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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: August 21, 2000
(Date of earliest event reported)
1-10711
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(Commission File No.)
Sizzler International, Inc.
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(Exact name of Registrant as specified in its charter)
Delaware 95-4307254
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(State or other jurisdiction (IRS Employer Identification
of incorporation) Number)
6101 West Centinela Avenue, Suite 200, Culver City, CA 90230
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(Address of principal executive offices, including zip code)
(310) 568-0135
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On August 21, 2000 Sizzler International, Inc. (the "Company") successfully
concluded an internal reorganization of its Australian division and a
refinancing of its existing credit facility with Westpac Banking Corporation. In
connection with the refinancing, the Company increased its existing Westpac
credit facility by AUD$8 million to AUD$46 million. The credit facility is to be
collateralized by the Company's Australian division assets and certain
intellectual property. The loan provides for a three-year term at an interest
rate equal to the Australian interbank borrowing rate, plus a 2.25 percent
margin. The credit facility is subject to a mandatory principal reduction
payment of AUD$10 million by December 15, 2000 in certain events, as well as to
other financial and other covenants and restrictions of a kind that management
believes is customary for a loan of this type. The Company originally entered
into its existing credit facility in 1997 in connection with its emergence from
Chapter 11 proceedings. The principal loan documents relating to the refinancing
are filed with this report.
On August 23, 2000, the Company issued a press release announcing earnings for
the first quarter and same-store sales, which press release is filed with this
report.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
Number Description
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10.1 AUD$46,000,000 Bill Acceptance and Discount Facility dated
August 21, 2000 between Collins Restaurants Management Pty
Ltd. and Westpac Banking Corporation.
10.2 Unlimited Cross Guarantee and Indemnity and Negative Pledge
with Financial Ratio Covenants dated August 21, 2000 between
various subsidiaries of the Registrant and Westpac Banking
Corporation.
10.3 Guaranty and Indemnity dated August 21, 2000 between the
Registrant as Guarantor and Westpac Banking Corporation as
Financier.
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10.4 Stock Pledge August 21, 2000 between Sizzler Asia Holdings,
Inc. as Chargor and Westpac Banking Corporation as
Financier.
10.5 Fixed and Floating Charge dated August 21, 2000 between
Collins Restaurants Management Pty Ltd. as Chargor and
Westpac Banking Corporation as Financier.
10.6 Fixed and Floating Charge dated August 21, 2000 between
Sizzler Asia Holdings, Inc. as Chargor and Westpac Banking
Corporation as Financier.
10.7 Subordination Deed dated August 21, 2000 between the
Registrant and various of its subsidiaries as Junior
Creditor and Westpac Banking Corporation as Senior Creditor
99.1 Press Release dated August 23, 2000
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 hereunder duly authorized.
Sizzler International, Inc.
By: /s/ Steven R. Selcer
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Name: Steven R. Selcer
Title: Vice President and
Chief Financial Officer
Dated: September 01, 2000
