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 Event: December 18, 1995
Date of Report: December 20, 1995
PLM INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
1-9670 94-3041257
(Commission file number) (I.R.S. Employer
Identification Number)
One Market
Steuart Street Tower, Suite 900
San Francisco, CA 94105-1301
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (415) 974-1399
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Item 5. Other Events
PLM INTERNATIONAL RETIRES $11.5 MILLION OF SUBORDINATED DEBT AND COMMENCES $5
MILLION STOCK REPURCHASE PROGRAM
FOR IMMEDIATE RELEASE
San Francisco, California, December 18, 1995 - PLM International, Inc. (ASE:
PLM) announced today that it has retired $11.5 million, equivalent to one-half,
of its total $23 million, 11.55% coupon, subordinated debt. As a result of this
early retirement, the Company will incur prepayment penalties of approximately
$1 million which will be reflected in fourth quarter 1995 results. However, the
Company will also realize total interest savings of $2.2 million from now until
the end of the subordinated debt term in February 1999.
PLM International also announced today that its board of directors has
authorized the repurchase of up to $5 million of the Company's common stock and
that, pursuant to such authorization, the Company has repurchased 630,700 shares
in a private transaction. Additional future repurchases will be made in the open
market or through private transactions. The timing and amount of these
transactions, to be funded through working capital and existing cash reserves,
will depend upon market conditions and corporate requirements. Shares
repurchased may be used for corporate purposes, including option plans, or they
may be retired. After the above-mentioned repurchase, PLM International has
approximately 10.8 million common shares outstanding.
PLM International President and Chief Executive Officer Robert N. Tidball said,
"We are very pleased to have arranged for the early retirement of one-half of
our total subordinated debt, which gives PLM added flexibility in its corporate
borrowings as well as significant interest savings. Further, our stock
repurchase program represents an excellent use of Company funds as we continue
to believe the shares are undervalued."
PLM International is a diversified equipment leasing and management company
providing services to transportation, industrial, and commercial companies. The
Company specializes in creating equipment leasing solutions for domestic and
international customers. PLM Financial Services, Inc., a wholly-owned
subsidiary, is the leading sponsor of equipment leasing programs for investors.
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
PLM INTERNATIONAL, INC.
(Registrant)
Date: December 20, 1995 By: /s/ Stephen Peary
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Stephen Peary
Senior Vice President, General Counsel
and Corporate Secretary
