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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
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DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JUNE 20, 1997
RDM SPORTS GROUP, INC.
(Exact name of Registrant as Specified in its Charter)
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DELAWARE 0-16482 84-1065239
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization File Number) Identification No.)
267 HIGHWAY 74 NORTH
SUITE NO. 5
PEACHTREE CITY, GEORGIA 30269
(404) 586-9000
(Address, including zip code, and telephone number, including area code, of
Registrant's principal executive offices)
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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
EX-99.1 Press Release
ITEM 8. OTHER EVENTS
On June 20, 1997, RDM Sports Group, Inc. (the "Company") entered into a
new $100,000,000 credit facility (the "New Loan Facility") pursuant to a Loan
and Security Agreement (the "Loan Agreement") between the Comapnay and its
borrowing subsidiaries and certain financial institutions. The New Loan
Facility has a four year term.
The Company also announced that, effective as the close of business on
June 20, 1997, it has accepted the resignation of Henry Fong as Chairman of the
Board, Chief Executive Officer and a director of the Company and from all other
positions held by Mr. Fong with the Company's subsidiaries. James H. Rand, a
director of the Company, was elected as the Chairman of the Board and Chief
Executive Officer to succeed Mr. Fong and continues as a director of the
Company.
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.
RDM SPORTS GROUP, INC.
Date: June 24, 1997 By: /s/ Charles E. Sanders
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Charles E. Sanders
Vice President and Secretary
(Principal Accounting Officer)
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EXHIBITS
99.1 Press Release
(BW) (RDM-SPORTS) (RDM) - RDM SPORTS GROUP, INC. COMPLETES LOAN
FACILITY TOTALING APPROXIMATELY $100 MILLION
ATLANTA, GEORGIA -- (BUSINESS WIRE) -- June 20, 1997 --
RDM SPORTS GROUP, INC. (NYSE: RDM) announced the consummation of a
four-year $100 Million revolving credit facility with Foothill Capital
Corporation. Part of the proceeds from this Facility will be used to refinance
the present loan with Bank of America Credit Corporation and the remaining
funds will be for working capital purposes.
In announcing the facility, James Marden, RDM's President and COO, said
that "The financing package arranged and led by Foothill provides the Company
with the capital necessary to fulfill its commitment to its customers and
serves as the foundation for a return to profitability and future growth."
The Company also announced that it has accepted the resignation of
Henry Fong as a Director, Chairman of the Board and Chief Executive Officer of
RDM. James Rand, a present Director of the Company, was elected as the
Chairman of the Board and Chief Executive Officer to succeed Mr. Fong.
Marden noted that Mr. Fong has directed the operations, expansion and
financing of the Company for the past ten years and will be missed by RDM
Sports. Mr. Marden went on to say that the Company is looking forward to the
leadership of James Rand, a key director of the Company for the past four
years, who has extensive knowledge of our business and will be invaluable in
charting the Company's future direction.
RDM Sports Group, Inc. is a leading producer of fitness equipment and
is a leading producer and distributor of toys and team sport equipment. The
trademarks or brands under which RDM sells include Flexible Flyer, Reebok,
Healthmaster, Vitamaster, MacGregor, DP, Hutch, Reach and Forster.
