<PAGE> 1
================================================================================
FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
January 12, 1996
Commission File No.: 0-14685
GENICOM CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 51 - 0271821
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
14800 CONFERENCE CENTER DRIVE
SUITE 400, WESTFIELDS
CHANTILLY, VIRGINIA 22021 - 3806
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code: (703) 802-9200
================================================================================
<PAGE> 2
GENICOM CORPORATION AND SUBSIDIARIES
FORM 8-K INDEX
Item 5. Other Items
On January 12, 1996, the registrant executed an
agreement with a syndicate led by NationsBank on $75
million in new credit facilities, replacing a $35 million
credit facility with the CIT Group/Credit Finance, Inc. The
registrant intends to use additional borrowings to retire in
February the $36.4 million in outstanding 12.5% Senior
Subordinated Notes Due 1997. A copy of the press release is
filed herewith as Exhibit 99.1.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99.1 Press release dated January 17, 1996, published by the
Registrant
Signatures 3
2
<PAGE> 3
SIGNATURES
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 thereunto duly authorized.
GENICOM Corporation
--------------------------
Registrant
Date: January 26, 1996
James C. Gale
--------------------------
Signature
James C. Gale
Senior Vice President Finance
and Chief Financial Officer
(Mr. Gale is the Chief Financial
Officer and has been duly
authorized to sign on behalf of
the Registrant)
3
<PAGE> 4
GENICOM CORPORATION AND SUBSIDIARIES
INDEX TO EXHIBITS TO FORM 8-K
JANUARY 12, 1996
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION PAGE
- -------------------------- ------------------------------------------------------ -------------------
<S> <C> <C>
99.1 Press release dated January 17, 1996, published by E-1 - E-2
the Registrant.
</TABLE>
4
<PAGE> 1
FOR FURTHER INFORMATION:
James C. Gale
Sr. Vice President & CFO
GENICOM Corporation
(703) 802-9259
FOR IMMEDIATE RELEASE JANUARY 17, 1996
================================================================================
GENICOM REFINANCES CREDIT FACILITIES
INCREASES AVAILABILITY; LOWERS INTEREST RATE
(CHANTILLY, VA) -- GENICOM Corporation (Nasdaq:GECM), today announced that it
has reached agreement with a syndicate led by NationsBank on $75 million in new
credit facilities, replacing a $35 million credit facility with The CIT
Group/Credit Finance, Inc.
Under the agreement, NationsBank is providing a $35 million revolving credit
facility and two term loans totaling $40 million. The revolver matures in five
years; while the term loans are for five and seven years respectively. The
rate of interest on the credit facilities is tied to LIBOR or NationsBank prime
rate and is also dependent upon GENICOM's performance. Based upon the
company's current performance levels, the interest rate would be below
NationsBank prime rate. By contrast, the interest rate on the CIT facility was
3% over the prime rate.
In a separate transaction, GENICOM has entered into an interest rate swap
arrangement with NationsBank which fixes the interest rate for five years on a
substantial portion of this new debt. The fixed rate at close is 8.25% average
which is fifty bonus points below prime.
Borrowings under the NationsBank credit facility have been used to retire
outstanding debt under the CIT facility. GENICOM intends to use additional
borrowings to retire
<PAGE> 2
GENICOM PRESS RELEASE
in February the $36.4 million in outstanding 12.5% Senior Subordinated Notes
Due 1997, and for other general corporate purposes. Notices were sent to
holders of the Senior Notes on January 12 calling for the following redemption
schedule:
Amount Date Call Price
$9,000,000 February 14 100%
$18,000,000 February 15 100%
$9,406,000 February 15 101.2%
A small charge will be taken in the first quarter in connection with
terminating the CIT credit facility and calling in the subordinated notes.
James C. Gale, GENICOM's Senior Vice President and Chief Financial Officer,
commented, "I am extremely pleased with our new relationship with NationsBank,
and the fact that this new financing and lower rates have been facilitated by
the improved operating performance and strategic direction of the Company. In
addition to providing for a substantially lower interest rate than our prior
debt structure, this credit facility greatly enhances our cash flow by
refinancing debt that would have matured in the next two years. We now have
the benefit of a long term, flexible financing vehicle to meet GENICOM's
working capital needs."
GENICOM Corporation is an international supplier of multivendor services,
network management and printer solutions. GENICOM's Product Solutions Group
designs and market a wide range of computer printer technologies for general
purpose applications. The Enterprise Service Solutions Group provides logo and
multivendor product field support and depot repair, express parts and
professional services as well as integrated network system solutions, including
a broad portfolio of hardware and software products, technology consulting and
diagnostic and monitoring services. GENICOM is headquartered within
metropolitan Washington, D.C.
-- ### --
Page 2
