SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 14,
1998 UNIROYAL TECHNOLOGY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
(State of other jurisdiction of incorporation)
0-20686 65-0341868
(Commission File Number) (IRS Employer Identification No.)
Two North Tamiami Trail, Suite 900
Sarasota, Florida 34236
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (941) 366-2100
(Former name or former address, if changed since last report.)
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Item 5. Other Events.
On April 14, 1998, Uniroyal Technology Corporation (the "Company") defeased its
11-3/4% Senior Secured Notes Due June 1, 2003 (the "Senior Secured Notes") and
issued a notice of redemption of the Senior Secured Notes. The redemption of the
Senior Secured Notes is to be completed on June 1, 1998.
Also on April 14, 1998, the Company transferred all of the assets of its High
Performance Plastics segment to a newly created wholly-owned subsidiary, High
Performance Plastics, Inc. ("HPPI"), and HPPI, as borrower, entered into a
Credit Agreement with Uniroyal HPP Holdings, Inc., the Company, the banks,
financial institutions and other institutional lenders named therein, Fleet
National Bank (as Initial Issuing Bank, Swing Line Bank and Administrative
Agent) and DLJ Capital Funding,Inc., as Documentation Agent, providing, among
other things, for the borrowing by HPPI of an aggregate principal amount of up
to $110 million. A copy of the Credit Agreement was filed as Exhibit A to the
Company's Current Report on Form 8-K filed on April 21, 1998. HPPI then paid a
dividend of $95 million to the Company. The Company used such amount to defease
the Senior Secured Notes and to pay down its revolving credit line with The CIT
Group/Business Credit, Inc. ("CIT").
Also on April 14, 1998, the Company entered into an Amendment and Consent
Agreement with CIT, whereby the Company's existing revolving credit arrangement
was amended to reduce the total potential borrowing by the Company to an
aggregate principal amount of up to $10 million and to add inventories to the
collateral securing the credit line. The collateral securing the Credit Line
does not include any assets of HPPI. A copy of the Amendment and Consent
Agreement was filed as Exhibit B to the Company's Current Report on Form 8-K
filed on April 21, 1998.
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 thereunto duly authorized.
UNIROYAL TECHNOLOGY CORPORATION
By:
George J. Zulanas, Jr.
Vice President, Treasurer and
Chief Financial Officer
Dated: April 22, 1998
