<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 3 TO
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
GALEY & LORD, INC.
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
36353K-10-3
-----------------------------------------------------
(CUSIP Number)
Lance C. Balk
Kirkland & Ellis
153 East 53rd Street
New York, NY 10022
(212) 446-4940
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
August 4, 1999
--------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box / /.
NOTE: Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits. See
Rule 13d-7(b) for other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 7)
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CUSIP No. 36352K-10-3 13D Page 2 of 7 Pages
- --------------------- -----------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Citicorp Venture Capital, Ltd.
13-2598089
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES --------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 5,146,702
REPORTING --------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,146,702
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,146,702
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
43.24%
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14 TYPE OF REPORTING PERSON*
CO
================================================================================
(Page 2 of 7)
<PAGE> 3
CUSIP No. 36352K-10-3 13D Page 3 of 7 Pages
- --------------------- -----------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Citibank, N.A.
13-5266470
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY ----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 5,146,702
PERSON ----------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,146,702
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,146,702
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
43.24%
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14 TYPE OF REPORTING PERSON*
BK
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(Page 3 of 7)
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CUSIP No. 36352K-10-3 13D Page 4 of 7 Pages
- --------------------- -----------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Citicorp
06-1515595
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY -----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 5,146,702
PERSON -----------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,146,702
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,146,702
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
43.24%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC
================================================================================
(Page 4 of 7)
<PAGE> 5
CUSIP No. 36352K-10-3 13D Page 5 of 7 Pages
- --------------------- -----------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Citigroup Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY ---------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 5,149,335
REPORTING ---------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH ---------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,149,335
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,149,335
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
43.26%
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14 TYPE OF REPORTING PERSON*
HC
================================================================================
(Page 5 of 7)
<PAGE> 6
This Amendment No. 3 to Schedule 13D ("Amendment No. 3") amends the 13D
originally filed on April 2, 1999, as amended by Amendment No. 1 to Schedule 13D
filed on May 25, 1999 and Amendment No. 2 to Schedule 13D filed on June 22,
1999, with the Securities and Exchange Commission pursuant to Rule 13d-1 of the
Securities Exchange Act of 1934, as amended.
This Amendment No. 3 relates to the Common Stock, par value $.01 per share
of (the "Common Stock"), of Galey & Lord, Inc., a Delaware corporation
("Issuer"). Amendment No. 3 is being filed due to the purchase by Citicorp
Venture Capital, Ltd. ("CVC") of a certain number of shares of the Issuer's
Common Stock.
Item 5(a)-(b) is hereby amended in its entirety as follows:
(a)-(b) As of the close of business on August 5, 1999, CVC beneficially
owns 5,146,702 shares of Common Stock, representing approximately 43.24% of
the outstanding shares of such class, of which it has shared voting power and
dispositive power. Citibank and Citicorp, exclusively through their holding
company structures, also both beneficially own the same 5,146,702 shares of
Common Stock, representing approximately 43.24% of the outstanding shares of
such class as to which each has shared voting and dispositive powers. Citigroup,
through its direct and indirect subsidiaries (including those described in the
second paragraph of Item 4) beneficially owns 5,149,335 shares of Common Stock
representing approximately 43.26% of the outstanding shares of such class as
to which it has shared voting and dispositive powers.
Item 5(c) is hereby amended by adding the following sentences to the end of
the paragraph:
On June 24, 1999, CVC acquired 35,900 shares of Common Stock for an average
price of $3.9913 per share in the public market. On June 30, 1999, CVC acquired
15,000 shares of Common Stock for an average price of $4.50 per share in the
public market. On August 2, 1999, CVC acquired 22,500 shares of Common Stock for
an average price of $4.125 per share in the public market. On August 3, 1999,
CVC acquired 20,000 shares of Common Stock for an average price of $4.0625 per
share in the public market. On August 4, 1999, CVC acquired 47,000 shares of
Common Stock for an average price of $4.051 per share in the public market. On
August 5, 1999, CVC acquired 7,600 shares of Common Stock for an average price
of $3.9424 per share in the public market.
(Page 6 of 7)
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Dated: August 6, 1999
CITICORP VENTURE CAPITAL, LTD.
By: /s/ Helene B. Shavin
-----------------------------------
Name: Helene B. Shavin
Title: Vice President & Assistant Secretary
CITIBANK, N.A.
By: /s/ Glenn S. Gray
-----------------------------------
Name: Glenn S. Gray
Title: Vice President & Assistant Secretary
CITICORP
By: /s/ Glenn S. Gray
-----------------------------------
Name: Glenn S. Gray
Title: Assistant Secretary
CITIGROUP INC.
By: /s/ Glenn S. Gray
-----------------------------------
Name: Glenn S. Gray
Title: Assistant Secretary
(Page 7 of 7)
