UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
Date of Earliest Event Reported: July 1, 2002
COYNE INTERNATIONAL ENTERPRISES CORP.
BLUE RIDGE TEXTILE MANUFACTURING, INC.
OHIO GARMENT RENTAL, INC.
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(Exact name of Registrants as specified in their respective charters)
New York 333-60247 16-6040758
Georgia 333-60247 58-2018333
Ohio 333-60247 34-1261376
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(State or Other Jurisdiction of (Commission File Number) (IRS Employer
Incorporation or Organization) Identification No.)
140 Cortland Avenue, Syracuse, New York 13221
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (315) 475-1626
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Item 5. Other Events
On July 1, 2002, Coyne International Enterprises Corp. (the "Company") made the
interest payment which was due June 1, 2002 on its 11 1/4% Series B Senior
Subordinated Notes due 2008 (the "Notes"). This payment was made within the
grace period allowed under the indenture. There are currently no outstanding
interest payments due under the Notes.
On July 2, 2002, the Company completed a refinancing of its senior credit
facilities. All amounts outstanding at that date under its revolving credit,
capital expenditure and acquisition facilities, totaling $19.2 million, were
repaid with proceeds from a new credit facility (the "Facility") arranged by
GECC Capital Markets Group, Inc. Proceeds from the Facility were also used to
repurchase $20.1 million principal amount of the Notes at a cost of $10.8
million plus accrued and unpaid interest.
The breakdown of the Facility is as follows:
a.) Revolving Credit Facility with a commitment amount of $18.0 million,
subject to collateral availability, at an interest rate of prime plus
1.25% or LIBOR plus 2.75%. At August 24, 2002, there was approximately
$12.3 million available under this Revolving Credit Facility. There
were no amounts outstanding as of September 4, 2002.
b.) Term A Loan with a commitment of $7.0 million at an interest rate of
prime plus 1.75% or LIBOR plus 3.25%. The amount outstanding at
September 4, 2002 was $7.0 million.
c.) Term B-1 Loan with a commitment of $10.0 million at an interest rate of
prime plus 10.25%. The amount outstanding at September 4, 2002 was
$10.0 million, including deferred interest.
d.) Term B-2 Loan with a commitment of $20.0 million at an interest rate of
15%. The amount outstanding at September 4, 2002 was $16.1 million,
including deferred interest.
Item 7. Financial Statements and Exhibits
Exhibit No. Description
10.17 Credit Agreement, dated as of
July 2, 2002, between the
Company, Blue Ridge Textile
Manufacturing, Inc. ("Blue
Ridge") and General Electric
Capital Corporation (the
"Lender").
10.18 Master Agreement for Standby
Letters of Credit, dated as of
July 2, 2002, between the
Company, Blue Ridge and the
Lender.
10.19 Master Agreement for Documentary
Letters of Credit, dated as of
July 2, 2002, between the
Company, Blue Ridge and the
Lender.
10.20 Pledge Agreement, dated as of
July 2, 2002, between the
Company, Blue Ridge, Ohio
Garment Rental, Inc. ("Ohio
Garment") and the Lender
10.21 Pledge Agreement, dated as of
July 2, 2002,
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between the J. Stanley Coyne
Revocable Trust, the J. Stanley
Coyne Inter Vivos Irrevocable
Trust, the Thomas M. Coyne
Trust, The Trusts FBO of Gerald
M. Coyne, Joanne Matina, Susan
B. Whitney and John S. Coyne,
Jr. under authority of the J.
Stanley Coyne Inter Vivos
Irrevocable Trust and the
lender.
10.22 Intellectual Property Security
Agreement, dated as of July 2,
2002, between the Company, Blue
Ridge, Ohio Garment and the
Lender.
10.23 Guaranty, dated as of July 2,
2002, between Ohio Garment and
the Lender
10.24 Security Agreement, dated as of
July 2, 2002, between the
Company, Blue Ridge, Ohio
Garment and the Lender.
10.25 Revolving Note, dated as of July
2, 2002, between the Company,
Blue Ridge and the Lender.
10.26 Term A Note, dated as of July 2,
2002, between the Company, Blue
Ridge and the Lender.
10.27 Term B-1 Note, dated as of July
2, 2002, between the Company,
Blue Ridge and the Lender.
10.28 Term B-2 Note, dated as of July
2, 2002, between the Company,
Blue Ridge and the Lender.
10.29 Swing Line Note, dated as of
July 2, 2002, between the
Company, Blue Ridge and the
Lender.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
and Exchange Act of 1934, the Registrant has duly caused this Report to be
signed on its behalf by the undersigned, thereunto duly authorized.
COYNE INTERNATIONAL ENTERPRISES CORP.
Date: September 4, 2002 By: /s/ Stephen M. Owen
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Stephen M. Owen
VP of Finance and Chief Financial
Officer
By: /s/ Thomas C. Crowley
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Thomas C. Crowley
Chief Operating Officer
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