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) July 18, 1996
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LADD FURNITURE, INC.
(Exact name of registrant as specified in its charter)
North Carolina 0-11577 56-1311320
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of Incorporation)
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One Plaza Center, Box HP-3, High Point, North Carolina 27261-1500
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (910) 889-0333
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N/A
(Former name or former address, if changed since last report.)
ITEM 1. Changes in Control of Registrant.
Not Applicable.
ITEM 2. Acquisition or Disposition of Assets.
Not Applicable.
ITEM 3. Bankruptcy or Receivership.
Not Applicable.
ITEM 4. Changes in Registrant's Certifying Accountant.
Not Applicable.
ITEM 5. Other Events.
On July 12, 1996, the Registrant entered into a Loan and Security
Agreement with certain of the Registrant's subsidiaries, the financial
institutions parties thereto from time to time as "Lenders", NationsBank, N.A.
(South) ("NationsBank") and Fleet Capital Corporation as the "Co-Agents" and
NationsBank as the agent for the Lenders providing for a $190 million credit
facility (the "Credit Facility"). The initial funding of this Credit Facility
occurred on July 18, 1996. The Credit Facility consists of a $125 million
three-year revolving credit facility and a $65 million term loan and is secured
by a first priority lien on substantially all of the assets of the Registrant
and its subsidiaries. The Credit Facility was used to refinance the Registrant's
existing credit facility and provides additional liquidity.
On July 22, 1996, the Registrant issued a press release reporting its
second quarter results of operations. The press release is attached hereto as
Exhibit 10.3.
ITEM 6. Resignations of Registrant's Directors.
Not Applicable.
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ITEM 7. Financial Statements and Exhibits.
a) Exhibits
10.1 Loan and Security Agreement dated as of July
12, 1996 among LADD Furniture, Inc., certain
of its subsidiaries, the financial
institutions party thereto from time to time
as the lenders, NationsBank, N.A. (South)
and Fleet Capital Corporation as the
"Co-Agent," and NationsBank, N.A. (South),
as agent for the lenders.
10.2 Press Release dated July 18, 1996.
10.3 Press Release dated July 22, 1996.
ITEM 8. Change in Fiscal Year.
Not Applicable.
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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.
LADD FURNITURE, INC.
Date: July 24, 1996 By: /s/William S. Creekmuir
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William S. Creekmuir
Title: Executive Vice President, Chief Financial
Officer, Treasurer and Secretary