<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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.
(Name of Issuer)
COMMON STOCK
(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
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 24, 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 15)
<PAGE> 2
- ------------------------------------------- --------------------------------
CUSIP No. 36352K-10-3 13D Page 2 of 15 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) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
--------------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY 4,721,502
OWNED BY EACH --------------------------------------------------------
REPORTING PERSON 9 SOLE DISPOSITIVE POWER
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,721,502
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,721,502
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
39.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
<PAGE> 3
- ------------------------------------------- --------------------------------
CUSIP No. 36352K-10-3 13D Page 3 of 15 Pages
- ------------------------------------------- --------------------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Citibank, N.A.
13-5266470
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
-------------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY 4,721,502
OWNED BY EACH -------------------------------------------------------
REPORTING PERSON 9 SOLE DISPOSITIVE POWER
WITH -------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,721,502
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,721,502
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
39.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
BK
- --------------------------------------------------------------------------------
<PAGE> 4
- ------------------------------------------- --------------------------------
CUSIP No. 36352K-10-3 13D Page 4 of 15 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) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
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 SHARES 7 SOLE VOTING POWER
BENEFICIALLY
OWNED BY EACH
REPORTING PERSON
WITH
-------------------------------------------------------
8 SHARED VOTING POWER
4,721,502
-------------------------------------------------------
9 SOLE DISPOSITIVE POWER
-------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,721,502
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,721,502
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
39.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC
- --------------------------------------------------------------------------------
<PAGE> 5
- ------------------------------------------- --------------------------------
CUSIP No. 36352K-10-3 13D Page 5 of 15 Pages
- ------------------------------------------- --------------------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Citigroup Inc.
52-1568099
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
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 SHARES 7 SOLE VOTING POWER
BENEFICIALLY
OWNED BY EACH
REPORTING PERSON
WITH
-------------------------------------------------------
8 SHARED VOTING POWER
4,744,735
-------------------------------------------------------
9 SOLE DISPOSITIVE POWER
-------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,744,735
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,744,735
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
40.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC
- --------------------------------------------------------------------------------
<PAGE> 6
This statement on Schedule 13D (the "Statement") is filed with
the Securities and Exchange Commission pursuant to Rule 13d-1 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act").
Item 1. Security and Issuer.
This Statement relates to the Common Stock, par value $.01 per
share (the "Common Stock"), of Galey & Lord, Inc., a Delaware corporation
("Issuer"). The address of the principal executive offices of the Issuer is 980
Avenue of the Americas, New York, NY 10018.
Item 2. Identity and Background.
This Statement is being filed by Citicorp Venture Capital,
Ltd. ("CVC"), Citibank, N.A. ("Citibank"), Citicorp and Citigroup Inc.
("Citigroup") (together, the "Reporting Persons").
(a)-(c) CVC is a New York corporation. The address of its
principal business office is 399 Park Avenue, New York, New York 10043. CVC is
principally engaged in the business of venture capital investment.
Citibank is a national banking association and is the sole
stockholder of CVC. The address of its principal business office is 399 Park
Avenue, New York, New York 10043. Citibank is a member of the Federal Reserve
System and the Federal Deposit Insurance Corp.
Citicorp is a Delaware corporation and is the sole stockholder
of Citibank. Citicorp is a U.S. bank holding company. The address of its
principal business office is 399 Park Avenue, New York, New York 10043.
Citigroup is a Delaware corporation and is the sole
stockholder of Citicorp. The address of the principal business office of
Citigroup is 153 East 53rd Street, New York, New York 10043. Citigroup is a
diversified holding company whose businesses provide a broad range of financial
services to consumer and corporate customers around the world. Citigroup's
activities are conducted through its Global Consumer, Global Corporate and
Investing Bank, Asset Management and Investment Activities segments. A joint
filing agreement of the Reporting Persons is attached hereto as Exhibit 1.
The following information with respect to each executive
officer and director of CVC and Citigroup is set forth in Schedule A and B
hereto: (i) name, (ii) business address, (iii) present principal occupation or
employment and the name of any corporation or other organization in which such
employment is conducted, together with the principal business and address of any
such corporation or organization other than the Reporting Persons for which such
information is set forth above.
(d)-(f) During the last five years, none of the Reporting
Persons or, to the best knowledge of the Reporting Persons, any of the persons
listed on Schedules A and B hereto, has been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors) or was a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction as a
result of which such person was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating activities
subject to, federal or state securities laws or finding any violation with
respect to such laws. The citizenship of each of the individuals identified
pursuant to Paragraphs (a) through (c) is identified on Schedules A and B
hereto.
Item 3. Source and Amount of Funds or Other Consideration.
The Reporting Persons acquired beneficial ownership of the
securities that are the subject of this Statement in the ordinary course of
business with working capital, for an aggregate purchase price of $384,245.60.
(Page 6 of 15)
<PAGE> 7
Item 4. Purpose of Transaction.
CVC acquired beneficial ownership of the securities that are
the subject of this Statement for investment purposes and to ensure the overall
sound financing of the Issuer.
Without connection to the acquisition of the shares of Common
Stock by CVC, various subsidiaries of Citigroup acquired shares of Common Stock
of the Issuer for investment purposes, for third party accounts or for mutual
funds managed by such subsidiaries, as described in Item 5 below. The Citigroup
subsidiaries review their respective holdings of Issuer securities on a
continuing basis. Depending on such evaluations of the Issuer's business and
prospects, and upon future developments (including, but not limited to, market
prices of the Common Stock and availability and alternative uses of funds, as
well as conditions in the securities markets and general economic and industry
conditions), each Citigroup subsidiary may acquire other securities of the
Issuer or sell all or a portion of its Common Stock or other securities of the
Issuer now owned or hereafter acquired.
(a) CVC may acquire additional securities of the Issuer for
investment purposes and as necessary to ensure the overall sound financing of
the Issuer.
None of the Reporting Persons, or to the best knowledge of any
of the Reporting Persons, any person identified on Schedules A and B hereto, has
any plans or proposals that would result in or relate to any of the transactions
described in paragraphs (b) through (j) of Item 4 of Schedule 13D.
Item 5. Interest in Securities of the Issuer:
(a)-(b) As of the close of business on March 31, 1999, CVC
beneficially owns 4,721,502 shares of Common Stock, representing approximately
39.8% 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 4,721,502 shares
of Common Stock, representing approximately 39.8% 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 4,744,735 shares of Common Stock
representing approximately 40.0% of the outstanding shares of such class as to
which it has shared voting and dispositive powers.
(c) On March 24, 1999, CVC acquired 21,600 shares of Common
Stock for $3.59144 per share in the public market. On March 26, 1999, CVC
acquired 12,200 shares of Common Stock for $3.875 per share in the public
market. On March 30, 1999, CVC acquired 22,000 shares of Common Stock for $4.489
per share in the public market. On March 31, 1999, CVC acquired 36,200 shares of
Common Stock for $4.4375 per share in the public market.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect
To Securities of the Issuer.
Not applicable.
Item 7. Material to be Filed as Exhibits.
1. Joint Filing Agreement, dated as of April 1, 1999, by and
among CVC, Citibank, Citicorp and Citigroup.
(Page 7 of 15)
<PAGE> 8
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: April 1, 1999
CITICORP VENTURE CAPITAL, LTD.
By: /s/ David F. Thomas
-----------------------
Name: David F. Thomas
Title: Managing Director
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 8 of 15)
<PAGE> 9
SCHEDULE A
Executive Officers and Directors
of
Citicorp Venture Capital, Ltd.
The names of the Directors and the names and title of the
Executive officers of Citicorp Venture Capital, Ltd. and their business
addresses and principal occupations are set forth below. Unless otherwise
indicated, each individual is a United States citizen. If no address is given,
the director's or officer's business address is 399 Park Avenue, New York, New
York 10043. Unless otherwise indicated, each occupation set forth opposite an
individual's name refers to such individual's position with Citicorp Venture
Capital, Ltd.
Name Title and Citizenship Principal Occupation and Business Address
- -------------------------- -----------------------------------------
Michael T. Bradley Vice President
William T. Comfort Chairman and Director
Richard M. Cashin President
Lauren M. Connelly Vice President & Secretary
Charles E. Corpening Vice President
Michael A. Delaney Vice President
Ann Goodbody Director
Ian D. Highet Vice President
David Y. Howe Vice President
Thomas Jones Director
Byron L. Knief Senior Vice President
Richard E. Mayberry Vice President
Thomas F. McWilliams Vice President
M. Saleem Muqaddam Vice President
Frederick Roesch Director
Paul C. Schorr Vice President
Joseph M. Silvestri Vice President
David F. Thomas Vice President
James A. Urry Vice President
John D. Weber Vice President
Thomas H. Sanders Vice President
(Page 9 of 15)
<PAGE> 10
SCHEDULE B
Executive Officers and Directors
of
Citigroup Inc.
The names of the Directors and the names and title of the
Executive officers of Citigroup and their business addresses and principal
occupations are set forth below. Unless otherwise indicated, each individual is
a United States citizen.
Name Title and Citizenship Principal Occupation and Business Address
- -------------------------- -----------------------------------------
C. Michael Armstrong Chairman & Chief Executive Officer
Director AT&T Corp.
295 North Maple Avenue
Basking Ridge, New Jersey 07920
Alain J.P. Belda President & Chief Operations Officer
Director (Brazil) ALCOA Inc.
201 Isabella Street
Pittsburgh, Pennsylvania 15212-5858
Kenneth J. Bialkin Partner
Director Skadden, Arps, Slate, Meagher & Flom LLP
919 Third Avenue
New York, New York 10022
Kenneth T. Derr Chairman & Chief Executive Officer
Director Chevron Corporation
575 Market Street
San Francisco, California 94105
John M. Deutch Institute Professor
Director Massachusetts Institute of Technology
77 Massachusetts Avenue, Room 6-208
Cambridge, Massachusetts 02139
Ann Dibble Jordan Consultant & Former Director of Social Services
Director The University of Chicago Medical Center
2904 Benton Place, NW
Washington, DC 20008
Reuben Mark Chairman & Chief Executive Officer
Director Colgate-Palmolive Company
300 Park Avenue
New York, New York 10022-7499
Michael T. Masin Vice Chairman, President-International
Director GTE Corporation
One Stamford Forum
Stamford, Connecticut 06904
(Page 10 of 15)
<PAGE> 11
Dudley C. Mecum Managing Director
Director Capricorn Holdings
30 East Elm Street
Greenwich, Connecticut 06830
Richard D. Parsons President
Director Time Warner, Inc.
75 Rockefeller Plaza, 29th Floor
New York, New York 10019
Andrall E. Pearson Chairman & Chief Executive Officer
Director Tricon Global Restaurants, Inc.
660 Steamboat Road
Greenwich, Connecticut 06830
John S. Reed Chairman & Co-Chief Executive Officer
Director & Executive Officer Citigroup Inc.
153 East 53rd Street
New York, New York 10043
Robert B. Shapiro Chairman & Chief Executive Officer
Director Monsanto Company
800 North Lindbergh Blvd.
Mail Zone DIS
St. Louis, Missouri 63167
Franklin A. Thomas Lawyer/Consultant & Former President,
Director The Ford Foundation
595 Madison Avenue, 33rd Floor
New York, New York 10022
Sanford I. Weill Chairman & Co-Chief Executive Officer
Director & Executive Officer Citigroup Inc.
153 East 53rd Street
New York, New York 10043
Edgar S. Woolard, Jr. Former Chairman & Chief Executive Officer
Director E.I. du Pont de Nemours & Company
1007 Market Street
Wilmington, Delaware 19898
Arthur Zankel General Partner
Director First Manhattan Company
437 Madison Avenue
New York, New York 10022
The Honorable Gerald R. Ford Former President of the United States
Honorary Director Post Office Box 927
Rancho Mirage, California 92270
William I. Campbell Co-Chief Executive Officer,
Executive Officer (USA/Canada) Global
Consumer Business
1 Court Square
Long Island City, New York 11120
(Page 11 of 15)
<PAGE> 12
Michael A. Carpenter Co-Chief Executive Officer
Executive Officer Global Corporate and Investment Bank
of Citigroup Inc.
388 Greenwich Street
New York, New York 10043
Paul J. Collins Vice Chairman
Executive Officer Citigroup Inc.
153 East 53rd Street
New York, New York 10043
Edward D. Horowitz e-Citi
Executive Officer 153 East 53rd Street
New York, New York 10043
Thomas W. Jones Co-Chairman and Chief Executive Officer
Executive Officer SSB Citi Asset Management Group
388 Greenwich Street
New York, New York 10013
Robert I. Lipp Co-Chief Executive Officer,
Executive Officer of Citigroup's Global
Consumer Business
153 East 53rd Street
New York, New York 10043
Deryck C. Maughan Vice Chairman
Executive Officer Citigroup Inc.
(U.K.) 153 East 53rd Street
New York, New York 10043
Victor J. Menezes Co-Chief Executive Officer,
Executive Officer Global Corporate and Investment Bank
(India) of Citigroup Inc.
153 East 53rd Street
New York, New York 10043
Heidi G. Miller Chief Financial Officer
Executive Officer Citigroup Inc.
153 East 53rd Street
New York, New York 10043
Charles O. Prince, III Co-General Counsel &
Executive Officer Corporate Secretary
Citigroup Inc.
153 East 53rd Street
New York, New York 10043
Mary Alice Taylor Global Operations & Technology
Executive Officer Citigroup Inc.
1 Court Square
Long Island City, New York 11120
(Page 12 of 15)
<PAGE> 13
Todd S. Thomson Strategy & Business Development
Executive Officer Citigroup Inc.
153 East 53rd Street
New York, New York 10043
Marc P. Weill Citigroup Investments
Executive Officer 153 East 53rd Street
New York, New York 10043
(Page 13 of 15)
<PAGE> 14
EXHIBIT INDEX
Exhibit No. Document
1. Joint Filing Agreement, dated as of April 1, 1999, among CVC,
Citibank, Citicorp and Citigroup.
(Page 14 of 15)
<PAGE> 1
EXHIBIT 1
JOINT FILING AGREEMENT
This will confirm the agreement by and among all of the
undersigned that the Schedule 13D filed on or about this date with respect to
the beneficial ownership by the undersigned of Common Stock of Galey & Lord,
Inc. is being, and any and all amendments to such Schedule may be, filed on
behalf of each of the undersigned. This Agreement may be executed in two or more
counterparts, each of which will be deemed an original, but all of which
together shall constitute one and the same instrument.
Dated: April 1, 1999
CITICORP VENTURE CAPITAL, LTD.
By: /s/ David F. Thomas
---------------------------------------
Name: David F. Thomas
Title: Managing Director
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 15 of 15)
