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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) February 11, 1997
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Synthetic Industries, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 33-11479 58-1049400
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
309 LaFayette Road, Chickamauga, Georgia 30707
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (706) 375-3121
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Item 5. Other Events
On February 11, 1997, Synthetic Industries, Inc. issued pursuant to
Rule 144A under the Securities Act of 1933, as amended, $170 million in
aggregate principal amount of its 9 1/4% Senior Subordinated Notes due 2007
(the "Notes"). Attached hereto as Exhibit 99 is the press release issued on
February 11, 1997, announcing the issuance of the Notes.
Item 7. Financial Statements and Exhibits
Exhibit 99 Text of press release issued on February 11, 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.
Date: February 12, 1997 By: /s/ JOSEPH SINICROPI
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Name: Joseph Sinicropi
Title: Chief Financial Officer
and Secretary
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EXHIBIT INDEX
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Exhibit
Number Description
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Exhibit 99 Text of press release issued on February 11, 1997
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EXHIBIT 99
For immediate release
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FOR: SYNTHETIC INDUSTRIES, INC.
APPROVED BY: Joseph Sinicropi
Chief Financial Officer
Synthetic Industries, Inc.
(706) 375-3121, Ext. 1400
CONTACT: Morgen-Walke Associates
June Filingeri, John Blackwell
Media Contact: Stan Froelich
(212) 850-5600
SYNTHETIC INDUSTRIES, INC. ISSUES $170 MILLION
SENIOR SUBORDINATED NOTES DUE 2007
CHICKAMAUGA, GA, February 11, 1997 -- Synthetic Industries, Inc.
(Nasdaq: SIND) announced today that it has issued $170 million in aggregate
principal amount of its 9 1/4% Senior Subordinated Notes due 2007 (the
"Notes"). The net proceeds from the new Notes will be used to repurchase the
Company's 12 3/4% Senior Subordinated Debentures (the "Debentures") and to pay
down existing bank loans.
The Company noted that the resulting debt structure reduces annual
interest expense by approximately $3 million. Leonard Chill, President and
Chief Executive Officer of Synthetic Industries, Inc., commented, "This
refinancing is a very important achievement for our Company. We now have very
favorable interest rates on our long-term debt and are well positioned to
achieve our operating plans. Along with our common stock offering in November,
we have significantly improved our capital structure and reduced interest
expense."
The sale of the Notes will not be, and have not been, registered under
the Securities Act of 1933, as amended, and the Notes may not be offered or
sold in the United States absent registration or an applicable exemption from
registration requirements.
Synthetic Industries, Inc. is a leading producer of polypropylene
fabrics and fibers.
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