SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): July 19, 2001
AEARO CORPORATION
(Exact name of Registrant as specified in charter)
Delaware 0-26942 13-3840450
(State or other jurisdiction (Commission file number) (IRS employer
of incorporation) identification no.)
5457 West 79th Street, Indianapolis, Indiana 46268
(Address of principal executive offices) (Zip Code)
(317) 692-6666
(Registrant's telephone number, including area code)
Item 5. Other Events.
Aearo Successfully Completes New $135 Million Credit Facility. On July 19,
2001, Aearo Corporation announced the following:
Amendment and Restatement of Senior Secured Credit Facilities
INDIANAPOLIS (July 19, 2001) - Aearo Corporation announced the refinancing of
its indebtedness under its prior $165.0 million Senior Secured Credit Facility
effective July 13, 2001. As of March 31, 2001, the Company had $17.5 million
drawn under its $25.0 million Revolving Credit Facility, $30.1 million
outstanding on its $90.0 million Term Loan A and $47.6 million outstanding on
its $50.0 million Term Loan B. Under the Company's prior Senior Secured Credit
Facility, the Revolving Credit Facility and Term Loan A were scheduled to mature
in May 2002 and the Term Loan B was scheduled to mature in May 2003. The funds
necessary to (i) consummate the Refinancing, (ii) pay related fees and expenses,
and (iii) provide for ongoing working capital and general corporate purposes,
were provided through a new $135.0 million Senior Secured Credit Facility.
The new $135.0 million Senior Secured Credit Facility consists of (i) a
four-year $30.0 million Revolving Credit Facility, (ii) a four-year $5.0 million
Overdraft Facility and (iii) a four-year $100.0 million Term Loan. The Revolver,
Overdraft Facility and Term Loan will mature in March 2005, prior to the
maturity of the Company's $100.0 million 12.5% Senior Subordinated Notes due
July 2005. At closing, the Term Loan was fully drawn and there were no
outstandings under the Revolver. The initial interest rate for the Revolver will
be LIBOR + 2.75% and LIBOR + 3.25% for the Term Loan. Loan amortization is
approximately $8 million in fiscal year 2002, $12 million in fiscal year 2003,
and $16 million in fiscal year 2004.
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.
Date: July 19, 2001 AEARO CORPORATION
By: /s/Jeffrey S. Kulka
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Jeffrey S. Kulka
Vice President, Finance,
and Treasurer