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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) March 27, 1997
SYSTEM SOFTWARE ASSOCIATES, INC.
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
0-15322 36-3144515
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(Commission File Number) (I.R.S. Employer
Identification No.)
500 West Madison
Chicago, Illinois 60661
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(Address of principal executive offices) (Zip Code)
(312) 258-6000
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(Registrant's Telephone Number, Including Area Code)
N/A
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(Former name or former address, if changed since last report.)
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Item 5. Other Events
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On March 27, 1997, the Registrant issued a press release announcing a $12
million investment by a private investor in convertible subordinated notes of
the Registrant. A copy of the press release is attached as an exhibit.
Item 7. Financial Statements and Exhibits
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(c) Exhibits
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99 Press Release dated March 27, 1997.
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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.
SYSTEM SOFTWARE ASSOCIATES, INC.
Date April 25, 1997 BY: /s/ Joseph J. Skadra
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Joseph J. Skadra, Chief Financial Officer
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Exhibit 99
[SSA LOGO] System Software Associates, Inc. NEWS RELEASE
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Corporate Headquarters
500 West Madison . Chicago, Illinois, U.S.A. 60661 . Telephone: (312)258-6000
. Facsimile: (312) 474-7500
SSA Announces Loan Placement With A Strategic Investor
CHICAGO--March 27, 1997--System Software Associates, Inc. (NASDAQ:SSAX)
announced today that it has placed a loan with a strategic investor in the
amount of $12 million, bearing interest at the prime rate plus 1% and
convertible into common stock of SSA at the lesser of $3.33 per share or 80% of
the fair market value of the stock at the time of conversion. The loan is due in
three years and is not convertible during the first year, except in the event of
prepayment. The Company believes that the loan should resolve any concerns over
SSA's short term liquidity requirements. SSA and its strategic investor are
immediately commencing discussions about a larger transaction involving an
equity investment in the Company at fair market value, with respect to which
there are no binding obligations. There can be no assurance that such a larger
transaction will be consummated.
Roger E. Covey, CEO and Chairman, said: "We are pleased to have the backing
of a strategic investor, and hope to continue the recent improvement in our
financial results." Mr. Covey also noted that: "The possible equity investment
is not a precursor to the acquisition of SSA."
CONTACT: System Software Associates, Inc.
Joseph J. Skadra/Roger E. Covey, 312/258-6000
Facsimile: 312/474-7500
[email protected], [email protected]
