-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FlIYUJVEnr2Cvep9ghY5c84LW22Wf2uH7N7XZ600/8wpImW/Po0vx6w2uMqsDjbl z35qR4GH5FJzFeAmOeX+MQ== 0000812708-03-000004.txt : 20030115 0000812708-03-000004.hdr.sgml : 20030115 20030115095652 ACCESSION NUMBER: 0000812708-03-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030115 ITEM INFORMATION: Other events FILED AS OF DATE: 20030115 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WELLMAN INC CENTRAL INDEX KEY: 0000812708 STANDARD INDUSTRIAL CLASSIFICATION: PLASTIC MAIL, SYNTH RESIN/RUBBER, CELLULOS (NO GLASS) [2820] IRS NUMBER: 041671740 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10033 FILM NUMBER: 03514368 BUSINESS ADDRESS: STREET 1: 595 SHREWSBURY AVENUE CITY: SHREWSBURY STATE: NJ ZIP: 07702 BUSINESS PHONE: (732)212-3300 MAIL ADDRESS: STREET 1: P.O. BOX 31331 CITY: CHARLOTTE STATE: NC ZIP: 28231 8-K 1 eightk03.htm OTHER EVENT eightk03

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): January 8, 2003

 

 

Wellman, Inc.
(Exact name of registrant as specified in its charter)

Delaware

1-10033

04-1671740

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

 

595 Shrewsbury Avenue, Shrewsbury, NJ
(Address of principal executive offices)

07702
(Zip Code)

Registrant's telephone number, including area code 732-212-3300

Item 5. Other Events and Regulation FD Disclosure

On January 8, 2003 Moody's Investor Services ("Moody's") announced that it downgraded its ratings of Wellman, Inc. (the "Company"). The Company's ratings were changed as follows: senior unsecured shelf rating to (P)Ba2 from (P)Baa3 and subordinated shelf rating to (P)Ba3 from (P)Ba1. Moody's announcement further stated that the Company's rating outlook is stable.

As a result of this downgrade, the Company is no longer rated as investment grade by either Moody's or Standards & Poor's. Although the failure to be investment grade will increase our cost of funds and may reduce our access to certain capital markets, the Company believes that it will not have a material adverse effect on its financial position, cash flows or results of operations.

 

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 thereunto duly authorized.

WELLMAN, INC.



DATED: January 15, 2003

By:

/s/Keith R. Phillips
Keith R. Phillips
Chief Financial Officer
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