York
Stock Exchange or the over-the-counter market, pursuant to Rule 144
promulgated under the Securities Act or otherwise at prices and on terms then
prevailing or at prices related to the then current market price, or in
negotiated transactions.
The Securities may be sold in (i) a block trade in which the broker
or dealer so engaged will attempt to sell the Securities as agent but may
position and resell a portion of the block as principal to facilitate the
transaction, (ii) transactions in which a broker or dealer acts as principal
and resells the Securities for its account pursuant to this Prospectus, (iii)
an exchange distribution in accordance with the rules of such exchange, and
(iv) ordinary brokerage transactions and transactions in which the broker
solicits purchases. In effecting sales, brokers or dealers engaged by the
Selling Stockholder may arrange for other brokers or dealers to participate.
The Selling Stockholder also may, from time to time, authorize underwriters
acting as its agents to offer and sell Securities upon such terms and
conditions as shall be set forth in a prospectus supplement. Underwriters,
brokers or dealers will receive commissions or discounts from the Selling
Stockholder in amounts to be negotiated immediately prior to sale. Such
underwriters, brokers or dealers and any other participating brokers or
dealers may be deemed to be "underwriters" within the meaning of the
Securities Act in connection with such sales and any discounts and
commissions received by them and any profit realized by them on the resale of
the Securities may be deemed to be underwriting discounts and commissions
under the Securities Act.
There is no assurance that the Selling Stockholder will offer for
sale or sell any or all of the Securities covered by this Prospectus. The
Company has been advised by the Selling Stockholder that it or its pledgees,
donees, transferees or other successors in interest may sell all, a portion
of, or none of the Securities covered by this Prospectus.
LEGAL MATTERS
The legality of the shares of Common Stock offered hereby will be
passed upon for the Company by Samuel A. Miley, Esq., Vice President, General
Counsel and Secretary of the Company. Jones, Day, Reavis & Pogue, Chicago,
Illinois, will pass on certain legal matters for U.S. Trust.
5
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EXPERTS
The consolidated financial statements and schedule of MagneTek,
Inc., included or incorporated by reference in the Company's Annual Report on
Form 10-K for the fiscal year ended June 30, 1996, have been audited by Ernst
& Young LLP, independent auditors, as set forth in their reports thereon
included or incorporated therein and incorporated herein by reference. Such
consolidated financial statements and schedule are incorporated herein by
reference in reliance upon such reports given upon the authority of such firm
as experts in accounting and auditing.
MISCELLANEOUS
NO DEALER, SALES REPRESENTATIVE OR ANY OTHER PERSON HAS BEEN
AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATION NOT
CONTAINED IN THIS PROSPECTUS IN CONNECTION WITH THIS OFFERING OTHER THAN
THOSE CONTAINED IN THIS PROSPECTUS, AND IF GIVEN OR MADE, SUCH INFORMATION OR
REPRESENTATION MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE
REGISTRANT OR THE SELLING STOCKHOLDER. THIS PROSPECTUS DOES NOT CONSTITUTE
AN OFFER TO SELL, OR A SOLICITATION OF ANY OFFER TO BUY, COMMON STOCK BY
ANYONE IN ANY JURISDICTION IN WHICH SUCH AN OFFER OR SOLICITATION IS NOT
AUTHORIZED, OR IN WHICH THE PERSON MAKING SUCH OFFER OR SOLICITATION IS NOT
QUALIFIED TO DO SO, OR TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE SUCH AN
OFFER OR SOLICITATION. NEITHER THE DELIVERY OF THIS PROSPECTUS NOR ANY SALE
MADE HEREUNDER SHALL, UNDER ANY CIRCUMSTANCES, CREATE AN IMPLICATION THAT THE
INFORMATION CONTAINED HEREIN IS CORRECT AS OF ANY TIME SUBSEQUENT TO ITS DATE.
6
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PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION
The following table sets forth the estimated expenses in connection
with the distribution of the Securities registered hereby. The expenses in
connection with the distribution contemplated by this Registration Statement
will be borne by the Company, excepting printing expenses, which will be borne
by the Selling Stockholder.
SEC Registration Fee........................... $ 2,472
New York Stock Exchange Application Fee........ 4,125
Legal fees and expenses* ...................... 15,000
Accounting fees and expenses* ................. 5,000
Blue sky fees and expenses* ................... 3,000
Printing expenses* ............................ 5,000
Miscellaneous* ................................ 5,003
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TOTAL* .................................. $39,600
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* Estimated.
ITEM 15. INDEMNIFICATION OF DIRECTORS AND OFFICERS
The Registrant's Restated Certificate of Incorporation provides
that a director of the Registrant shall not be liable to the Registrant or
its stockholders for monetary damages for breach of fiduciary duty as a
director, including grossly negligent business judgments made in good faith,
except for liability (i) for breach of the duty of loyalty to the Registrant
or its stockholders, (ii) for acts or omissions not in good faith or which
involve intentional misconduct or a knowing violation of law, (iii) under
Section 174 of the Delaware General Corporation Law (governing distributions
to stockholders), or (iv) for any transaction for which a director derives an
improper personal benefit.
As permitted by Section 145 of the Delaware General Corporation
Law, the By-laws of the Registrant provide that the Registrant is required to
indemnify its directors, officers, employees and agents, and persons serving
in such capacities in other business enterprises at the Registrant's request,
to the fullest extent permitted by Delaware law, including those
circumstances in which indemnification would otherwise be discretionary
(except that the Registrant is not required to indemnify a person who (i)
acted in bad faith, (ii) failed to act in a manner such person reasonably
believed to be in or not opposed to the best interests of the Registrant,
(iii) in the case of a criminal proceeding, had reasonable cause to believe
that such person's conduct was unlawful, or (iv) in the case of an action or
suit by or in the right of the Registrant, has been adjudged liable for
negligence or misconduct in the performance of such person's duty to the
Registrant unless an appropriate court determines that such person is
entitled to indemnity). Notwithstanding the foregoing, the Registrant is
required to indemnify the expenses incurred by any director, officer,
employee or agent who has been successful on the merits or otherwise in
defense of any action, suit or proceeding. The Registrant may, but is not
required to, advance expenses of a director of officer incurred in defending
an action suit or proceeding provided that the Registrant receives an
undertaking that such director or officer will repay the advanced funds in
the event it is ultimately determined that such person is not entitled to
indemnification. Indemnification under the Registrant's By-laws may only be
made upon a determination by a quorum of disinterested directors (or, in
certain circumstances, by independent legal counsel or the stockholders) that
indemnification is proper in the circumstances because the applicable
standard of conduct has been met. The indemnification provisions contained
in the Registrant's By-laws may be sufficiently broad to permit
indemnification of the Registrant's officers and directors for liabilities
arising under the Securities Act.
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The Registrant's By-laws also provide that the rights to
indemnification provided for in the By-laws are not exclusive of any other
rights to which those seeking indemnification may be entitled under any
by-law, agreement, vote of stockholders or disinterested directors, and
further provide, in accordance with Section 145 of the Delaware General
Corporation Law, that the Registrant may purchase and maintain insurance
which protects its officers, directors, employees and agents, and persons
serving in such capacities in other business enterprises at the Registrant's
request, against any liabilities incurred in connection with their services
in such capacities. Such an insurance policy has been obtained by the
Registrant.
The description of the Registrant's By-laws contained in the
preceding paragraphs is qualified in its entirety by reference to the
Registrant's By-laws (filed with the Commission as Exhibit 3.2 to the
Registrant's Annual Report on Form 10-K for the fiscal year ended July 2,
1995, which is incorporated by reference herein).
The Registrant has agreed to indemnify certain directors and
officers of the Registrant for any damages suffered in connection with the
exercise of certain registration rights.
ITEM 16. EXHIBITS
The following are filed as exhibits to this Registration Statement:
Exhibit
Number Description
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4(a) Restated Certificate of Incorporation of the Company, as filed with
the Delaware Secretary of State on November 21, 1989, incorporated by
reference to Exhibit 3.1 to the Registration Statement on Form S-3
filed on August 21, 1991, Commission File No. 33-41854.
4(b) By-laws of the Company, as amended and restated, incorporated by
reference to Exhibit 3.2 to the Company's Annual Report on Form 10-K
for the fiscal year ended July 2, 1995, Commission File No. 1-10233.
5.1 Opinion and consent of Samuel A. Miley, Esq., incorporated by
reference to Exhibit 5.1 to the Company's Registration Statement on
Form S-3 filed on November 12, 1996, Commission File No. 333-15933.
10.1 Registration Rights Agreement between the Company and U.S. Trust
Company of California, N.A., dated June 28, 1996, incorporated by
reference to Exhibit 10.16 to the Company's Annual Report on Form 10-K
for the fiscal year ended June 30, 1996, Commission File No. 1-10233.
23.1 Consent of Samuel A. Miley, Esq. (contained in Exhibit 5.1).
23.2 Consent of Ernst & Young LLP, independent auditors.
24.1 Power of Attorney (previously filed with signature page to the
Company's Registration Statement on Form S-3 filed on November 12,
1996, Commission File No. 333-15933 and incorporated herein by this
reference).
ITEM 17. UNDERTAKINGS
The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of
the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of
the Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to Section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered thereby and the offerings of such
securities at the time shall be deemed to be the initial bona fide offering
thereof.
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Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the Registrant pursuant to the foregoing provisions,
or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public
policy as expressed in the Act and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than
the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of
any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement;
(i) To include any prospectus required by Section 10(a)(3)
of the Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events
arising after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change
in the information set forth in the registration statement.
Notwithstanding the foregoing, any increase or decrease in volume
of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed
with the Commission pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than a 20%
change in the maximum aggregate offering price set forth in the
"Calculation of Registration Fee" table in the effective
registration statement;
(iii) To include any material information with respect
to the plan of distribution not previously disclosed in the
registration statement;
PROVIDED, HOWEVER, that paragraphs (1)(i) and (1)(ii) do not apply if the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the
Commission by the registrant pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 that are incorporated by reference in the registration
statement.
(2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.
II-3
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
Registrant 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 Nashville, State of Tennessee, on
this 12th day of March, 1997.
MAGNETEK, INC.
By: /s/ Ronald N. Hoge
--------------------------
Ronald N. Hoge
President and
Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities and on the dates indicated.
Signature Title Date
- -------------------------- ---------------------- ---------------
/s/ Andrew G. Galef*
- -------------------------- Chairman of the Board March 12, 1997
Andrew G. Galef
/s/ Ronald N. Hoge President, Chief Executive
- -------------------------- Officer and Director March 12, 1997
Ronald N. Hoge (Principal Executive Officer)
/s/ Dewain K. Cross*
- -------------------------- Director March 12, 1997
Dewain K. Cross
/s/ Paul J. Kofmehl*
- -------------------------- Director March 12, 1997
Paul J. Kofmehl
/s/ Crocker Nevin*
- -------------------------- Director March 12, 1997
Crocker Nevin
/s/ Marguerite W. Sallee*
- -------------------------- Director March 12, 1997
Marguerite W. Sallee
/s/ Robert E. Wycoff*
- -------------------------- Director March 12, 1997
Robert E. Wycoff
<PAGE>
/s/ David P. Reiland* Senior Vice President and
- -------------------------- Chief Financial Officer March 12, 1997
David P. Reiland (Principal Financial Officer)
/s/ Thomas R. Kmak*
- -------------------------- Vice President and Controller March 12, 1997
Thomas R. Kmak (Principal Accounting Officer)
*By: /s/ Ronald N. Hoge
---------------------
Ronald N. Hoge
Attorney-in-Fact
II-4
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description
4(a) Restated Certificate of Incorporation of the Company, as filed with
the Delaware Secretary of State on November 21, 1989, incorporated by
reference to Exhibit 3.1 to the Registration Statement on Form S-3
filed on August 21, 1991, Commission File No. 33-41854.
4(b) By-laws of the Company, as amended and restated, incorporated by
reference to Exhibit 3.2 to the Company's Annual Report on Form 10-K
for the fiscal year ended July 2, 1995, Commission File No. 1-10233.
5.1 Opinion and consent of Samuel A. Miley, Esq., incorporated by
reference to Exhibit 5.1 to the Company's Registration Statement on
Form S-3 filed on November 12, 1996, Commission File No. 333-15933.
10.1 Registration Rights Agreement between the Company and U.S. Trust
Company of California, N.A., dated June 28, 1996, incorporated by
reference to Exhibit 10.16 to the Company's Annual Report on Form 10-K
for the fiscal year ended June 30, 1996, Commission File No. 1-10233.
23.1 Consent of Samuel A. Miley, Esq. (contained in Exhibit 5.1).
23.2 Consent of Ernst & Young LLP, independent auditors.
24.1 Power of Attorney (previously filed with signature page to the
Company's Registration Statement on Form S-3 filed on November 12,
1996, Commission File No. 333-15933 and incorporated herein by this
reference).
II-5
<PAGE>
EXHIBIT 23.2
CONSENT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
We consent to the reference to our firm under the caption "Experts" in
the Registration Statement (Form S-3, Amendment No. 1) and related Prospectus
of MagneTek, Inc. for the registration of 750,000 shares of its common stock
and to the incorporation by reference therein of our report dated August 20,
1996, except for the second paragraph of Note 4, as to which the date is
September 16, 1996, with respect to the consolidated financial statements of
MagneTek, Inc., incorporated by reference in its Annual Report (Form 10-K)
for the year ended June 30, 1996 and the related financial statement schedule
included therein, filed with the Securities and Exchange Commission.
St. Louis, Missouri
March 7, 1997
