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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) October 10, 2000
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UST Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-17506 06-1193986
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
100 West Putnam Avenue, Greenwich, Connecticut 06830
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (203) 661-1100
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Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On October 10, 2000, Registrant deposited with the U.S. District
Court (the "District Court") $330,000,000 and a letter of credit in the amount
of $170,000,000, in satisfaction of the bonding requirements imposed by the
District Court in connection with the pending antitrust litigation involving
its smokeless tobacco subsidiary.
In connection with the posting of the bond, Registrant entered
into a new senior secured financing (the "New Credit Facility) comprised of a
(i) $300,000,000 revolving credit facility (the "Revolving Facility"), (ii) a
term loan facility (the "Tranche A Facility") in the principal amount
(including any draw down under the letter of credit) of up to $370,000,000 and
(iii) a $330,000,000 term loan facility (the "Tranche B Facility"). At the time
of the posting of the bond, Registrant drew down the full amount under the
Tranche B Facility.
The New Credit Facility provides, among other things, for
additional cash deposits to be made with the District Court to reduce the
principal amount of the Letter of Credit and, once the principal amount of the
Letter of Credit is reduced to zero, for cash deposits to be made from time to
time into a collateral account to be established by the lenders.
Registrant expects to incur annual costs of approximately
$12,000,000 so long as Registrant is required to maintain the security with the
District Court. Actual costs will depend upon, among other things, Registrant's
debt rating in effect from time to time. Registrant anticipates that if it
ultimately prevails on appeal, some or all of these costs could be recoverable
from the plaintiff.
A copy of the New Credit Facility is attached hereto as Exhibit
99.1 and is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
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EXHIBIT NO. EXHIBIT
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99.1 New Credit Facility.
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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.
Dated: October 18, 2000
UST INC.
By: /s/ Debra A. Baker
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Name: Debra A. Baker
Title: Senior Vice President and
Secretary
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INDEX TO EXHIBITS
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Exhibit No. Exhibit
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99.1 New Credit Facility.
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