ACTAVA RECEIVES $5 MILLION LOAN PREPAYMENT FROM TRITON GROUP LTD.
ATLANTA, Dec. 8 /PRNewswire/ -- The Actava Group Inc. (NYSE: ACT), formerly Fuqua Industries, announced today that it has received a $5 million prepayment of principal under the loan previously made by Actava to Triton Group Ltd. (AMEX: TGL). The prepayment of principal was received on Dec. 7, in connection with an agreement between Actava and Triton modifying the terms of the loan, according to Frederick B. Beilstein, Actava's senior vice president and chief financial officer. In addition to the $5 million prepayment, Triton, under the revised terms of the loan, has agreed to make quarterly payments of principal to Actava in the amount of $1.25 million beginning in March of 1994. This will reduce the principal amount due under the loan by an additional $5 million per year. The remaining unpaid principal balance under the loan will be due on April 1, 1997, but may be prepaid by Triton before that time at its option. Actava initially made the loan to Triton in 1991. The loan had an outstanding principal balance of approximately $31.7 million prior to the $5 million prepayment. As a result of the prepayment, the outstanding principal balance of the loan is now approximately $26.7 million. The loan is secured by 4,413,598 shares of Actava's common stock owned by Triton. This incudes 4,338,598 shares of Actava's common stock pledged to secure the original loan in 1991 plus an additional 75,000 shares of Actava's common stock pledged by Triton to Actava in connection with the modification of the loan terms. The pledged shares represent all of the shares of Actava presently owned by Triton. In connection with the prepayment of principal and the pledge of additional shares, Actava and Triton agreed to modify the margin call provisions of their loan agreement. These modifications limit the circumstances under which Triton must pledge additional collateral for the loan but do not affect the pledge of shares of Actava common stock to secure the unpaid balance under the loan. All of the shares of Actava common stock presently owned by Triton will continue to be pledged to secure the loan until the loan is paid in full. The Actava Group provides high quality, brand-name consumer products through distribution channels in the areas of sports, fitness and recreation. Actava has five companies engaged in the leisure industry: DP(R) (fitness and recreation equipment); Qualex (photofinishing); Hutch Sports USA (sporting goods equipment); Nelson/Weather-Rite (camping and outdoor products); and Willow Hosiery (athletic and family hosiery). Another member of the Actava Group is Snapper, which manufactures and markets premium quality lawn care and garden products. -0- 12/8/93 /CONTACT: Frederick B. Beilstein III, senior vice president, treasurer and chief financial officer, or Bridget B. Sullivan, manager, investor relations, The Actava Group, 404-658-9000/ (ACT TGL)
CO: The Actava Group Inc.; Triton Group Ltd. ST: Georgia IN: SU:
BR-CF -- AT003 -- 1636 12/08/93 09:23 EST
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|Date:||Dec 8, 1993|
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