SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------------------------------------------------------------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (D) OF THE
THE SECURITIES ACT OF 1934
--------------------------------------------------------------------------------
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): September 5, 2002
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
ITEM 5. OTHER EVENTS
News from
Buckeye
FOR IMMEDIATE RELEASE
Contacts: Dave Ferraro
President
901-320-8115
Gordon Mitchell,
Investor Relations Manager
901-320-8256
Website: www.bkitech.com
BUCKEYE EXTENDS $30 MILLION CREDIT FACILITY
MEMPHIS, TN September 4, 2002 - Buckeye Technologies Inc. (NYSE: BKI) today
announced that its $30 million receivables based credit facility with Wachovia
Bank, N.A. has been extended to mature on December 4, 2003. The interest rate
decreased effective immediately to LIBOR plus 0.75%. The proceeds from this
facility will continue to be used for general corporate purposes.
Buckeye Chairman, Robert E. Cannon commented that, "We are pleased to have
renewed this attractive credit arrangement at more favorable terms. Extending
this loan will help ensure that we maintain liquidity with a comfortable margin
of safety. We are very satisfied with our relationship with Wachovia Bank, who
is our largest lender."
Buckeye, a leading manufacturer and marketer of specialty cellulose and
absorbent products, is headquartered in Memphis, Tennessee, USA. The Company
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.
SIGNATURE
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,
BUCKEYE TECHNOLOGIES INC.
/S/ GAYLE L. POWELSON
--------------------------------------
Gayle L. Powelson
Senior Vice President, Chief Financial Officer
September 5, 2002