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
THE SECURITIES ACT OF 1934
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DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): August 21, 2002
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BUCKEYE TECHNOLOGIES INC.
(Exact name of registrant as specified in its charter)
DELAWARE 33-60032 62-1518973
(State of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
1001 Tillman Street, Memphis, Tennessee 38112
(Address of principal executive offices)
Registrant's telephone, including area code (901) 320-8100
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ITEM 5. OTHER EVENTS
On August 20, 2002, the Registrant issued the following press release
announcing that its bank group has waived the requirement that the Company sell
additional equity.
News from
FOR IMMEDIATE RELEASE
Contacts: Dave Ferraro, President
901-320-8115
Gordon Mitchell,
Investor Relations Manager
901-320-8256
Website: www.bkitech.com
BUCKEYE WILL NOT SELL ADDITIONAL EQUITY
MEMPHIS, TN August 20, 2002 - Buckeye Technologies Inc. (NYSE:BKI) today
announced that its bank group has waived the requirement that the Company sell
additional equity. The banks also agreed to Buckeye's immediate prepayment of
the $22 million note due on October 1, 2002 to UPM-Kymmene, thereby reducing the
Company's interest expense for the July-September quarter. There were no other
changes to the $215 million credit facility agreement.
Robert E. Cannon, Buckeye Chairman, commented, "We appreciate the bank group's
prompt approval of our request. As we reported in our August 7 conference call,
we have ample liquidity, with cash and credit availability totaling $79 million
at June 30. Our cash and credit availability has modestly improved since that
time."
Mr. Cannon went on to say, "We expect our financial results to progressively
improve as the year unfolds. We are committed to substantially reducing our
leverage during this fiscal year. We have no intention of issuing any new equity
or debt securities in the foreseeable future."
Buckeye, a leading manufacturer and marketer of specialty cellulose and
absorbent products, is headquartered in Memphis, Tennessee, USA. The Company
currently operates facilities in the United States, Germany, Canada, Ireland and
Brazil. Its products are sold worldwide to makers of consumer and industrial
goods.
Certain matters discussed in this press release may constitute forward-looking
statements within the meaning of the federal securities laws that involve risks
and uncertainties, including but not limited to economic, competitive,
governmental, and technological factors affecting the Company's operations,
financing, markets, products, services and prices, and other factors. For
further information on factors, which could impact the Company and the
statements contained herein, please refer to public filings with the Securities
and Exchange Commission.
BUCKEYE TECHNOLOGIES INC.
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Gayle L. Powelson
Senior Vice President, Chief Financial Officer
August 21, 2002