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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): April 2, 2003
SCHOLASTIC CORPORATION
(Exact name of registrant as specified in its charter)
| Delaware (State of Incorporation) |
000-19860 (Commission File Number) |
13-3385513 (IRS Employer Identification No.) |
| 557 Broadway, New York, New York (Address of principal executive offices) |
10012 (Zip Code) |
Registrant's telephone number, including area code (212) 343-6100
SCHOLASTIC CORPORATION
CURRENT REPORT ON FORM 8-K, DATED APRIL 3, 2003
On April 2, 2003, Scholastic Corporation (the "Company") announced that it had sold $175 million aggregate principal amount of 5% senior unsecured notes due April 15, 2013 in a private offering.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
| Exhibit Number |
Description of Document |
|
|---|---|---|
99.1 |
Press release of Scholastic Corporation, dated April 2, 2003. |
2
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.
| SCHOLASTIC CORPORATION (Registrant) |
|||
Date: April 3, 2003 |
By: |
/s/ KEVIN J. MCENERY Kevin J. McEnery Executive Vice President & Chief Financial Officer |
|
3
SCHOLASTIC CORPORATION
CURRENT REPORT ON FORM 8-K, DATED APRIL 3, 2003
EXHIBIT INDEX
| Exhibit Number |
Description of Document |
|
|---|---|---|
Exhibit 99.1 |
Press release of Scholastic Corporation,dated April 2, 2003. |
SIGNATURES
SCHOLASTIC CORPORATION CURRENT REPORT ON FORM 8-K, DATED APRIL 3, 2003 EXHIBIT INDEX
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SCHOLASTIC ANNOUNCES SALE OF $175 MILLION
OF 10-YEAR SENIOR UNSECURED NOTES
NEW YORK, NY, April 2, 2003—Scholastic Corporation (NMS:SCHL) today announced that it has sold $175 million of 10 year senior unsecured notes in a private offering, which is expected to close on April 4, 2003. The notes will bear interest at 5% and will mature on April 15, 2013. The Company intends to use the proceeds from the sale of these notes to retire all outstanding indebtedness under an unsecured credit facility established in connection with the acquisition of Grolier Inc. and to cancel that facility; and to reduce amounts outstanding under other bank debt. The Company expects to repay its 7% notes at maturity on December 15, 2003 using borrowings under its bank facilities and cash from operations.
These notes will not be and have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
This press release does not and will not constitute an offer to sell or the solicitation of an offer to buy any of these securities. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
Scholastic is the world's largest publisher and distributor of children's books.
This news release contains certain forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties including the conditions of the children's book and educational materials markets and acceptance of the Company's products within those markets, geopolitical events, and other risks and factors identified from time to time in the Company's filings with the Securities and Exchange Commission. Actual results could differ materially from those currently anticipated.
Contact
Scholastic
Corporation
Media: Judy Corman 212/343-6833
Investors: Ray Marchuk 212/343-6741
SCHOLASTIC ANNOUNCES SALE OF $175 MILLION OF 10-YEAR SENIOR UNSECURED NOTES