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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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 30, 1999
STERLING CHEMICALS HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-00059 76-0185186
(State or other (Commission File Number) (I.R.S Employer
jurisdiction of Identification No.)
incorporation or
organization)
1200 Smith Street, Suite 1900
Houston, Texas 77002-4312
(Address of principal
executive offices
and zip code)
(713) 650-3700
(Registrant's telephone number,
including area code)
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STERLING CHEMICALS, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-04343-01 76-0502785
(State or other (Commission File Number) (I.R.S Employer
jurisdiction of Identification No.)
incorporation or
organization)
1200 Smith Street, Suite 1900
Houston, Texas 77002-4312
(Address of principal
executive offices
and zip code)
(713) 650-3700
(Registrant's telephone number,
including area code)
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ITEM 5. OTHER EVENTS
The press release issued by Sterling Chemicals Holdings, Inc. on June
30, 1999 is filed as Exhibit 99.1 to this Current Report on Form 8-K, and the
contents of such Exhibit are incorporated herein by reference.
ITEM 7. EXHIBITS
The following exhibits are filed as part of this Form 8-K.
Exhibit 99.1 -- Press Release dated June 30, 1999.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned hereunto duly authorized.
STERLING CHEMICALS HOLDINGS, INC.
STERLING CHEMICALS, INC.
Date: July 14, 1999
By: /s/ DAVID G. ELKINS
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David G. Elkins
Vice President, Secretary and
General Counsel
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EXHIBIT INDEX
Exhibit No.
Exhibit 99.1 -- Press Release dated June 30, 1999.
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE Contact: Michael Noonan (713) 654-9506
OTC: STXX Investor Hotline: (888) 445-4319
Web Site: www.sterlingchemicals.com
STERLING CHEMICALS ANNOUNCES NEW FINANCING
Houston, Texas, June 30, 1999 ... Sterling Chemicals Holdings, Inc.
announced today its intention to implement a proposed refinancing plan for its
wholly owned subsidiary, Sterling Chemicals, Inc. Under the refinancing plan,
Sterling Chemicals would issue $295 million of new senior secured notes and
establish two new secured revolving credit facilities totaling $155 million. The
proceeds of the sale of the new notes and the initial borrowings under the new
revolving credit facilities would be used to fully repay and terminate
Sterling's existing secured bank term loans and existing secured revolving
credit facility, with the remaining borrowing capacity under the new revolving
credit facilities to be available for working capital and general corporate
purposes. The purpose of the refinancing would be to increase Sterling
Chemical's liquidity by eliminating near-term debt amortization and financial
covenants associated with the existing bank debt, as well as increasing
revolving credit availability.
The new senior secured notes will be offered in private placement
transactions only to qualified institutional buyers and certain non-U.S.
persons. Sterling currently expects to commence the senior secured notes
offering during the week of July 5, 1999. The new senior secured notes will not
be registered under the Securities Act of 1933, as amended, or any state
securities laws and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements. This
press release does not constitute an offer to sell or a solicitation of an offer
to buy, nor will there by any sale of the securities in any state in which such
offer, solicitation or sale would be unlawful.
The refinancing is dependent on market conditions and other factors, and no
assurances can be given that the refinancing will be completed.
Based in Houston, Texas, Sterling Chemicals Holdings, Inc. is a holding
company that, through its operating subsidiaries, manufactures petrochemicals,
acrylic fibers, and pulp chemicals and provides large-scale chlorine dioxide
generators to the pulp and paper industry. The Company has a petrochemical plant
in Texas City, Texas; an acrylic fibers plant near Pensacola, Florida; and pulp
chemical plants in five Canadian locations and one U.S. site.
This news release includes "forward looking statements" within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, as amended. Although Sterling Chemicals believes that such
statements are based on reasonable assumptions, it can give no assurance that
its expectations will in fact occur. Important factors that could cause actual
results to differ materially from those in the forward-looking statements
include the timing and extent of changes in commodity prices and global economic
conditions, federal and state regulatory developments, Sterling's high financial
leverage, the availability of skilled personnel and operating hazards attendant
to the industry, as well as the other risk factors discussed in Sterling's
Annual Report on Form 10-K for fiscal 1998.
