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 12, 1996
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U.S. INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-13736 223369326
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File No.) Identification No.)
101 Wood Avenue South
Iselin, New Jersey 08830
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(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (908) 767-0700
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Exhibit Index on Page 4
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ITEM 5. OTHER EVENTS.
On December 12, 1996, U.S. Industries, Inc. (the "Company") issued a
press release (the "Press Release") regarding the issuance by USI American
Holdings, Inc., its wholly-owned subsidiary, of $125 million aggregate principal
amount of senior notes due December 1, 2006, which were unconditionally
guaranteed by the Company. A copy of the Press Release has been filed as Exhibit
99.1 to this Current Report.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS.
(c) Exhibits. A copy of the Press Release has been filed as Exhibit
99.1 to this Current Report.
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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.
U.S. INDUSTRIES, INC.
December 16, 1996. By:/s/ George H. MacLean
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Name: George H. Maclean
Title: Senior Vice President,
General Counsel and
Secretary
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EXHIBITS
EXHIBIT NO. EXHIBIT
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99.1 Press Release dated December 12, 1996.
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NYFS11...:\95\78595\0012\1860\FRMD166K.200
Exhibit 99.1
[U.S. Industries, Inc. Letterhead]
Contact: Diana Burton
(908) 767-2255
For Immediate Release
USI ISSUES $125 MILLION OF 7 1/4% SENIOR NOTES
DUE DECEMBER 1, 2006
LONDON, ENGLAND and ISELIN, NJ, December 12, 1996 -- U.S. Industries, Inc.
(NYSE-USI) announced today that it has issued a $125 million offering of senior
notes due December 1, 2006.
The 7 1/4% notes, which will be issued by USI American Holdings, Inc. and
unconditionally guaranteed by USI, were priced on Friday, December 6, 1996, to
yield 7.358%.
USI American Holdings will use the proceeds of the offering to prepay a portion
of its existing term loans. It will concurrently enter into a new $750 million
unsecured revolving credit facility and prepay the remainder of its existing
credit facility at reduced borrowing rates, based upon USI's current credit
ratings.
"USI is fortunate to have the opportunity to issue ten year notes which will
prepay bank debt ahead of schedule while also extending the overall maturity of
our debt profile at favorable rates," said Frank R. Reilly, Senior Vice
President and Chief Financial Officer of USI.
The Notes have not been registered under the Securities Act of 1933 and may not
be offered or sold in the United States absent registration or an applicable
exemption from registration requirements. USI will agree to register the notes
with the Securities and Exchange Commission within a prescribed time period. The
issue was rated Baa3 by Moody's Investor Service, BBB- by Duff & Phelps and BB+
by Standard & Poor's.
U.S. Industries, Inc. is a diversified industrial management corporation. Its
companies include such well known businesses as Jacuzzi, Ames garden tools, Ertl
toys, Rexair vacuum cleaners, Lighting Corporation of America, EJ Footwear,
Garden State Tanning and Tommy Armour Golf.
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