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): May 31, 1996
SILGAN CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-11200 06-1207662
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
4 Landmark Square, Stamford, Connecticut 06901
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (203) 975-7110
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Item 5: Other Events.
On May 31, 1996, Silgan Corporation ("Silgan") and Silgan's
wholly owned subsidiaries, Silgan Containers Corporation and Silgan Plastics
Corporation, entered into an amendment to their Credit Agreement dated as of
August 1, 1995 (as so amended, the "Credit Agreement"), pursuant to which, among
other things, certain lenders thereunder have agreed to lend to Silgan an
additional $125 million of B term loans under the Credit Agreement. The Credit
Agreement permits Silgan to dividend and/or advance all of the proceeds of such
additional $125 million of B term loans to Holdings so long as Holdings uses
such funds to redeem $125 million principal amount of its 13-1/4% Senior
Discount Debentures due 2002 (the "Holdings Debentures"). Holdings has provided
the trustee under the indenture for the Holdings Debentures with written notice
of its election to redeem $125 million principal amount of the Holdings
Debentures on July 5, 1996. Silgan will borrow such additional $125 million
principal amount of B term loans under the Credit Agreement immediately prior to
July 5, 1996 and will dividend and/or advance such funds (along with additional
funds from working capital borrowings under the Credit Agreement) to Holdings to
enable Holdings to fund such redemption of $125 million principal amount of the
Holdings Debentures along with accrued interest thereon.
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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.
SILGAN CORPORATION
By:/s/ Harley Rankin, Jr.
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Harley Rankin, Jr.
Executive Vice President,
Chief Financial Officer
and Treasurer
Date: May 31, 1996
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