UNITED STATES 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): August 25, 1997
DELTA WOODSIDE INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
SOUTH CAROLINA 1-10095 57-0535180
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
233 North Main Street
Hammond Square, Suite 200
Greenville, South Carolina 29601
(Address of principal executive offices) (Zip Code)
864\232-8301
Registrant's telephone number, including area code
Not Applicable
Former name, former address and former fiscal year, if
changed since last report.
Item 5. Other Events.
Delta Woodside Industries, Inc. (NYSE-DLW) announced on
August 25, 1997 that is has completed the refinancing that it
announced on July 17, 1997.
The Company's indirect wholly owned subsidiary, Delta
Mills, Inc., has issued through a private placement
$150,000,000 principal amount of senior notes maturing on
September 1, 2007. In addition, Delta Mills, Inc. has put in
place for itself and its subsidiary a revolving credit facility
with available borrowings of up to $100,000,000 (subject to
borrowing base availability). At the same time, Delta Woodside
Industries, Inc. has put in place a credit facility for itself
and its other subsidiaries with available borrowings of up to
$20,000,000 (subject to borrowing base availability).
The $150,000,000 of senior notes carry an interest rate of 9 5/8%.
The rates on the $100,000,000 and $20,000,000 revolving
credit facilities are based on a spread over either LIBOR or a
base rate.
The net proceeds from the sale of the senior notes and initial
borrowings under the new credit facilities were used to pay all
indebtedness of Delta Woodside Industries, Inc. under its prior
bank credit facility.
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.
DELTA WOODSIDE INDUSTRIES, INC.
(Registrant)
Date August 26, 1997 /s/ Douglas J. Stevens
Douglas J. Stevens
Controller and Assistant Secretary
