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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 period): August 29, 1994
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UNITED ASSET MANAGEMENT CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-9215 04-2714625
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
One International Place, Boston, MA 02110
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (617) 330-8900
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ITEM 5. OTHER EVENTS
The Company amended and restated its Reducing Credit Agreement (the Credit
Agreement) as of August 29, 1994 whereby the aggregate amount of the commitments
increased from $225,000,000 to $400,000,000. The Company may borrow, prepay and
reborrow up to $400,000,000 through August 29, 1996. The principal amount of
senior notes outstanding at that date will be payable in twelve equal quarterly
installments through August 29, 1999. At the Company's current position, a
commitment fee of 1/4 of 1% is payable on the daily average unused portion of
the $400,000,000 commitment.
The Credit Agreement calls for interest rates on amounts currently
outstanding of: prime, 3/4 of 1% over LIBOR, 7/8 of 1% over certain certificate
of deposit rates or a money market bid option. The money market bid option
allows the Company to borrow up to $50,000,000 from members of the banking group
at prevailing money market rates; any such borrowings are considered to be part
of the $400,000,000 total commitment. In certain circumstances, the interest
rate may increase up to an additional 3/4 of 1% and the commitment fee may
increase up to an additional 1/4 of 1%.
The Company is required to meet certain financial covenants, including
covenants restricting dividends and repurchase of the Company's stock, and
requiring the Company to maintain a minimum net worth, as defined. The Company
must also continue to maintain certain minimum working capital, cash flow and
debt to equity ratios.
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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 hereunto duly authorized.
UNITED ASSET MANAGEMENT CORPORATION
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Registrant
DATED: October 11, 1994 By: /s/ William H. Park
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William H. Park
Senior Vice President
