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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): SEPTEMBER 29, 2000
HUTCHINSON TECHNOLOGY INCORPORATED
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(Exact name of registrant as specified in its charter)
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MINNESOTA 0-14709 41-0901840
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(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
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40 WEST HIGHLAND PARK
HUTCHINSON, MINNESOTA 55350
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(Address of principal executive offices) (Zip Code)
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(320) 587-3797
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(Registrant's telephone number)
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ITEM 5. OTHER EVENTS.
On September 20, 2000, we completed the negotiation and execution of
amendments to our senior notes financing agreements, to the Subordination,
Non-Disturbance, Attornment and Estoppel Agreement with the lessor and mortgagee
of our Eau Claire, Wisconsin building and to the related Eau Claire building
lease. The amendments waive compliance with certain restrictive financial
covenants with respect to our third fiscal quarter ended June 25, 2000 (if not
previously waived), and modify the terms of these financial covenants with
respect to future fiscal periods.
In consideration for these waivers and amendments, we agreed to (1)
comply with an additional covenant requiring us to maintain specified levels of
cash and cash equivalents, (2) adjust the maturities and amortization of our
outstanding senior notes, and (3) increase the rent payable under the Eau
Claire, Wisconsin building lease in connection with an increase in the interest
rate on the lessor's note to its lender, the Eau Claire building's mortgagee.
In addition, on August 31, 2000, we completed negotiation and execution
of amendments to five of the seven leases incorporating the terms of our master
lease agreement with General Electric Capital Corporation. The amendments waive
compliance with, or delete, certain covenants, in consideration for our
providing letters of credit under our credit facility to support our obligations
in connection with the five leases. We previously had terminated the interests
of a sixth equipment lessor by our purchase of the equipment it leased to us; on
September 29, 2000, we also terminated the interests of the seventh equipment
lessor by our purchase of the equipment it leased to us.
We anticipate that the long-term portion of the outstanding senior
notes, as revised to reflect the adjusted maturities and amortization noted
above, which was previously classified as a current liability on our June 25,
2000 condensed consolidated balance sheet, will be reclassified as a long-term
liability in our financial statements for the fiscal quarter and year ended
September 24, 2000.
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SIGNATURE
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.
HUTCHINSON TECHNOLOGY INCORPORATED
Date: September 29, 2000 By: /s/ John A. Ingleman
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Its: Vice President, Chief Financial
Officer and Secretary
