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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
Date Of Report (Date Of Earliest Event Reported): DECEMBER 6, 1999
HomeBase, Inc.
(Exact Name Of Registrant As Specified In Its Charter)
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<S> <C> <C>
DELAWARE 1-10259 33-0109661
(State Or Other Jurisdiction Of (Commission File Number) (IRS Employer Identification No.)
Incorporation)
Support Center Offices
3345 Michelson Drive
Irvine, California 92612
(Address Of Principal Executive Offices) (Zip Code)
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Registrant's Telephone Number, Including Area Code: (949) 442-5000
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ITEM 5. OTHER EVENTS.
On December 6, 1999, HomeBase, Inc. ("HomeBase") issued a press release in
the form attached hereto as Exhibit 99.1. The press release reports HomeBase's
announcement of the closing of an agreement for a new senior secured five-year
$250 million revolving line of credit facility, led by BankBoston Retail Finance
Inc.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
c. Exhibits
99.1 December 6, 1999 Press Release of HomeBase.
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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.
HomeBase, Inc.
By: /s/ John L. Price
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Date: December 7, 1999 John L. Price
Vice President, General Counsel
and Secretary
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EXHIBIT 99.1
Contact: Michele Feller
HomeBase, Inc.
949-442-5448
Roger S. Pondel
Pondel/Wilkinson Group
310-207-9300
FOR IMMEDIATE RELEASE
HOMEBASE COMPLETES $250 MILLION CREDIT LINE AGREEMENT
Irvine, California - December 6, 1999 - HomeBase, Inc. (NYSE:HBI)
today announced that it has completed an agreement for a new senior secured
five-year $250 million revolving line of credit facility, led by BankBoston
Retail Finance Inc. This replaces the company's former senior secured $105
million credit facility.
The company announced on November 16, 1999 that it had obtained an
underwritten commitment for the expanded credit line, which includes fewer
financial restrictions than the former facility and permits HomeBase to initiate
a securities repurchase program.
The company previously announced that the new credit line would also
be used, in part, to help finance the creation of a new merchandising concept,
which would serve as an expansion vehicle for the company.
"This financing provides us with increased flexibility to continue to
improve our core business as well as to pursue new avenues of growth," said
Allan Sherman, president and chief executive officer. "With our new credit
facility in place, we are also now free to begin repurchasing HomeBase common
stock and convertible notes, which we believe are currently undervalued."
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The board of directors has authorized the company to spend up to $20 million to
repurchase HomeBase common stock and 5.25% convertible subordinated notes from
time to time in the open market, as market conditions warrant.
Headquartered in Irvine, California, HomeBase, Inc. operates 88 home
improvement warehouses, averaging 103,000 square feet, in 10 western states.
Matters discussed in this press release include forward-looking
statements that involve risks and uncertainties that could cause results to
differ materially from those expressed. Such risks and uncertainties include,
but are not limited to, the creation of a new merchandising concept; the ability
to continue to improve its core business; the ability to repurchase common stock
and convertible notes in the open market; the competitive marketplace and the
factors set forth in the company's annual report on Form 10-K for the fiscal
year ended January 30, 1999 under the heading "Risk Factors" and in the
company's other filings with the Securities and Exchange Commission.
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