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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 18, 1997
ACME METALS INCORPORATED
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(Exact name of registrant as specified in its charter)
Delaware 1-14378 36-3802419
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(State or other jurisdiction of (Commission File Number) (IRS Employer
Incorporation) Identification Number)
13500 South Perry Avenue, Riverdale, Illinois 60827-1182
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 708-849-2500
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
The following exhibit accompanies this Current Report on Form 8-K:
Exhibit No. Description
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20.1 Press release issued
on December 18, 1997
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 hereunto duly authorized.
ACME METALS INCORPORATED
Date: December 19, 1997 By: /s/ Edward P. Weber, Jr.
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Vice President, General Counsel
and Secretary
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[ACME METALS INCORPORATED LETTERHEAD]
NEWS RELEASE For further information contact:
DECEMBER 18, 1997 Joel L. Hawthorne
Director
Investor and Public Relations
(708) 841-8383, ext. 2266
ACME METALS ANNOUNCES SUCCESSFUL COMPLETION OF REFINANCING
RIVERDALE, Illinois, December 18, 1997 -- Acme Metals Incorporated (NYSE: AMI;
TSE: AMK) today announced the successful completion of a refinancing transaction
consisting of an institutional private placement of $200 million unsecured
Senior Notes due 2007 with a stated coupon rate of 10-7/8 percent yielding 11
percent along with the establishment of an eight-year, secured $175 million
syndicated term loan.
Stephen D. Bennett, President and CEO of Acme Metals Incorporated stated, "We
have put in place a capital structure which provides additional financial
flexibility and positions the Company for future growth and expansion. By
completing this transaction, we have lowered our average interest rate, extended
the average maturity and increased our flexibility to pay down outstanding debt
as we achieve improved cash flow."
The proceeds from the Senior Notes and term loan will be used for prepayment
consideration resulting from the previously announced tender offer for the
Company's 12-1/2 percent Senior Secured Notes and the 13-1/2 percent Senior
Secured Discount Notes, which were issued in 1994. Proceeds will also be used to
repay the Company's existing term loan and borrowings
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under the Company's working capital facility. The working capital facility has
been amended and restated to terms more favorable to the Company and extended to
January 2001.
The Company will record, in the fourth quarter of 1997, a nonrecurring and
extraordinary charge of approximately $38 million, or $23 million after tax, for
the unamortized expenses and costs related to the early retirement of the 1994
Notes.
Acme Metals Incorporated, through its operating subsidiaries, is a fully
integrated producer of steel, steel strapping and strapping products, welded
steel tubing, and auto and light truck jacks. Its common stock is traded on the
New York Stock Exchange under the symbol AMI and on the Toronto Stock Exchange
under the symbol AMK.
