SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
Westpoint Stevens Inc.
-------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $.01 per share
-------------------------------------------------------------------------------
(Title of Class of Securities)
961238102
-------------------------------------------------------------------------------
(CUSIP Number)
Greenwich Street Capital Partners II, L.P.
500 Campus Drive
Suite 220
Florham Park, NJ 07932
Attention: Matthew Kaufman
(973) 437-1000
with a copy to:
Ronald R. Jewell, Esq.
Dechert Price & Rhoads
30 Rockefeller Plaza, New York, NY 10012
(212) 698-3589
-------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
July 31, 2000
-------------------------------------------------------------------------------
(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(b)(3) or (4), check the following box: [ ]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all
<PAGE>
exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
Schedule 13D
--------------------------- -------------------------------
CUSIP No. 961238102 Page 3 of 20 Pages
--------------------------- -------------------------------
-------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Greenwich Street Capital Partners II, L.P.
-------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
-------- ----------------------------------------------------------------------
3 SEC USE ONLY
-------- ----------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-------- ----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(E) [ ]
-------- ----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
-------- ----------------------------------------------------------------------
--------- ------------------------------------------
7 SOLE VOTING POWER
Number of Shares
Beneficially
0
--------- ------------------------------------------
owned by 8 SHARED VOTING POWER
each reporting person
See item 5.
--------- ------------------------------------------
with 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
See item 5.
------------------- ---------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
See item 5.
------------------- ---------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
------------------- ---------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
See item 5.
------------------- ---------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
------------------- ---------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Schedule 13D
--------------------------- -------------------------------
CUSIP No. 961238102 Page 4 of 20 Pages
--------------------------- -------------------------------
-------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
GSCP (NJ), L.P.
-------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
-------- ---------------------------------------------------------------------
3 SEC USE ONLY
-------- ---------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-------- ---------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(E) [ ]
-------- ---------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
-------- ---------------------------------------------------------------------
--------- ------------------------------------------
Number of Shares 7 SOLE VOTING POWER
Beneficially
0
--------- ------------------------------------------
owned by 8 SHARED VOTING POWER
each reporting person
See item 5.
--------- ------------------------------------------
with 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
See item 5.
-------------------------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
See item 5.
-------------------------- ----------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)EXCLUDES
CERTAIN SHARES* [ ]
-------------------------- ----------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
See item 5.
-------------------------- ----------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
-------------------------- ----------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
--------------------------- -------------------------------
CUSIP No. 961238102 Page 5 of 20 Pages
--------------------------- -------------------------------
-------- ----------------------------------------------------------------------
1
NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
GSCP (NJ), Inc.
-------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
-------- ----------------------------------------------------------------------
3 SEC USE ONLY
-------- ----------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-------- ----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(E) [ ]
-------- ----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
-------- ----------------------------------------------------------------------
--------- ------------------------------------------
Number of Shares 7 SOLE VOTING POWER
Beneficially
0
--------- ------------------------------------------
owned by 8 SHARED VOTING POWER
each reporting person
See item 5.
--------- ------------------------------------------
with 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
See item 5.
-------------------------- ----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
See item 5.
-------------------------- ----------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
-------------------------- ----------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
See item 5.
-------------------------- ----------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
-------------------------- ----------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
--------------------------- -------------------------------
CUSIP No. 961238102 Page 6 of 20 Pages
--------------------------- -------------------------------
-------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Greenwich Street Investments II, L.L.C.
-------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
-------- ----------------------------------------------------------------------
3 SEC USE ONLY
-------- ----------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-------- ----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(E) [ ]
-------- -----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
-------- -----------------------------------------------------------------------
--------- -------------------------------------------
Number of Shares 7 SOLE VOTING POWER
Beneficially
0
--------- -------------------------------------------
owned by 8 SHARED VOTING POWER
each reporting person
See Item 5.
--------- -------------------------------------------
with 9 SOLE DISPOSITIVE POWER
0
--------- -------------------------------------------
10 SHARED DISPOSITIVE POWER
See Item 5.
-------------------------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
See Item 5.
-------------------------- -----------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
-------------------------- -----------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
See Item 5.
-------------------------- -----------------------------------------------------
14 TYPE OF REPORTING PERSON
00
-------------------------- -----------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
--------------------------- -------------------------------
CUSIP No. 961238102 Page 7 of 20 Pages
--------------------------- -------------------------------
-------- -----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Alfred C. Eckert III
-------- -----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
-------- -----------------------------------------------------------------------
3 SEC USE ONLY
-------- -----------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-------- -----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(E) [ ]
-------- -----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
-------- -----------------------------------------------------------------------
--------- -------------------------------------------
Number of Shares 7 SOLE VOTING POWER
Beneficially
0
--------- -------------------------------------------
owned by 8 SHARED VOTING POWER
each reporting person
See Item 5.
--------- -------------------------------------------
with 9 SOLE DISPOSITIVE POWER
0
--------- -------------------------------------------
10 SHARED DISPOSITIVE POWER
See Item 5.
-------------------------- --------- -------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
See Item 5.
-------------------------- -----------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
-------------------------- -----------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
See Item 5.
-------------------------- -----------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
-------------------------- -----------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
--------------------------- -------------------------------
CUSIP No. 961238102 Page 8 of 20 Pages
--------------------------- -------------------------------
-------- -----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Keith W. Abell
-------- -----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
-------- -----------------------------------------------------------------------
3 SEC USE ONLY
-------- -----------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-------- -----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(E) [ ]
-------- -----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
-------- -----------------------------------------------------------------------
--------- -------------------------------------------
Number of Shares 7 SOLE VOTING POWER
Beneficially
0
--------- -------------------------------------------
owned by 8 SHARED VOTING POWER
each reporting person
See Item 5.
--------- -------------------------------------------
with 9 SOLE DISPOSITIVE POWER
0
--------- -------------------------------------------
10 SHARED DISPOSITIVE POWER
See Item 5.
-------------------------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
See Item 5.
-------------------------- -----------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
-------------------------- -----------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
See Item 5.
-------------------------- -----------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
-------------------------- -----------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
--------------------------- -------------------------------
CUSIP No. 961238102 Page 9 of 20 Pages
--------------------------- -------------------------------
-------- -----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Sanjay H. Patel
-------- -----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
-------- -----------------------------------------------------------------------
3 SEC USE ONLY
-------- -----------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-------- -----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(E) [ ]
-------- -----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
-------- -----------------------------------------------------------------------
--------- -------------------------------------------
Number of Shares 7 SOLE VOTING POWER
Beneficially
0
--------- -------------------------------------------
owned by 8 SHARED VOTING POWER
each reporting person
See Item 5.
--------- -------------------------------------------
with 9 SOLE DISPOSITIVE POWER
0
--------- -------------------------------------------
10 SHARED DISPOSITIVE POWER
See Item 5.
-------------------------- --------- -------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
See Item 5.
-------------------------- -----------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
-------------------------- -----------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
See Item 5.
-------------------------- -----------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
-------------------------- -----------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
--------------------------- -------------------------------
CUSIP No. 961238102 Page 10 of 20 Pages
--------------------------- -------------------------------
-------- -----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Richard M. Hayden
-------- -----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
-------- -----------------------------------------------------------------------
3 SEC USE ONLY
-------- -----------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-------- -----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(E) [ ]
-------- -----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
-------- -----------------------------------------------------------------------
--------- -------------------------------------------
Number of Shares 7 SOLE VOTING POWER
Beneficially
0
--------- -------------------------------------------
owned by 8 SHARED VOTING POWER
each reporting person
See Item 5.
--------- -------------------------------------------
with 9 SOLE DISPOSITIVE POWER
0
--------- -------------------------------------------
10 SHARED DISPOSITIVE POWER
See Item 5.
-------------------------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
See Item 5.
-------------------------- -----------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
-------------------------- -----------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
See Item 5.
-------------------------- -----------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
-------------------------- -----------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
1. Security and Issuer.
-------------------
This statement on Schedule 13D ("this Schedule 13D") relates to the
common stock, par value $.01 per share (the "Common Stock"), of Westpoint
Stevens Inc., a Delaware corporation (the "Issuer"). The principal executive
offices of the Issuer are located at 507 West Tenth Street, West Point, Georgia
31833.
2. Identity and Background.
------------------------
(a) This Schedule 13D is filed by the following persons (collectively,
the "Reporting Persons"): (1) Greenwich Street Capital Partners II, L.P., a
Delaware limited partnership ("GSCP II"), (2) Greenwich Street Investments II,
L.L.C., a Delaware limited liability company ("GSI"), (3) GSCP (NJ), L.P., a
Delaware limited partnership ("GSCP (NJ) LP"), (4) GSCP (NJ), Inc., a Delaware
corporation, ("GSCP (NJ) Inc."), (5) Alfred C. Eckert III, (6) Keith W. Abell,
(7) Sanjay H. Patel and (8) Richard M. Hayden.
(b) The business address for each of GSCP II, GSI, GSCP (NJ) LP, GSCP
(NJ) Inc. and Messrs. Eckert, Abell and Patel is 500 Campus Drive, Suite 220,
Florham Park, New Jersey 07932. The business address for Mr. Hayden is c/o GSC
Partners Europe, 68 Pall Mall, First Floor, London, SW1Y 5ES.
(c) GSCP II is a Delaware limited partnership which makes investments
for long term appreciation. GSCP (NJ) LP is the manager of GSCP II, GSCP
Offshore Fund, L.P., Greenwich Fund, L.P., Greenwich Street Employees Fund, L.P.
and TRV Executive Fund, L.P. (collectively, the "Greenwich Street Funds"). GSCP
(NJ) Inc. is the general partner of GSCP (NJ) LP. GSI is the general partner of
the Greenwich Street Funds.
Alfred C. Eckert III, Keith W. Abell, Sanjay H. Patel and Richard M.
Hayden are the managing members of GSI. Each of Messrs. Eckert, Abell, Patel and
Hayden are executive officers of GSCP (NJ) Inc. and senior limited partners of
GSCP (NJ) LP.
(d) -(e) During the past five (5) years, none of the Reporting Persons
(i) has been convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors) or (ii) has been a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction and as a result of
such proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to United
States federal or state securities laws or finding any violation with respect to
such laws.
(f) All natural persons listed in this Item 2 are citizens of the
United States. GSCP II, GSI, GSCP (NJ) LP and GSCP (NJ) Inc. are each organized
under the laws of Delaware.
3. Source and Amount of Funds or Other Consideration.
-------------------------------------------------
Between June 23, 2000 and August 2, 2000, GSCP II has purchased in the
open market an aggregate of 2,713,500 shares of Common Stock for an aggregate
consideration of approximately $30,407,085 (the "Purchase Price").
11
<PAGE>
GSCP II obtained funds for the Purchase Price from capital
contributions from its respective partners.
4. Purpose of Transaction.
----------------------
The Reporting Persons acquired the Common Stock for investment
purposes.
Other than as set forth in this Item 4 and in Item 6 of this Schedule
13D, the Reporting Persons do not have any plans or proposals which relate to or
would result in any of the actions or transactions specified in clauses (a)
through (j) of Item 4 of Schedule 13D. The Reporting Persons may from time to
time discuss among themselves and with other persons market conditions and other
factors concerning their investment in the Issuer, as well as specific actions
that might be taken in light of prevailing circumstances with respect to such
interests. The Reporting Persons reserve the right from time to time to acquire
or dispose of the Common Stock, or to formulate other purposes, plans or
proposals regarding the Issuer or the Common Stock held by the Reporting Persons
to the extent deemed advisable in light of general investment policies, market
conditions and other factors.
5. Interest in Securities of the Issuer.
------------------------------------
(a)-(b) Based on the Issuer's definitive proxy filed with the
Securities and Exchange Commission on June 12, 2000, as of June 9, 2000, there
were issued and outstanding 49,669,667 shares of Common Stock. GSCP II has
acquired and for purposes of Rule 13d-3 under the Act, may be deemed to have the
shared power to vote or direct the vote of, and the shared power to dispose or
direct the disposition of, an aggregate of 2,713,500 shares of Common Stock
representing approximately 5.5% of the issued and outstanding shares of Common
Stock.
By virtue of its position as general partner of GSCP II, GSI may be
deemed, for purposes of Rule 13d-3 under the Act, to have shared power to vote
or direct the vote of, and shared power to dispose or direct the disposition of,
an aggregate of 2,713,500 shares of Common Stock representing approximately 5.5%
of the issued and outstanding shares of Common Stock. Nothing in this Schedule
13(d) shall be construed as an admission that GSI is, for purposes of Section
13(d) of the Act and the rules and regulations promulgated thereunder, a
beneficial owner of such securities.
By virtue of its position as manager of GSCP II, GSCP (NJ) LP may be
deemed, for purposes of Rule 13d-3 under the Act, to have shared power to vote
or direct the vote of, and shared power to dispose or direct the disposition of,
an aggregate of 2,713,500 shares of Common Stock representing approximately 5.5%
of the issued and outstanding shares of Common Stock. Nothing in this Schedule
13(d) shall be construed as an admission that GSCP (NJ) LP is, for purposes of
Section 13(d) of the Act and the rules and regulations promulgated thereunder, a
beneficial owner of such securities.
By virtue of its position as general partner of GSCP (NJ) LP, GSCP
(NJ) Inc. may be deemed, for purposes of Rule 13d-3 under the Act, to have
shared power to vote or direct the vote of, and shared power to dispose or
direct the disposition of, an aggregate of 2,713,500 shares of Common Stock
representing approximately 5.5% of the issued and outstanding shares of Common
Stock. Nothing in this Schedule 13(d) shall be construed as an admission that
12
<PAGE>
GSCP (NJ) Inc. is, for purposes of Section 13(d) of the Act and the rules and
regulations promulgated thereunder, a beneficial owner of such securities.
By virtue of their positions as managing members of GSI, executive
officers of GSCP (NJ) Inc. and senior limited partners of GSCP (NJ) LP, each of
Messrs. Eckert, Abell, Patel and Hayden may be deemed, for purposes of Rule
13d-3 under the Act, to have shared power to vote or direct the vote of and
shared power to dispose or direct the disposition of an aggregate of 2,713,500
shares of Common Stock representing approximately 5.5% of the issued and
outstanding shares of Common Stock. Nothing in this Schedule 13(d) shall be
construed as an admission that Messrs. Eckert, Abell, Patel and Hayden are, for
purposes of Section 13(d) of the Act and the rules and regulations promulgated
thereunder, beneficial owners of such securities.
(c) The dates, number of shares and prices per share for all purchases
of Common Stock made by GSCP II from June 23, 2000 through August 2, 2000, are
shown on Exhibit I to this Schedule 13D, which is incorporated herein by
reference. All such purchases were made by GSCP II in the open market on the New
York Stock Exchange. Other than as set forth on Exhibit I to this Schedule 13D,
the Reporting Persons have not effected any transactions involving the Common
Stock during the past 60 days.
(d) Not applicable.
(e) Not applicable.
6. Contracts, Arrangements, Understandings or Relationships with Respect
----------------------------------------------------------------------
to the Securities of the Issuer.
--------------------------------
The responses set forth in Items 4 and 5 of this Schedule 13D are
incorporated herein.
On March 24, 2000, the Issuer announced a proposed Plan of
Recapitalization (the "Recapitalization Plan"). GSCP II proposed to purchase
shares of the capital stock of the Issuer pursuant to the Recapitalization Plan,
subject to various terms and conditions imposed by GSCP II as well as various
terms and conditions imposed by the Issuer in furtherance of the proposed
Recapitalization Plan. However, the Recapitalization Plan, and thus any proposed
investment by GSCP II, was abandoned on May 19, 2000. Purchases by the Reporting
Persons of shares of the Common Stock in open market brokerage transactions
since June 23, 2000 have been made solely for investment purposes and not
pursuant to the abandoned Recapitalization Plan or pursuant to any other
contract, agreement, arrangement, understanding or relationship with the Issuer
or any other person.
Except as described above, there are no contracts, arrangements,
understandings or relationships (legal or otherwise) among the persons named in
Item 2 or between such persons and any other person with respect to any
securities of Issuer, including but not limited to, transfer or voting of any
such securities, finder's fees, joint ventures, loan or option arrangements,
puts or calls, guarantees of profits, division of profits or loss, or the giving
or withholding of proxies.
13
<PAGE>
Nothing in this Schedule 13D shall be construed as an admission that
the Reporting Persons and any other persons or entities constitutes a "group"
for purposes of Section 13(d) of the Act and the rules and regulations
promulgated thereunder.
14
<PAGE>
7. Material to be Filed as Exhibits.
--------------------------------
Exhibit I-- Open Market Purchases
Exhibit II -- Joint Filing Agreement, dated as of August 10,
2000, among the Reporting Persons.
15
<PAGE>
SIGNATURE
---------
After reasonable inquiry and to the best knowledge and belief of the
Reporting Persons, the Reporting Persons certify that the information set forth
in this statement is true, complete and correct.
GREENWICH STREET CAPITAL PARTNERS II, L.P.
Dated: August 10, 2000 By: Greenwich Street Investments II, L.L.C.,
its general partner
By: /s/ Alfred C. Eckert III
----------------------------------
Name: Alfred C. Eckert III
Title: Managing Member
GSCP (NJ), L.P.
By: GSCP (NJ), Inc., its general partner
By: /s/ Alfred C. Eckert III
----------------------------------
Name: Alfred C. Eckert III
Title: Chief Executive Officer
GSCP (NJ), INC.
By: /s/ Alfred C. Eckert III
------------------------------------
Name: Alfred C. Eckert III
Title: Chief Executive Officer
GREENWICH STREET INVESTMENTS II, L.L.C.
By: /s/ Alfred C. Eckert III
-------------------------------------
Name: Alfred C. Eckert III
Title: Managing Member
/s/ Alfred C. Eckert III
----------------------------------
Alfred C. Eckert III
/s/ Keith W. Abell
----------------------------------
Keith W. Abell
16
<PAGE>
/s/ Sanjay H. Patel
----------------------------------
Sanjay H. Patel
/s/ Richard M. Hayden
----------------------------------
Richard M. Hayden
17
<PAGE>
EXHIBIT I TO SCHEDULE 13D
OPEN MARKET PURCHASES
--------------------------- ----------------------- ---------------------------
Date of Purchase Number of Shares of Approximate Price
Common Stock Purchased per Share
(exclusive of commissions)
--------------------------- ----------------------- ---------------------------
June 23, 2000 63,400 $8.85
--------------------------- ----------------------- ---------------------------
June 26, 2000 75,000 $9.48
--------------------------- ----------------------- ---------------------------
June 27, 2000 28,200 $9.84
--------------------------- ----------------------- ---------------------------
June 28, 2000 79,800 $10.62
--------------------------- ----------------------- ---------------------------
June 29, 2000 132,800 $10.41
--------------------------- ----------------------- ---------------------------
June 30, 2000 484,700 $11.34
--------------------------- ----------------------- ---------------------------
July 5, 2000 180,000 $11.30
--------------------------- ----------------------- ---------------------------
July 7, 2000 180,000 $11.80
--------------------------- ----------------------- ---------------------------
July 10, 2000 50,000 $11.88
--------------------------- ----------------------- ---------------------------
July 11, 2000 29,600 $11.83
--------------------------- ----------------------- ---------------------------
July 12, 2000 175,000 $11.49
--------------------------- ----------------------- ---------------------------
July 13, 2000 35,400 $11.38
--------------------------- ----------------------- ---------------------------
July 14, 2000 130,000 $11.20
--------------------------- ----------------------- ---------------------------
July 19, 2000 181,700 $11.30
--------------------------- ----------------------- ---------------------------
July 20, 2000 180,000 $11.14
--------------------------- ----------------------- ---------------------------
July 24, 2000 25,000 $11.25
--------------------------- ----------------------- ---------------------------
July 25, 2000 19,500 $11.19
--------------------------- ----------------------- ---------------------------
July 26, 2000 230,700 $11.18
--------------------------- ----------------------- ---------------------------
July 27, 2000 71,100 $11.22
--------------------------- ----------------------- ---------------------------
July 28, 2000 97,500 $11.29
--------------------------- ----------------------- ---------------------------
July 31, 2000 180,700 $11.78
--------------------------- ----------------------- ---------------------------
August 1, 2000 28,300 $11.76
--------------------------- ----------------------- ---------------------------
August 2, 2000 55,100 $11.97
--------------------------- ----------------------- ---------------------------
18
<PAGE>
EXHIBIT II TO SCHEDULE 13D
JOINT FILING AGREEMENT
WHEREAS, in accordance with Rule 13d-1(f) under the Securities and
Exchange Act of 1934 (the "Act"), only one joint statement and any amendments
thereto need to be filed whenever one or more persons are required to file such
a statement or any amendments thereto pursuant to Section 13(d) of the Act with
respect to the same securities, provided that said persons agree in writing that
such statement or amendments thereto is filed on behalf of each of them;
NOW, THEREFORE, the undersigned acknowledge and agree that the
foregoing statement on Schedule 13D is filed on behalf of each of the
undersigned and all subsequent amendments to this statement on Schedule 13D
shall be on behalf of each of the undersigned without the necessity of filing
additional joint filing statements. The undersigned acknowledge that each shall
be responsible for the timely filing of such amendments, and for the
completeness and accuracy of the information concerning him or her contained
therein, but shall not be responsible for the completeness and accuracy of the
information concerning the others, except to the extent that he or she knows of
reason to believe that such information is not accurate.
GREENWICH STREET CAPITAL PARTNERS II, L.P.
Dated: August 10, 2000 By: Greenwich Street Investments II, L.L.C.,
its general partner
By: /s/ Alfred C. Eckert III
------------------------------
Name: Alfred C. Eckert III
Title: Managing Member
19
<PAGE>
GSCP (NJ), L.P.
By: GSCP (NJ), Inc., its general partner
By: /s/ Alfred C. Eckert III
---------------------------------
Name: Alfred C. Eckert III
Title:Chief Executive Officer
GSCP (NJ), Inc.
By: /s/ Alfred C. Eckert III
--------------------------------------
Name: Alfred C. Eckert III
Title: Chief Executive Officer
GREENWICH STREET INVESTMENTS II, L.L.C.
By: /s/ Alfred C. Eckert III
-------------------------------------
Name: Alfred C. Eckert III
Title: Managing Member
/s/ Alfred C. Eckert III
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Alfred C. Eckert III
/s/ Keith W. Abell
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Keith W. Abell
/s/ Sanjay H. Patel
----------------------------------
Sanjay H. Patel
/s/ Richard M. Hayden
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Richard M. Hayden
20
