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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 7, 1999
AgriBioTech, Inc.
(Exact name of issuer as specified in its charter)
Nevada 0-19352 85-0325742
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
120 Corporate Park Drive, Henderson, Nevada (89014)
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (702)566-2440
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Item 5. Other Events
On June 7, 1999, AgriBioTech, Inc. ("ABT" or the "Company") issued
4,276,850 shares of common stock at approximately $6.55 per share totaling $28
million to The State of Wisconsin Investment Board ("SWIB"). As provided in the
Securities Purchase Agreement dated as of June 4, 1999, the issuance price was
the average of the Company's closing price per share for the 10 trading days
from May 21, 1999 through June 4, 1999. The proceeds from the issuance of common
stock to SWIB were used by the Company to reduce the outstanding indebtedness
under its revolving credit facility and repay the $10 million bridge loan the
Company recently received from Richard Budd, the Company's CEO, and his family.
The Company had used this bridge loan and credit available under its revolving
credit facility to redeem, on May 28,1999, its outstanding subordinated
convertible debentures at a price, including accrued interest, of approximately
$27.6 million.
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SIGNATURES
Pursuant to the requirement 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.
AGRIBIOTECH, INC.
Date: June 9, 1999 By: /s/ Randy Ingram
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Randy Ingram, Co-President and CFO
