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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 9, 1997
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BROTHERS GOURMET COFFEES, INC.
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(Exact Name of Registrant as Specified in Charter)
Delaware 0-23024 52-1681708
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(State or Other Juris- (Commission (IRS Employer
diction of Incorporation) File Number) Identification No.)
2255 Glades Road
Suite 100E
Boca Raton, Florida 33431
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(Address of Principal (Zip Code)
Executive Offices)
(561) 995-2600
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS
On December 10, 1997, the Registrant issued the press release attached hereto as
Exhibit 99.1, which is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Press release issued December 10, 1997 by the Registrant.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BROTHERS GOURMET COFFEES, INC.
(Registrant)
/s/ John L. Ruppert
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Date: December 17, 1997 By: John L. Ruppert
Title: Secretary
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EXHIBIT 99.1
Contact:
Barry Bilmes
Brothers Gourmet Coffees, Inc.
(561)995-2600
BROTHERS GOURMET COFFEES, INC.
ANNOUNCES AMENDED CREDIT FACILITY
WITH GOLDMAN SACHS CREDIT PARTNERS, L.P.
Boca Raton, Florida, December 10, 1997 - Brothers Gourmet Coffees, Inc.
(NASDAQ:BEAN), announced today that, on December 9, 1997, Goldman Sachs Credit
Partners, L.P. acquired from Sanwa Business Credit Corporation 100% of Sanwa's
secured term loan and revolving credit facility with Brothers Gourmet Coffees,
Inc. In addition, the Company also announced that Goldman Sachs Credit
Partners and the Company have agreed to amend the terms and conditions of the
Sanwa loan to provide additional funding up to a maximum of $28 million. The
amended long-term credit facility includes both a revolving credit and a term
loan. The term loan under the facility is capped at $6.5 million.
Barry Bilmes, Vice President Finance and Administration, stated that, "We are
extremely pleased that Goldman Sachs Credit Partners, L.P. has agreed to amend
the terms of the Sanwa facility. This amended facility provides substantial
additional capital and will greatly assist us in our efforts to develop and
pursue category growth, expand strategic distribution and satisfy our day-to-day
working capital needs."
Mr. Bilmes went on to say, "Brothers Gourmet Coffees, Inc. generated $10 million
in cash flow from operations during the twelve month period ended September
1997. Internal cash flow plus the additional liquidity from this financing will
allow the company to take advantage of the fastest growing segment in the
wholesale coffee category."
Brother Gourmet Coffees, Inc., is a leading branded roaster of wholesale gourmet
coffees, offering a variety of unique gourmet coffees and packages to grocery,
military, mass and specialty merchandisers, food service and warehouse club
classes of trade.
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