RPM INTERNATIONAL INC. (NYSE:RPM) Files An 8-K Other Events
Item8.01
| Other Events. |
Prepayment of Third Installment of Trust
Contribution
As previously disclosed, effective as of December23, 2014 (the
Effective Date), Bondex International, Inc., its parent company,
Specialty Products Holdings Corp., and other related entities
emerged from bankruptcy to a plan of reorganization (the Plan).
Under the Plan, a trust was created for the benefit of current
and future asbestos personal injury claimants. The trust is
funded by RPM International Inc. (RPM) through four
contributions:
|
$450million in cash, which RPM deposited into the trust on the Effective Date; |
|
$102.5million in cash, which RPM deposited into the trust on December23, 2016 (the second anniversary of the Effective Date); |
|
$120.0million in cash, RPM stock, or a combination thereof (at RPMs discretion), to be deposited into the trust on or before December23, 2017 (the third anniversary of the Effective Date); and |
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a final payment of $125.0million in cash, RPM stock, or a combination thereof (at RPMs discretion), to be deposited into the trust on or before December23, 2018 (the fourth anniversary of the Effective Date). |
As permitted by the Plan, RPM elected to make the third
installment payment described above in advance of its December23,
2017 due date, and deposited $119.1million in cash into the trust
on May25, 2017, which represents a discount from the
$120.0million due to the earlier payment date. RPM used cash on
hand to fund the third installment payment.
Prepayment of Pension Contribution
Also on May25, 2017, RPM accelerated the payment of $52.8million
to the RPM International Inc. Retirement Plan (the Retirement
Plan). RPM used cash on hand to fund the accelerated contribution
to the Retirement Plan.
About RPM INTERNATIONAL INC. (NYSE:RPM)
RPM International Inc., through its subsidiaries, manufactures, markets and sells various specialty chemical product lines, including specialty paints, protective coatings, roofing systems, sealants and adhesives, focusing on the maintenance of industrial, specialty and consumer markets. The Company operates through three segments: the industrial reportable segment (industrial segment), the specialty reportable segment (specialty segment) and the consumer reportable segment (consumer segment). Its family of products includes those marketed under brand names, such as API, Carboline, CAVE, DAP, Day-Glo, Dri-Eaz, Dryvit, Euclid, EUCO, Fibergrate, Flecto, Flowcrete, Grupo PV, Hummervoll, illbruck, Mohawk, Rust-Oleum, Stonhard, TCI, Toxement, Tremco, Tuf-Strand, Universal Sealants, Viapol, Watco and Zinsser. As of May 31, 2016, its subsidiaries marketed products in approximately 164 countries and territories, and operated manufacturing facilities in approximately 120 locations. RPM INTERNATIONAL INC. (NYSE:RPM) Recent Trading Information
RPM INTERNATIONAL INC. (NYSE:RPM) closed its last trading session up +0.43 at 54.23 with 1,033,540 shares trading hands.
