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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
March 9, 2000
Date of Report (date of earliest event reported)
READ-RITE CORPORATION
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(Exact name of Registrant as specified in its charter)
Delaware 000-19512 94-2770690
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
345 Los Coches
Milpitas, California 95035
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(Address, including zip code of principal executive offices)
Registrant's telephone number, including area code:
(408) 262-6700
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Item 5. OTHER EVENTS.
On March 9, 2000 Read-Rite Corporation issued a press release announcing
that it had amended the terms of its pending exchange offer to eliminate the
condition which required at least 66 2/3% of the existing notes to be tendered.
Read-Rite Corporation also announced that it had extended the expiration date of
the exchange offer to 12:00 midnight, Eastern Standard Time, on March 15, 2000.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit No. Description
99.1 Press Release Issued March 9, 2000.
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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.
READ-RITE CORPORATION
Dated: March 13, 2000 By: /s/ Cyril J. Yansouni
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Cyril J. Yansouni
Chairman and Chief Executive Officer
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EXHIBIT INDEX
Exhibit No. Description
99.1 Press Release Issued March 9, 2000
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EXHIBIT 99.1
[LETTERHEAD OF READ-RITE CORPORATION]
FOR IMMEDIATE RELEASE
CONTACT: Read-Rite Corporation
Investment Community Media:
Jane Conn John DiMatteo
(510) 683-7676 (510) 683-7379
READ-RITE AMENDS TERMS OF PENDING EXCHANGE OFFER AND EXTENDS EXPIRATION DATE TO
MARCH 15
MILPITAS, CA -- March 9, 2000 -- Read-Rite Corporation (Nasdaq: RDRT) today
announced that approximately $136.5 million in aggregate principal value of the
company's 6-1/2% convertible subordinated notes due 2004, approximately 40% of
the total, were tendered in its exchange offer which was scheduled to expire at
5:00 PM Eastern Standard Time ("EST") on March 8, 2000. The company also
received indications of interest for more than $16 million in cash for
additional notes. Prior to the initial expiration date of the exchange offer,
the company received requests from bondholders to alter or modify the terms of
the exchange offer. In order to accommodate holders of existing notes who want
to participate in the exchange offer, the company has decided to eliminate the
condition in its exchange offer, which required at least 66-2/3% of the existing
notes to be tendered, and has extended the expiration date to 12:00 midnight EST
on March 15, 2000. The company intends to advise its banks of the amended offer.
Bondholders who have already tendered the old notes or indicated an interest for
new notes also have the right to withdraw during this additional period.
As a result of the extension of the exchange offer, the conversion
price will be set at a 15% premium over the volume weighted average price of the
company's common stock for the period from March 6, 2000 through March 10, 2000.
Read-Ride Corporation is one of the world's leading independent
manufacturers of magnetic recording heads, head gimbal assemblies (HGAs) and
head stack assemblies (HSAs) for disk drives and tape drives. The company is
headquartered in Milpitas, California and has operations in Japan, Thailand, the
Philippines and Singapore. The company's home page on the world wide web can be
reached at http://www.readrite.com.
