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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 SECURITIES EXCHANGE ACT OF 1934
May 24, 2002
Date of Report (date of earliest event reported)
Commission File Number 1-13873
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STEELCASE INC.
(Exact name of registrant as specified in its charter)
Michigan 38-0819050
(State of incorporation) (IRS employer identification number)
901 44th Street, 49508
Grand Rapids, Michigan (Zip Code)
(Address of principal executive offices)
(616) 247-2710
(Registrant's telephone number)
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ITEM 5. Other Events
On May 24, 2002, Steelcase Inc.'s Financial Services company, Steelcase
Financial Services Inc., sold leased assets to General Electric Capital
Corporation for a purchase price of $170.2 million. We intend to use the sale
proceeds to retire debt incurred to fund the leases.
The assets sold represent approximately 38 percent of the current total net
leased assets for our Financial Services segment. We expect to record a
non-recurring pre-tax charge of $5.7 million in our fiscal 2003 first quarter
for transaction costs, including investment banking fees and settlement interest
rate swaps associated with the leased assets sold in this transaction. We expect
to generate a revenue stream from remarketing services we provide on these
leases and will generate income to the extent we are successful in maintaining
our historic performance of maximizing the proceeds from the remarketing of
furniture.
The leased assets sold in this transaction will reduce revenue by approximately
$20 to $25 million dollars and net income by approximately $0.01 per share in
our current fiscal year.
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.
Steelcase Inc.
Date: June 7, 2002
/S/ James P. Keane
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James P. Keane
Senior Vice President,
Chief Financial Officer
(Duly Authorized Officer and
Principal Financial Officer)