-----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, Aui7xZFTQddqmWeAia6VsJxpOJyltgaHgXCDAL5orL92YkrVZak5geEihOv4uc3P XZc9499HN59zboK12dPCfQ== 0000950123-96-002893.txt : 19960607 0000950123-96-002893.hdr.sgml : 19960607 ACCESSION NUMBER: 0000950123-96-002893 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960507 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960606 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALDOR CORP CENTRAL INDEX KEY: 0000857954 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-VARIETY STORES [5331] IRS NUMBER: 061282044 STATE OF INCORPORATION: DE FISCAL YEAR END: 0201 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10745 FILM NUMBER: 96577696 BUSINESS ADDRESS: STREET 1: 20 GLOVER AVE CITY: NORWALK STATE: CT ZIP: 06856 BUSINESS PHONE: 2038461641 MAIL ADDRESS: STREET 2: 20 GLOVE AVE CITY: NORWALK STATE: CT ZIP: 068565620 8-K 1 FORM 8-K CURRENT REPORT 1 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): May 7, 1996 ----------------------- The Caldor Corporation ------------------------------------------------------ (Exact Name of Registrant as specified in its charter) Delaware 1-10745 06-1282044 - ------------------------------- --------------------- ------------------- (State or other jurisdiction of (Commission File No.) (I.R.S. Employer incorporation) Identification No.) 20 Glover Avenue, Norwalk, Connecticut 06856-5620 - ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) (203) 846-1641 ---------------------------------------------------- (Registrant's telephone number, including area code) 2 ITEM 5. OTHER EVENTS. AMENDMENT TO REVOLVING CREDIT AND GUARANTY AGREEMENT. Pursuant to an Amendment Letter Agreement, dated April 24, 1996 (the "Amendment"), among The Caldor Corporation, as Borrower (the "Company"), certain of its subsidiaries, as guarantors (the "Guarantors"), the Banks party thereto and Chemical Bank, as agent (the "Agent"), the Company requested certain amendments to the Amended and Restated Revolving Credit and Guaranty Agreement dated as of October 17, 1995 (the "Agreement") among the Company, the Guarantors, the Banks party thereto and the Agent. As of May 7, 1996, the requisite number of Banks approved the Amendment. The Amendment, among other things, permitted the Company to (i) sell inventory at twelve retail locations in store closing sales, provided that the liens in favor of the Agent on such inventory attach to the proceeds of such sales, (ii) increase from $10,000,000 to $18,500,000 payments or transfers of property to be made to vendors for reclamation claims, provided that, before any payment is made or property is transferred in an aggregate amount in excess of $10,000,000, the Bankruptcy Court shall have entered an order satisfactory to the Agent approving such payment or transfer, and (iii) adjust the delivery schedule of certain financial statements, financial projections and cash flows reports. This summary does not purport to be complete and is qualified in its entirety by reference to the Amendment Letter Agreement, a copy of which is attached hereto as Exhibit 99.1. 2 3 ITEM 7: FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (C) EXHIBITS:
EXHIBIT NUMBER DESCRIPTION -------------- ----------- 99.1 Amendment Letter Agreement dated April 24, 1996 to the Amended and Restated Revolving Credit and Guaranty Agreement dated as of October 17, 1995 among The Caldor Corporation, as borrower, certain of its subsidiaries, as guarantors, the banks party thereto and Chemical Bank, as agent.
3 4 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. THE CALDOR CORPORATION (Registrant) Date: June 6, 1996 By: /s/ Bennett S. Gross --------------------- Bennett S. Gross Vice President 4 5 EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION PAGE NUMBER - -------------- ----------- ----------- 99.1 Amendment Letter Agreement dated April 24, 1996 to the Amended and Restated Revolving Credit and Guaranty Agreement dated as of October 17, 1995 among The Caldor Corporation, as borrower, certain of its subsidiaries, as guarantors, the banks party thereto and Chemical Bank, as agent.
5 EX-99.1 2 AMENDMENT LETTTER AGREEMENT DATED APRIL 24, 1996 1 EXHIBIT 99.1 Amendment Letter Agreement 2 THE CALDOR CORPORATION 20 Glover Avenue Norwalk, Connecticut 06856-5620 April 24, 1996 TO THE BANKS PARTY TO THE AMENDED AND RESTATED REVOLVING CREDIT AND GUARANTY AGREEMENT DATED AS OF OCTOBER 17, 1995, AS AMENDED, AMONG THE CALDOR CORPORATION, THE GUARANTORS NAMED THEREIN, THE BANKS PARTY THERETO AND CHEMICAL BANK, AS AGENT Amendment Letter Agreement Gentlemen: This has reference to the Amended and Restated Revolving Credit and Guaranty Agreement dated as of October 17, 1995, as heretofore amended (the "Agreement") among The Caldor Corporation, as Borrower, the Guarantors named therein, the Banks party thereto and Chemical Bank, as Agent. All terms used herein that are defined in the Agreement shall have the same meanings herein. The Borrower has requested that certain provisions of the Agreement be amended as set forth herein. Accordingly, the Borrower, the Guarantors, the Agent and the Banks hereby agree as follows: 1. Section 1.01 of the Credit Agreement is hereby amended by inserting the following new defined term in appropriate alphabetical order: "Consulting and Agency Agreement" shall mean that certain Consulting and Agency Agreement dated April 11, 1996 by and between the Borrower and a joint venture consisting of Buxbaum, Ginsberg & Associates, Inc., Alco Capital Group, Inc. and The Nassi Group, LLC, which agreement was approved by the the entry of an order of the Bankruptcy Court on April 3, 1996. 2. Section 2.13(b) of the Credit Agreement is hereby amended (i) by inserting the designation "(x)" following the words "it being understood and agreed that" appearing in the parenthetical text set forth at the end thereof and (ii) by inserting the following new subclause (y) at end of such parenthetical text: 3 2 April 24, 1996 "and (y) in determining the Borrower's cash funds that are in excess of $5,000,000 provided for above, such calculation shall exclude (i) amounts invested in a segregated interest-bearing account with the Agent from the proceeds of Inventory sold in store closing sales permitted pursuant to Section 6.12(iii) and (ii) amounts, not in excess of $3,000,000 (plus accrued interest) in the aggregate, required to be deposited into a segregated interest-bearing account pursuant to paragraph 8.3 of the Consulting and Agency Agreement." 3. Section 5.01(b) of the Credit Agreement is hereby amended by deleting the number "60" set forth therein and inserting in lieu thereof the number "90". 4. Section 5.01(d) of the Credit Agreement is hereby amended in its entirety as follows: "(d) within thirty days of the end of each fiscal month, forty-five days of the end of each fiscal quarter and 90 days of the end of each fiscal year, the unaudited cash flow reports of the Borrower and the Guarantors for the relevant fiscal period on a consolidated basis and as of the close of such fiscal period and the results of their operations during such fiscal period and (in the case of the monthly and quarterly cash flow reports) the then elapsed portion of the fiscal year, all certified by a Financial Officer as fairly presenting the results of operations of the Borrower and the Guarantors on a consolidated basis, subject to normal year-end audit adjustments; PROVIDED, that notwithstanding the foregoing, the unaudited monthly cash flow reports required to be delivered to the Agent and the Banks for the fiscal months ending February 3, 1996, March 2, 1996 and April 6, 1996 in accordance with this Section 5.01(d) shall be delivered to the Agent and the Banks not later than May 2, 1996;" 5. Section 5.01(f) of the Credit Agreement is hereby amended in its entirety to read as follows: "(f) as soon as possible, and in any event (i) within 90 days of the end of each 4 3 April 24, 1996 fiscal year (commencing with the fiscal year ending on or about February 3, 1996), annual financial projections prepared on a monthly basis for the next succeeding fiscal year and (ii) promptly as the same becomes available, any material modifications or material updates to such financial projections, in each case in detail reasonably satisfactory to the Agent;" 6. Section 6.01(b) of the Credit Agreement is hereby amended in its entirety to read as follows: "(b) Make any payments or transfer any property (other than goods of the nature referred to in the "PROVIDED" clause of the definition of the term "Pre- Petition Payment" appearing herein) on account of claims asserted by any of the Borrower's or Guarantors' vendors for reclamation rights in accordance with Section 2-702 of the Uniform Commercial Code and Section 546(c) of the Bankruptcy Code in an aggregate amount in excess of $18,500,000, PROVIDED that before any such payment is made or property is transferred in an aggregate amount in excess of $10,000,000 the Bankruptcy Court shall have entered an order satisfactory in form and substance to the Agent approving such payment or transfer." 7. Section 6.11 of the Credit Agreement is hereby amended by deleting the word "and" immediately preceding (vi) set forth in the first paragraph thereof and inserting in lieu thereof a comma, and by inserting the following new clauses (vii) and (viii) at the end of the first paragraph thereof: "(vii) the investment in a segregated interest-bearing account with the Agent of the proceeds of Inventory sold in store closing sales permitted pursuant to Section 6.12(iii) and (viii) the deposit into a segregated interest-bearing account of amounts, not in excess of $3,000,000 (plus accrued interest) in the aggregate, required pursuant to paragraph 8.3 of the Consulting and Agency Agreement." 8. Section 6.12 of the Credit Agreement is hereby amended by deleting the word "and" immediately preceding clause (ii) therein and inserting in lieu thereof a comma, and by inserting the following new clause (iii): "and (iii) in addition to the sales permitted by clauses (i) and (ii) above, sales of Inventory at the twelve (12) retail locations 5 4 April 24, 1996 set forth on Schedule 6.12 in store closing sales, PROVIDED, that the Liens in favor of the Agent on behalf of the Banks on such Inventory shall attach to the proceeds of such sales." 9. The Schedules to the Credit Agreement are hereby amended to include new Schedule 6.12 thereto in the form of Annex A hereto. This Letter Agreement shall not become effective until the date on which it shall have been executed by the Borrower, the Guarantors and Banks constituting the Required Banks, and the Agent shall have received evidence satisfactory to it of such execution. This Letter Agreement shall be limited precisely as written and shall not be deemed to be a consent granted pursuant to, or a waiver or modification of, any other term or condition of the Agreement or any of the instruments or agreements referred to therein or to prejudice any right or rights which the Agent or the Banks may now have or may have in the future under or in connection with the Agreement or any of the instruments or agreements referred to therein. This Letter Agreement may be executed in any number of counterparts and by the different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which when taken together shall constitute but one and the same letter. This Letter Agreement shall be construed in accordance with and governed by the laws of the State of New York. If you are in agreement with the foregoing, kindly sign the enclosed counterpart of this Letter Agreement and deliver such signed counterpart (by telecopy and by overnight delivery) to the Agent. Very truly yours, THE CALDOR CORPORATION By: /s/ Bennett S. Gross -------------------------------- Title: Vice President - General Counsel and Secretary 6 5 April 24, 1996 GUARANTORS: CALDOR, INC.-CT By: /s/ Bennett S. Gross ----------------------------- Title: Vice President CALDOR, INC.-NY By: /s/ Bennett S. Gross ----------------------------- Title: Vice President CAL LEASING, INC. By: /s/ Bennett S. Gross ----------------------------- Title: Vice President LACDOR REALTY CORP. By: /s/ Bennett S. Gross ----------------------------- Title: Vice President CALFAX, INC. By: /s/ Bennett S. Gross ----------------------------- Title: Vice President TRI-STATE ADVERTISING AGENCY, INC. By: /s/ Bennett S. Gross ----------------------------- Title: Vice President PREMIER SERVICE PROGRAMS, INC. By: /s/ Bennett S. Gross ----------------------------- Title: Vice President 7 6 April 24, 1996 CALDOR-SILVER SPRING, L.L.C. By: /s/ Bennett S. Gross ----------------------------- Title: Secretary Caldor-Silver Spring, L.L.C. CAL SILVER SPRING, INC. By: /s/ Bennett S. Gross ----------------------------- Title: AGREED AND ACCEPTED: - ------------------------------------ Name of Bank By: -------------------------------- Title: 8 6 April 24, 1996 CALDOR-SILVER SPRING, L.L.C. By: /s/ Bennett S. Gross ----------------------------- Title: Secretary Caldor-Silver Spring, L.L.C. CAL SILVER SPRING, INC. By: /s/ Bennett S. Gross ----------------------------- Title: AGREED AND ACCEPTED: Chemical Bank - ------------------------------------ Name of Bank By: /s/ Agnes L. Levy -------------------------------- Title: Vice President 9 6 April 24, 1996 CALDOR-SILVER SPRING, L.L.C. By: /s/ Bennett S. Gross ----------------------------- Title: Secretary Caldor-Silver Spring, L.L.C. CAL SILVER SPRING, INC. By: /s/ Bennett S. Gross ----------------------------- Title: AGREED AND ACCEPTED: ABN AMRO BANK N.V. - ------------------------------------ Name of Bank By: /s/ Ronald O. Drake -------------------------------- Title: Senior Vice President By: /s/ Steven Wimpenny -------------------------------- Title: Authorized Signatory 10 6 April 24, 1996 CALDOR-SILVER SPRING, L.L.C. By: /s/ Bennett S. Gross ----------------------------- Title: Secretary Caldor-Silver Spring, L.L.C. CAL SILVER SPRING, INC. By: /s/ Bennett S. Gross ----------------------------- Title: AGREED AND ACCEPTED: Bank of America National Trust & Savings Association - ------------------------------------ Name of Bank By: /s/ H.G. Wheelock -------------------------------- Title: Vice President 11 6 April 24, 1996 CALDOR-SILVER SPRING, L.L.C. By: /s/ Bennett S. Gross ----------------------------- Title: Secretary Caldor-Silver Spring, L.L.C. CAL SILVER SPRING, INC. By: /s/ Bennett S. Gross ----------------------------- Title: AGREED AND ACCEPTED: Bank of Hawaii - ------------------------------------ Name of Bank By: /s/ Patrick E. Green -------------------------------- Title: Vice President 12 6 April 24, 1996 CALDOR-SILVER SPRING, L.L.C. By: /s/ Bennett S. Gross ----------------------------- Title: Secretary Caldor-Silver Spring, L.L.C. CAL SILVER SPRING, INC. By: /s/ Bennett S. Gross ----------------------------- Title: AGREED AND ACCEPTED: The Bank of New York - ------------------------------------ Name of Bank By: /s/ Richard Hebner -------------------------------- Title: Vice President 13 6 April 24, 1996 CALDOR-SILVER SPRING, L.L.C. By: /s/ Bennett S. Gross ----------------------------- Title: Secretary Caldor-Silver Spring, L.L.C. CAL SILVER SPRING, INC. By: /s/ Bennett S. Gross ----------------------------- Title: AGREED AND ACCEPTED: The Bank of Nova Scotia - ------------------------------------ Name of Bank By: /s/ Alex J.D. Clarke -------------------------------- Title: Senior Manager 14 6 April 24, 1996 CALDOR-SILVER SPRING, L.L.C. By: /s/ Bennett S. Gross ----------------------------- Title: Secretary Caldor-Silver Spring, L.L.C. CAL SILVER SPRING, INC. By: /s/ Bennett S. Gross ----------------------------- Title: AGREED AND ACCEPTED: Bankers Trust Company - ------------------------------------ Name of Bank By: /s/ Robert W. Hevner -------------------------------- Title: Vice President 15 6 April 24, 1996 CALDOR-SILVER SPRING, L.L.C. By: /s/ Bennett S. Gross ----------------------------- Title: Secretary Caldor-Silver Spring, L.L.C. CAL SILVER SPRING, INC. By: /s/ Bennett S. Gross ----------------------------- Title: AGREED AND ACCEPTED: BHF Bank, Autiengesellschaft - ------------------------------------ Name of Bank By: /s/ John Sykes -------------------------------- Title: Assistant Vice President By: /s/ Evon Contos -------------------------------- Title: Vice President 16 6 April 24, 1996 CALDOR-SILVER SPRING, L.L.C. By: /s/ Bennett S. Gross ----------------------------- Title: Secretary Caldor-Silver Spring, L.L.C. CAL SILVER SPRING, INC. By: /s/ Bennett S. Gross ----------------------------- Title: AGREED AND ACCEPTED: CIBC, Inc. - ------------------------------------ Name of Bank By: /s/ Douglas J. Smith -------------------------------- Title: Vice President 17 6 April 24, 1996 CALDOR-SILVER SPRING, L.L.C. By: /s/ Bennett S. Gross ----------------------------- Title: Secretary Caldor-Silver Spring, L.L.C. CAL SILVER SPRING, INC. By: /s/ Bennett S. Gross ----------------------------- Title: AGREED AND ACCEPTED: Credit Lyonnais New York Branch - ------------------------------------ Name of Bank By: /s/ Alan Sidrane -------------------------------- Title: First Vice President 18 6 April 24, 1996 CALDOR-SILVER SPRING, L.L.C. By: /s/ Bennett S. Gross ----------------------------- Title: Secretary Caldor-Silver Spring, L.L.C. CAL SILVER SPRING, INC. By: /s/ Bennett S. Gross ----------------------------- Title: AGREED AND ACCEPTED: The Dai-Ichi Kangyo Bank, Limited - ------------------------------------ Name of Bank By: /s/ Ronald Wolinsky -------------------------------- Title: Vice President & Group Leader 19 6 April 24, 1996 CALDOR-SILVER SPRING, L.L.C. By: /s/ Bennett S. Gross ----------------------------- Title: Secretary Caldor-Silver Spring, L.L.C. CAL SILVER SPRING, INC. By: /s/ Bennett S. Gross ----------------------------- Title: AGREED AND ACCEPTED: First National Bank of Chicago - ------------------------------------ Name of Bank By: /s/ Thomas C. Boyce Jr. -------------------------------- Title: Vice President 20 6 April 24, 1996 CALDOR-SILVER SPRING, L.L.C. By: /s/ Bennett S. Gross ----------------------------- Title: Secretary Caldor-Silver Spring, L.L.C. CAL SILVER SPRING, INC. By: /s/ Bennett S. Gross ----------------------------- Title: AGREED AND ACCEPTED: Fleet National Bank - ------------------------------------ Name of Bank By: /s/ Richard A Meringolo -------------------------------- Title: Vice President 21 6 April 24, 1996 CALDOR-SILVER SPRING, L.L.C. By: /s/ Bennett S. Gross ----------------------------- Title: Secretary Caldor-Silver Spring, L.L.C. CAL SILVER SPRING, INC. By: /s/ Bennett S. Gross ----------------------------- Title: AGREED AND ACCEPTED: Internationale Nederlanden (U.S.) Capital Corporation - ------------------------------------ Name of Bank By: /s/ Joan M. Chiappe -------------------------------- Title: Vice President 22 6 April 24, 1996 CALDOR-SILVER SPRING, L.L.C. By: /s/ Bennett S. Gross ----------------------------- Title: Secretary Caldor-Silver Spring, L.L.C. CAL SILVER SPRING, INC. By: /s/ Bennett S. Gross ----------------------------- Title: AGREED AND ACCEPTED: Lehman Commercial Paper Inc. - ------------------------------------ Name of Bank By: /s/ Michele Swanson -------------------------------- Title: Authorized Signatory 23 6 April 24, 1996 CALDOR-SILVER SPRING, L.L.C. By: /s/ Bennett S. Gross ----------------------------- Title: Secretary Caldor-Silver Spring, L.L.C. CAL SILVER SPRING, INC. By: /s/ Bennett S. Gross ----------------------------- Title: AGREED AND ACCEPTED: Merrill Lynch, Pierce, Fenner and Smith Incorporated - ------------------------------------ Name of Bank By: /s/ Dennis Greeley -------------------------------- Title: Vice President 24 6 April 24, 1996 CALDOR-SILVER SPRING, L.L.C. By: /s/ Bennett S. Gross ----------------------------- Title: Secretary Caldor-Silver Spring, L.L.C. CAL SILVER SPRING, INC. By: /s/ Bennett S. Gross ----------------------------- Title: AGREED AND ACCEPTED: Morgan Guaranty Trust Company of New York - ------------------------------------ Name of Bank By: Houston Stebbins -------------------------------- Title: Vice President 25 6 April 24, 1996 CALDOR-SILVER SPRING, L.L.C. By: /s/ Bennett S. Gross ----------------------------- Title: Secretary Caldor-Silver Spring, L.L.C. CAL SILVER SPRING, INC. By: /s/ Bennett S. Gross ----------------------------- Title: AGREED AND ACCEPTED: Nat West Bank N.A. - ------------------------------------ Name of Bank By: Barry Karen -------------------------------- Title: Vice President 26 6 April 24, 1996 CALDOR-SILVER SPRING, L.L.C. By: /s/ Bennett S. Gross ----------------------------- Title: Secretary Caldor-Silver Spring, L.L.C. CAL SILVER SPRING, INC. By: /s/ Bennett S. Gross ----------------------------- Title: AGREED AND ACCEPTED: The Nippon Credit Bank, Ltd. - ------------------------------------ Name of Bank By: David C. Carrington -------------------------------- Title: Vice President & Manager 27 ANNEX A SCHEDULE 6.12 LIST OF STORES TO BE CLOSED
Store Number Store Location - ------------ -------------- 24 Groton, Connecticut 100 Brockton, Massachusetts 104 Coram, New York 105 Canton, Massachusetts 177 Fairmount, New York 178 North Syracuse, New York 179 Fayetteville, New York 158 Greece, New York 159 Gates, New York 160 Henrietta, New York 161 Irondequoit, New York 172 Victor, New York
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