<PAGE> 1
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):
May 7, 1996
-----------------------
The Caldor Corporation
------------------------------------------------------
(Exact Name of Registrant as specified in its charter)
Delaware 1-10745 06-1282044
- ------------------------------- --------------------- -------------------
(State or other jurisdiction of (Commission File No.) (I.R.S. Employer
incorporation) Identification No.)
20 Glover Avenue, Norwalk, Connecticut 06856-5620
- ---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
(203) 846-1641
----------------------------------------------------
(Registrant's telephone number, including area code)
<PAGE> 2
ITEM 5. OTHER EVENTS.
AMENDMENT TO REVOLVING CREDIT AND GUARANTY AGREEMENT.
Pursuant to an Amendment Letter Agreement, dated April 24, 1996 (the
"Amendment"), among The Caldor Corporation, as Borrower (the "Company"), certain
of its subsidiaries, as guarantors (the "Guarantors"), the Banks party thereto
and Chemical Bank, as agent (the "Agent"), the Company requested certain
amendments to the Amended and Restated Revolving Credit and Guaranty Agreement
dated as of October 17, 1995 (the "Agreement") among the Company, the
Guarantors, the Banks party thereto and the Agent. As of May 7, 1996, the
requisite number of Banks approved the Amendment. The Amendment, among other
things, permitted the Company to (i) sell inventory at twelve retail locations
in store closing sales, provided that the liens in favor of the Agent on such
inventory attach to the proceeds of such sales, (ii) increase from $10,000,000
to $18,500,000 payments or transfers of property to be made to vendors for
reclamation claims, provided that, before any payment is made or property is
transferred in an aggregate amount in excess of $10,000,000, the Bankruptcy
Court shall have entered an order satisfactory to the Agent approving such
payment or transfer, and (iii) adjust the delivery schedule of certain financial
statements, financial projections and cash flows reports.
This summary does not purport to be complete and is qualified in its entirety by
reference to the Amendment Letter Agreement, a copy of which is attached hereto
as Exhibit 99.1.
2
<PAGE> 3
ITEM 7: FINANCIAL STATEMENTS, PRO FORMA
FINANCIAL INFORMATION AND EXHIBITS
(C) EXHIBITS:
<TABLE>
<CAPTION>
EXHIBIT NUMBER DESCRIPTION
-------------- -----------
<S> <C>
99.1 Amendment Letter Agreement dated
April 24, 1996 to the Amended and
Restated Revolving Credit and
Guaranty Agreement dated as of
October 17, 1995 among The Caldor
Corporation, as borrower, certain of
its subsidiaries, as guarantors, the
banks party thereto and
Chemical Bank, as agent.
</TABLE>
3
<PAGE> 4
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.
THE CALDOR CORPORATION
(Registrant)
Date: June 6, 1996 By: /s/ Bennett S. Gross
---------------------
Bennett S. Gross
Vice President
4
<PAGE> 5
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NUMBER DESCRIPTION PAGE NUMBER
- -------------- ----------- -----------
<S> <C> <C>
99.1 Amendment Letter Agreement dated April 24, 1996 to
the Amended and Restated Revolving Credit and
Guaranty Agreement dated as of October 17, 1995 among
The Caldor Corporation, as borrower, certain of its
subsidiaries, as guarantors, the banks party thereto
and Chemical Bank, as agent.
</TABLE>
5
<PAGE> 1
EXHIBIT 99.1
Amendment Letter Agreement
<PAGE> 2
THE CALDOR CORPORATION
20 Glover Avenue
Norwalk, Connecticut 06856-5620
April 24, 1996
TO THE BANKS PARTY TO THE AMENDED AND RESTATED REVOLVING CREDIT AND GUARANTY
AGREEMENT DATED AS OF OCTOBER 17, 1995, AS AMENDED, AMONG THE CALDOR
CORPORATION, THE GUARANTORS NAMED THEREIN, THE BANKS PARTY THERETO AND CHEMICAL
BANK, AS AGENT
Amendment Letter Agreement
Gentlemen:
This has reference to the Amended and Restated Revolving Credit and
Guaranty Agreement dated as of October 17, 1995, as heretofore amended (the
"Agreement") among The Caldor Corporation, as Borrower, the Guarantors named
therein, the Banks party thereto and Chemical Bank, as Agent. All terms used
herein that are defined in the Agreement shall have the same meanings herein.
The Borrower has requested that certain provisions of the Agreement be
amended as set forth herein. Accordingly, the Borrower, the Guarantors, the
Agent and the Banks hereby agree as follows:
1. Section 1.01 of the Credit Agreement is hereby
amended by inserting the following new defined term in appropriate
alphabetical order:
"Consulting and Agency Agreement" shall mean that certain
Consulting and Agency Agreement dated April 11, 1996 by and
between the Borrower and a joint venture consisting of
Buxbaum, Ginsberg & Associates, Inc., Alco Capital Group, Inc.
and The Nassi Group, LLC, which agreement was approved by the
the entry of an order of the Bankruptcy Court on April 3,
1996.
2. Section 2.13(b) of the Credit Agreement is hereby amended
(i) by inserting the designation "(x)" following the words "it being understood
and agreed that" appearing in the parenthetical text set forth at the end
thereof and (ii) by inserting the following new subclause (y) at end of such
parenthetical text:
<PAGE> 3
2 April 24, 1996
"and (y) in determining the Borrower's cash funds that are in
excess of $5,000,000 provided for above, such calculation
shall exclude (i) amounts invested in a segregated
interest-bearing account with the Agent from the proceeds of
Inventory sold in store closing sales permitted pursuant to
Section 6.12(iii) and (ii) amounts, not in excess of
$3,000,000 (plus accrued interest) in the aggregate, required
to be deposited into a segregated interest-bearing account
pursuant to paragraph 8.3 of the Consulting and Agency
Agreement."
3. Section 5.01(b) of the Credit Agreement is hereby
amended by deleting the number "60" set forth therein and inserting
in lieu thereof the number "90".
4. Section 5.01(d) of the Credit Agreement is hereby
amended in its entirety as follows:
"(d) within thirty days of the end of each fiscal
month, forty-five days of the end of each fiscal quarter and
90 days of the end of each fiscal year, the unaudited cash
flow reports of the Borrower and the Guarantors for the
relevant fiscal period on a consolidated basis and as of the
close of such fiscal period and the results of their
operations during such fiscal period and (in the case of the
monthly and quarterly cash flow reports) the then elapsed
portion of the fiscal year, all certified by a Financial
Officer as fairly presenting the results of operations of the
Borrower and the Guarantors on a consolidated basis, subject
to normal year-end audit adjustments; PROVIDED, that
notwithstanding the foregoing, the unaudited monthly cash flow
reports required to be delivered to the Agent and the Banks
for the fiscal months ending February 3, 1996, March 2, 1996
and April 6, 1996 in accordance with this Section 5.01(d)
shall be delivered to the Agent and the Banks not later than
May 2, 1996;"
5. Section 5.01(f) of the Credit Agreement is hereby
amended in its entirety to read as follows:
"(f) as soon as possible, and in any event (i) within 90
days of the end of each
<PAGE> 4
3 April 24, 1996
fiscal year (commencing with the fiscal year ending on or
about February 3, 1996), annual financial projections prepared
on a monthly basis for the next succeeding fiscal year and
(ii) promptly as the same becomes available, any material
modifications or material updates to such financial
projections, in each case in detail reasonably satisfactory to
the Agent;"
6. Section 6.01(b) of the Credit Agreement is hereby
amended in its entirety to read as follows:
"(b) Make any payments or transfer any property (other than
goods of the nature referred to in the "PROVIDED" clause of the
definition of the term "Pre- Petition Payment" appearing herein) on
account of claims asserted by any of the Borrower's or Guarantors'
vendors for reclamation rights in accordance with Section 2-702 of the
Uniform Commercial Code and Section 546(c) of the Bankruptcy Code in an
aggregate amount in excess of $18,500,000, PROVIDED that before any
such payment is made or property is transferred in an aggregate amount
in excess of $10,000,000 the Bankruptcy Court shall have entered an
order satisfactory in form and substance to the Agent approving such
payment or transfer."
7. Section 6.11 of the Credit Agreement is hereby amended by
deleting the word "and" immediately preceding (vi) set forth in the first
paragraph thereof and inserting in lieu thereof a comma, and by inserting the
following new clauses (vii) and (viii) at the end of the first paragraph
thereof:
"(vii) the investment in a segregated interest-bearing account
with the Agent of the proceeds of Inventory sold in store
closing sales permitted pursuant to Section 6.12(iii) and
(viii) the deposit into a segregated interest-bearing account
of amounts, not in excess of $3,000,000 (plus accrued
interest) in the aggregate, required pursuant to paragraph 8.3
of the Consulting and Agency Agreement."
8. Section 6.12 of the Credit Agreement is hereby amended by
deleting the word "and" immediately preceding clause (ii) therein and inserting
in lieu thereof a comma, and by inserting the following new clause (iii):
"and (iii) in addition to the sales permitted by clauses (i)
and (ii) above, sales of Inventory at the twelve (12) retail
locations
<PAGE> 5
4 April 24, 1996
set forth on Schedule 6.12 in store closing sales, PROVIDED,
that the Liens in favor of the Agent on behalf of the Banks on
such Inventory shall attach to the proceeds of such sales."
9. The Schedules to the Credit Agreement are hereby
amended to include new Schedule 6.12 thereto in the form of Annex
A hereto.
This Letter Agreement shall not become effective until the date on
which it shall have been executed by the Borrower, the Guarantors and Banks
constituting the Required Banks, and the Agent shall have received evidence
satisfactory to it of such execution.
This Letter Agreement shall be limited precisely as written and shall
not be deemed to be a consent granted pursuant to, or a waiver or modification
of, any other term or condition of the Agreement or any of the instruments or
agreements referred to therein or to prejudice any right or rights which the
Agent or the Banks may now have or may have in the future under or in connection
with the Agreement or any of the instruments or agreements referred to therein.
This Letter Agreement may be executed in any number of counterparts and
by the different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which when
taken together shall constitute but one and the same letter.
This Letter Agreement shall be construed in accordance with and
governed by the laws of the State of New York.
If you are in agreement with the foregoing, kindly sign the enclosed
counterpart of this Letter Agreement and deliver such signed counterpart (by
telecopy and by overnight delivery) to the Agent.
Very truly yours,
THE CALDOR CORPORATION
By: /s/ Bennett S. Gross
--------------------------------
Title: Vice President - General Counsel
and Secretary
<PAGE> 6
5 April 24, 1996
GUARANTORS:
CALDOR, INC.-CT
By: /s/ Bennett S. Gross
-----------------------------
Title: Vice President
CALDOR, INC.-NY
By: /s/ Bennett S. Gross
-----------------------------
Title: Vice President
CAL LEASING, INC.
By: /s/ Bennett S. Gross
-----------------------------
Title: Vice President
LACDOR REALTY CORP.
By: /s/ Bennett S. Gross
-----------------------------
Title: Vice President
CALFAX, INC.
By: /s/ Bennett S. Gross
-----------------------------
Title: Vice President
TRI-STATE ADVERTISING AGENCY, INC.
By: /s/ Bennett S. Gross
-----------------------------
Title: Vice President
PREMIER SERVICE PROGRAMS, INC.
By: /s/ Bennett S. Gross
-----------------------------
Title: Vice President
<PAGE> 7
6 April 24, 1996
CALDOR-SILVER SPRING, L.L.C.
By: /s/ Bennett S. Gross
-----------------------------
Title: Secretary Caldor-Silver Spring,
L.L.C.
CAL SILVER SPRING, INC.
By: /s/ Bennett S. Gross
-----------------------------
Title:
AGREED AND ACCEPTED:
- ------------------------------------
Name of Bank
By:
--------------------------------
Title:
<PAGE> 8
6 April 24, 1996
CALDOR-SILVER SPRING, L.L.C.
By: /s/ Bennett S. Gross
-----------------------------
Title: Secretary Caldor-Silver Spring,
L.L.C.
CAL SILVER SPRING, INC.
By: /s/ Bennett S. Gross
-----------------------------
Title:
AGREED AND ACCEPTED:
Chemical Bank
- ------------------------------------
Name of Bank
By: /s/ Agnes L. Levy
--------------------------------
Title: Vice President
<PAGE> 9
6 April 24, 1996
CALDOR-SILVER SPRING, L.L.C.
By: /s/ Bennett S. Gross
-----------------------------
Title: Secretary Caldor-Silver Spring,
L.L.C.
CAL SILVER SPRING, INC.
By: /s/ Bennett S. Gross
-----------------------------
Title:
AGREED AND ACCEPTED:
ABN AMRO BANK N.V.
- ------------------------------------
Name of Bank
By: /s/ Ronald O. Drake
--------------------------------
Title: Senior Vice President
By: /s/ Steven Wimpenny
--------------------------------
Title: Authorized Signatory
<PAGE> 10
6 April 24, 1996
CALDOR-SILVER SPRING, L.L.C.
By: /s/ Bennett S. Gross
-----------------------------
Title: Secretary Caldor-Silver Spring,
L.L.C.
CAL SILVER SPRING, INC.
By: /s/ Bennett S. Gross
-----------------------------
Title:
AGREED AND ACCEPTED:
Bank of America National Trust & Savings Association
- ------------------------------------
Name of Bank
By: /s/ H.G. Wheelock
--------------------------------
Title: Vice President
<PAGE> 11
6 April 24, 1996
CALDOR-SILVER SPRING, L.L.C.
By: /s/ Bennett S. Gross
-----------------------------
Title: Secretary Caldor-Silver Spring,
L.L.C.
CAL SILVER SPRING, INC.
By: /s/ Bennett S. Gross
-----------------------------
Title:
AGREED AND ACCEPTED:
Bank of Hawaii
- ------------------------------------
Name of Bank
By: /s/ Patrick E. Green
--------------------------------
Title: Vice President
<PAGE> 12
6 April 24, 1996
CALDOR-SILVER SPRING, L.L.C.
By: /s/ Bennett S. Gross
-----------------------------
Title: Secretary Caldor-Silver Spring,
L.L.C.
CAL SILVER SPRING, INC.
By: /s/ Bennett S. Gross
-----------------------------
Title:
AGREED AND ACCEPTED:
The Bank of New York
- ------------------------------------
Name of Bank
By: /s/ Richard Hebner
--------------------------------
Title: Vice President
<PAGE> 13
6 April 24, 1996
CALDOR-SILVER SPRING, L.L.C.
By: /s/ Bennett S. Gross
-----------------------------
Title: Secretary Caldor-Silver Spring,
L.L.C.
CAL SILVER SPRING, INC.
By: /s/ Bennett S. Gross
-----------------------------
Title:
AGREED AND ACCEPTED:
The Bank of Nova Scotia
- ------------------------------------
Name of Bank
By: /s/ Alex J.D. Clarke
--------------------------------
Title: Senior Manager
<PAGE> 14
6 April 24, 1996
CALDOR-SILVER SPRING, L.L.C.
By: /s/ Bennett S. Gross
-----------------------------
Title: Secretary Caldor-Silver Spring,
L.L.C.
CAL SILVER SPRING, INC.
By: /s/ Bennett S. Gross
-----------------------------
Title:
AGREED AND ACCEPTED:
Bankers Trust Company
- ------------------------------------
Name of Bank
By: /s/ Robert W. Hevner
--------------------------------
Title: Vice President
<PAGE> 15
6 April 24, 1996
CALDOR-SILVER SPRING, L.L.C.
By: /s/ Bennett S. Gross
-----------------------------
Title: Secretary Caldor-Silver Spring,
L.L.C.
CAL SILVER SPRING, INC.
By: /s/ Bennett S. Gross
-----------------------------
Title:
AGREED AND ACCEPTED:
BHF Bank, Autiengesellschaft
- ------------------------------------
Name of Bank
By: /s/ John Sykes
--------------------------------
Title: Assistant Vice President
By: /s/ Evon Contos
--------------------------------
Title: Vice President
<PAGE> 16
6 April 24, 1996
CALDOR-SILVER SPRING, L.L.C.
By: /s/ Bennett S. Gross
-----------------------------
Title: Secretary Caldor-Silver Spring,
L.L.C.
CAL SILVER SPRING, INC.
By: /s/ Bennett S. Gross
-----------------------------
Title:
AGREED AND ACCEPTED:
CIBC, Inc.
- ------------------------------------
Name of Bank
By: /s/ Douglas J. Smith
--------------------------------
Title: Vice President
<PAGE> 17
6 April 24, 1996
CALDOR-SILVER SPRING, L.L.C.
By: /s/ Bennett S. Gross
-----------------------------
Title: Secretary Caldor-Silver Spring,
L.L.C.
CAL SILVER SPRING, INC.
By: /s/ Bennett S. Gross
-----------------------------
Title:
AGREED AND ACCEPTED:
Credit Lyonnais New York Branch
- ------------------------------------
Name of Bank
By: /s/ Alan Sidrane
--------------------------------
Title: First Vice President
<PAGE> 18
6 April 24, 1996
CALDOR-SILVER SPRING, L.L.C.
By: /s/ Bennett S. Gross
-----------------------------
Title: Secretary Caldor-Silver Spring,
L.L.C.
CAL SILVER SPRING, INC.
By: /s/ Bennett S. Gross
-----------------------------
Title:
AGREED AND ACCEPTED:
The Dai-Ichi Kangyo Bank, Limited
- ------------------------------------
Name of Bank
By: /s/ Ronald Wolinsky
--------------------------------
Title: Vice President & Group Leader
<PAGE> 19
6 April 24, 1996
CALDOR-SILVER SPRING, L.L.C.
By: /s/ Bennett S. Gross
-----------------------------
Title: Secretary Caldor-Silver Spring,
L.L.C.
CAL SILVER SPRING, INC.
By: /s/ Bennett S. Gross
-----------------------------
Title:
AGREED AND ACCEPTED:
First National Bank of Chicago
- ------------------------------------
Name of Bank
By: /s/ Thomas C. Boyce Jr.
--------------------------------
Title: Vice President
<PAGE> 20
6 April 24, 1996
CALDOR-SILVER SPRING, L.L.C.
By: /s/ Bennett S. Gross
-----------------------------
Title: Secretary Caldor-Silver Spring,
L.L.C.
CAL SILVER SPRING, INC.
By: /s/ Bennett S. Gross
-----------------------------
Title:
AGREED AND ACCEPTED:
Fleet National Bank
- ------------------------------------
Name of Bank
By: /s/ Richard A Meringolo
--------------------------------
Title: Vice President
<PAGE> 21
6 April 24, 1996
CALDOR-SILVER SPRING, L.L.C.
By: /s/ Bennett S. Gross
-----------------------------
Title: Secretary Caldor-Silver Spring,
L.L.C.
CAL SILVER SPRING, INC.
By: /s/ Bennett S. Gross
-----------------------------
Title:
AGREED AND ACCEPTED:
Internationale Nederlanden (U.S.) Capital Corporation
- ------------------------------------
Name of Bank
By: /s/ Joan M. Chiappe
--------------------------------
Title: Vice President
<PAGE> 22
6 April 24, 1996
CALDOR-SILVER SPRING, L.L.C.
By: /s/ Bennett S. Gross
-----------------------------
Title: Secretary Caldor-Silver Spring,
L.L.C.
CAL SILVER SPRING, INC.
By: /s/ Bennett S. Gross
-----------------------------
Title:
AGREED AND ACCEPTED:
Lehman Commercial Paper Inc.
- ------------------------------------
Name of Bank
By: /s/ Michele Swanson
--------------------------------
Title: Authorized Signatory
<PAGE> 23
6 April 24, 1996
CALDOR-SILVER SPRING, L.L.C.
By: /s/ Bennett S. Gross
-----------------------------
Title: Secretary Caldor-Silver Spring,
L.L.C.
CAL SILVER SPRING, INC.
By: /s/ Bennett S. Gross
-----------------------------
Title:
AGREED AND ACCEPTED:
Merrill Lynch, Pierce, Fenner and Smith Incorporated
- ------------------------------------
Name of Bank
By: /s/ Dennis Greeley
--------------------------------
Title: Vice President
<PAGE> 24
6 April 24, 1996
CALDOR-SILVER SPRING, L.L.C.
By: /s/ Bennett S. Gross
-----------------------------
Title: Secretary Caldor-Silver Spring,
L.L.C.
CAL SILVER SPRING, INC.
By: /s/ Bennett S. Gross
-----------------------------
Title:
AGREED AND ACCEPTED:
Morgan Guaranty Trust Company of New York
- ------------------------------------
Name of Bank
By: Houston Stebbins
--------------------------------
Title: Vice President
<PAGE> 25
6 April 24, 1996
CALDOR-SILVER SPRING, L.L.C.
By: /s/ Bennett S. Gross
-----------------------------
Title: Secretary Caldor-Silver Spring,
L.L.C.
CAL SILVER SPRING, INC.
By: /s/ Bennett S. Gross
-----------------------------
Title:
AGREED AND ACCEPTED:
Nat West Bank N.A.
- ------------------------------------
Name of Bank
By: Barry Karen
--------------------------------
Title: Vice President
<PAGE> 26
6 April 24, 1996
CALDOR-SILVER SPRING, L.L.C.
By: /s/ Bennett S. Gross
-----------------------------
Title: Secretary Caldor-Silver Spring,
L.L.C.
CAL SILVER SPRING, INC.
By: /s/ Bennett S. Gross
-----------------------------
Title:
AGREED AND ACCEPTED:
The Nippon Credit Bank, Ltd.
- ------------------------------------
Name of Bank
By: David C. Carrington
--------------------------------
Title: Vice President & Manager
<PAGE> 27
ANNEX A
SCHEDULE 6.12
LIST OF STORES TO BE CLOSED
<TABLE>
<CAPTION>
Store Number Store Location
- ------------ --------------
<S> <C>
24 Groton, Connecticut
100 Brockton, Massachusetts
104 Coram, New York
105 Canton, Massachusetts
177 Fairmount, New York
178 North Syracuse, New York
179 Fayetteville, New York
158 Greece, New York
159 Gates, New York
160 Henrietta, New York
161 Irondequoit, New York
172 Victor, New York
</TABLE>
