UNITED STATES
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
Date of Report (Date of earliest event reported) June 11, 1997
Walter Industries, Inc.
(Exact name of registrant as specified in its charter)
Delaware 000-20537 13-3429953
(Name or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
1500 North Dale Mabry Tampa, Florida 33607
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 813-871-4811
(Former name or former address if changed since last report.)
<PAGE>
Item 5. Other Events
On June 11, 1997, Mid-State Trust VI, a Delaware business trust organized by
a wholly-owned indirect subsidiary of Walter Industries, Inc. (the "Company")
completed its offering of $439.2 million aggregate principal amount of asset-
backed notes. The notes were issued in four classes with expected maturity
dates of July 1, 2022 and with interest coupons ranging from 7.34% to 7.79%,
payable quarterly beginning July 1, 1997. Proceeds from the offering will be
used primarily to pay down related asset-backed short term borrowings, while
also providing approximately $66 million for general corporate purposes. The
notes are secured by sales contracts, promissory notes and mortgages
originated by Jim Walter Homes, Inc., a wholly-owned indirect subsidiary of
Walter Industries, Inc. Jim Walter Homes constructs and finances
standardized, detached single-family homes. An affiliate, Mid-State Homes,
Inc., purchases and services all of the mortgage accounts originated by Jim
Walter Homes.
On June 24, 1997, Walter Industries, Inc. purchased 1,387,092 shares of its
Common Stock, par value $.01 per share in a negotiated transaction.
Item 7. (C) Exhibits
99.1) Press release dated June 12, 1997
99.2) Press release dated June 25, 1997
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 thereunto duly authorized.
WALTER INDUSTRIES, INC.
Date: July 2, 1997 /s/ Dean M. Fjelstul
-----------------------------------
Dean M. Fjelstul
Senior Vice President and
Chief Financial Officer
Exhibit 99.1
News Walter Industries, Inc.
For further information contact:
Public Relations Department
Walter Industries, Inc.
P.O. Box 31601
Tampa, Florida 33631-3601
Telephone: (813) 871-4448/871-4439
CONTACT: David L. Townsend
Walter Industries, Inc.
(813) 871-4448
FOR IMMEDIATE RELEASE
WALTER INDUSTRIES AND MID-STATE TRUST VI
COMPLETE OFFERING OF ASSET-BACKED NOTES
Tampa, FL, June 11, 1997--Walter Industries, Inc. (Nasdaq: WLTR)
said today that Mid-State Trust VI, a Delaware trust, has completed the
offering of $439.2 million in aggregate principal amount of asset-backed
notes.
The notes were issued in four classes with expected maturity dates of
July 1, 2022 and with interest coupons ranging from 7.34% to 7.79%, payable
quarterly beginning July 1, 1997.
Proceeds from the offering will be used primarily to pay down related
asset-backed short term borrowings, while also providing approximately $66
million for general corporate purposes.
The offering was lead managed by Lehman Brothers, with Donaldson,
Lufkin & Jenrette, Merrill Lynch & Co., NationsBanc Capital Markets Inc. and
Salomon Brothers Inc as co-managers.
The notes are secured by sales contracts, promissory notes and
mortgages originated by Jim Walter Homes, Inc., a wholly-owned subsidiary of
Walter Industries. Jim Walter Homes constructs and finances standardized,
detached single-family homes. An affiliate, Mid-State Homes, Inc., purchases
and services all of the mortgage accounts originated by Jim Walter Homes.
Note to Editor: Walter Industries, Inc., based in Tampa, Florida, is a
diversified, multi-subsidiary company with major interests in
homebuilding/financing and industrial operations. Walter Industries and its
subsidiaries employ 7,800 at manufacturing facilities and sales offices
throughout the United States, generating more than $1.5 billion in annual
sales and revenues.
#####
Exhibit 99.2
News Walter Industries, Inc.
For further information contact:
Public Relations Department
Walter Industries, Inc.
P.O. Box 31601
Tampa, Florida 33631-3601
Telephone: (813) 871-4448/871-4439
CONTACT: David L. Townsend
Walter Industries, Inc.
(813) 871-4448
FOR IMMEDIATE RELEASE
WALTER INDUSTRIES PURCHASES STOCK IN PRIVATE TRANSACTION
Tampa, FL, June 25, 1997--Walter Industries, Inc. (Nasdaq: WLTR)
today said that it has repurchased 1,387,092 shares of its outstanding common
stock in a private transaction executed after the close of trading on June
24, 1997.
Kenneth E. Hyatt, Walter Industries' Chairman and Chief Executive
Officer, said the purchase underscores the company's confidence in its future
and represented an opportunity to enhance shareholder value by acquiring a
large block of shares at a favorable price.
"With substantial cash flow being generated by our diverse
businesses, coupled with the deleveraging of our balance sheet over the last
12 months, we now have the flexibility to pursue investment opportunities
that will return greater value to our shareholders," Mr. Hyatt said.
As a result of the transaction the company now has 53,676,320 shares
of common stock outstanding.
#####
Note to Editor: Walter Industries, Inc., based in Tampa, Florida, is a
diversified, multisubsidiary company with major interests in
homebuilding/financing and industrial operations. Walter Industries and its
subsidiaries employ 7,800 at manufacturing facilities and sales offices
throughout the United States, generating more than $1.5 billion in annual
sales and revenues.
