SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
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) April 29, 1996
SEAMAN FURNITURE COMPANY, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
0-21226 11-2751205
(Commission File Number) (I.R.S. Employer Identification Number)
300 Crossways Park Drive, Woodbury, New York 11797
(Address of Principal Executive Offices) (Zip Code)
516-496-9560
(Registrant's Telephone Number, Including Area Code)
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Item 2. Acquisition or Disposition of Assets
On April 29,1996 Seaman Furniture Company, Inc. (the "Company") entered
into a $40 million Revolving Credit and Security Agreement (the "Agreement")
with The Bank of New York Commercial Corporation and NatWest Bank N.A. as
co-lenders. The term of the Agreement is three years. The Company initially
borrowed approximately $10.2 million pursuant to the Agreement.
At the same time that it entered into the Agreement, the Company caused the
redemption of certain receivables-backed securities designated "8.10% Class A
Credit Card Participation Certificates, Series 1995-1" (the "Class A
Certificates"), in the amount of $20 million, from a third party investor not
affiliated with the Company.
The funds available under the Agreement are primarily to be used for
capital expenditures, and general corporate purposes. The Agreement contains
covenants and provisions which are customary for a secured revolving credit
facility.
A copy of the Agreement has been filed herewith as an exhibit.
Item 7. Exhibits
Text of Press Release dated May 1, 1996.
SIGNATURES
Pursuant to the requirement of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SEAMAN FURNITURE COMPANY, INC.
/s/ Alan Rosenberg
-------------------------------------
Alan Rosenberg
President and Chief Executive Officer
Date: May 13, 1996
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EXHIBIT INDEX
Exhibit No. Description
- - - ----------- -----------
10.1 Revolving Credit and Security Agreement
between The Bank of New York Commercial
Corporation (as Lender and as Agent), and
Natwest Bank N.A. (as a Lender) with
Seaman Furniture Company, Inc. (Borrower)
dated April 26, 1996.
99.1 Press Release dated May 1, 1996.
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