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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
(Amendment No. 4)
Under the Securities Exchange Act of 1934
NEFF CORP.
(Name of Issuer)
CLASS A COMMON STOCK, $0.01 PAR VALUE 006400941
(Title of class of securities) (CUSIP number)
PAUL BOSSIDY
GENERAL ELECTRIC CAPITAL CORPORATION
260 LONG RIDGE ROAD
STAMFORD, CONNECTICUT 06927
(203) 357-4000
(Name, address and telephone number of person authorized
to receive notices and communications)
NOT APPLICABLE
(Date of event which requires filing of this statement)
APRIL 30, 2003
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
[_].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See section 240.13d-7(b) for
other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 8 Pages)
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CUSIP number 81413P105 13D Page 2 of 9 Pages
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1 NAME OF REPORTING PERSON: GENERAL ELECTRIC CAPITAL CORPORATION
S.S. OR I.R.S. IDENTIFICATION NO. 13-1500700
OF ABOVE PERSON:
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [ ]
(B) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: NOT APPLICABLE
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: DELAWARE
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NUMBER OF 7 SOLE VOTING POWER: 6,000,000 (SEE ITEM 5)
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 6.000,000 (SEE ITEM 5)
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 6,000,000 (SEE ITEM 5)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 28.4%
(SEE ITEM 5)
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14 TYPE OF REPORTING PERSON: CO
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CUSIP No. 006400941 13D Page 3 of 9
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1 NAME OF REPORTING PERSON: GENERAL ELECTRIC CAPITAL SERVICES, INC.
S.S. OR I.R.S. IDENTIFICATION NO. 06-1109503
OF ABOVE PERSON:
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [_]
(B) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: NOT APPLICABLE
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO [_]
ITEM 2(d) OR 2(e):
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: DELAWARE
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NUMBER OF 7 SOLE VOTING POWER: DISCLAIMED (SEE 11 BELOW)
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: DISCLAIMED (SEE 11 BELOW)
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: BENEFICIAL OWNERSHIP OF ALL SHARES
DISCLAIMED BY GENERAL ELECTRIC CAPITAL
SERVICES, INC.
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): NOT APPLICABLE
(SEE 11 ABOVE)
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14 TYPE OF REPORTING PERSON: CO
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CUSIP No. 006400941 13D Page 4 of 9
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1 NAME OF REPORTING PERSON: GENERAL ELECTRIC COMPANY
S.S. OR I.R.S. IDENTIFICATION NO. 14-0689340
OF ABOVE PERSON:
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [_]
(B) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: NOT APPLICABLE
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT [_]
TO ITEM 2(d) OR 2(e):
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: NEW YORK
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NUMBER OF 7 SOLE VOTING POWER: DISCLAIMED (SEE 11 BELOW)
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: DISCLAIMED (SEE 11 BELOW)
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: BENEFICIAL OWNERSHIP OF ALL SHARES
DISCLAIMED BY GENERAL ELECTRIC COMPANY
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_]
SHARES:
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): NOT APPLICABLE
(SEE 11 ABOVE)
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14 TYPE OF REPORTING PERSON: CO
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ITEM 1. SECURITY AND ISSUER
This Amendment No. 4 (this "Amendment") amends the Schedule 13D filed
by General Electric Capital Corporation, a Delaware corporation ("GE Capital"),
for and on behalf of itself, GECFS, Inc. ("GECFS"), General Electric Capital
Services, Inc. ("GECS") and General Electric Company ("GE") on April 21, 2000
(as amended by Amendment No. 1 filed on June 2, 2000, Amendment No. 2 filed on
January 3, 2001 and Amendment No. 3 filed on March 1, 2001), relating to the
shares of Class A Common Stock, par value $0.01 per share ("Class A Common
Stock" and together with the Class B Common Stock, par value $0.01 per share,
the "Common Stock"), of Neff Corporation (the "Company").
ITEM 4. PURPOSE OF TRANSACTION
Item 4 (a-j) is amended to add the following:
On April 30, 2003, GE Capital entered into a Settlement and Release
Agreement (the "Settlement and Release Agreement") with Santos Fund I, L.P., a
Texas limited partnership ("Santos"), pursuant which GE Capital agreed to (i) to
accept from Santos 900,000 shares of Class A Common Stock of the Company (the
"Santos Shares") and (ii) release Santos from any and all obligations and
liabilities under that certain Promissory Note, dated as of May 20, 1998 (the
"Promissory Note"), issued by Santos to GE Capital as successor in interest to
GECFS, an indirect wholly-owned subsidiary of GE Capital that has been merged
with and into GE Capital. The obligations of Santos under the Promissory Note
were secured by a pledge of the Santos Shares. The Santos Shares that are being
acquired by GE Capital pursuant to the Settlement and Release Agreement were
previously sold by GECFS to Santos on March 25, 1998 and May 20, 1998. A copy of
the Settlement and Release Agreement is filed as Exhibit 1 hereto.
In connection with the Settlement and Release Agreement, GE Capital
entered into a Voting Agreement, dated as of April 30, 2003, with the Company
(the "Voting Agreement"). Pursuant to the Voting Agreement, GE has agreed that
it will not exercise any voting rights with respect to any shares of Common
Stock in excess of the number of shares that equals 15% of the number of shares
of Common Stock outstanding at the time a matter is presented to the Company's
stockholders for action at a stockholders' meeting or for action by written
consent, subject to the following exceptions: (i) if GE Capital sells any shares
of Common Stock to an unaffiliated third party, such third party could exercise
voting rights with respect to such shares; (ii) GE may exercise voting rights
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with respect to such shares if GE Capital is no longer a lender under the
Company's senior credit facility; (iii) GE Capital may exercise voting rights
with respect to such shares if certain amendments are made to the indentures
with respect to the Company's 10-1/4% Senior Subordinated Notes due 2008; or
(iv) GE may elect to exercise voting rights with respect to such shares if any
Person or group (as defined in the Securities Exchange Act of 1934, as amended
(the "Exchange Act")) (other than GE Capital, Jorge Mas, Juan Carlos Mas and
Jose Ramon Mas or a transferee of GE Capital) shall acquire beneficial ownership
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) of twenty
percent (20%) of the Company's voting securities. In addition, GE Capital waived
its right to appoint a member to the Board until the earlier of (i) neither GE
Capital nor any affiliate of GE Capital is a lender under the Company's senior
credit facility or (ii) certain amendments are made to the indentures with
respect to the Company's 10-1/4% Senior Subordinated Notes due 2008. A copy of
the Voting Agreement is filed as Exhibit 2 hereto.
GE Capital does not presently intend to direct, cause the direction
of, influence or participate in the management and policies of the Company.
ITEM 5. INTEREST IN SECURITIES OF ISSUER
(a) and (b) As of April 30, 2003, after giving effect to the
Settlement and Release Agreement, GE Capital owns 900,000 shares of Class A
Common Stock of the Company and 5,100,000 shares of the Class B Common Stock,
par value $0.01 per share, of the Company ("Class B Common Stock"), representing
approximately 28.4% of the outstanding shares of Class A Common Stock (assuming
for purposes of this calculation that the Class B Common Stock held by GE
Capital has been converted to Class A Common Stock), as reported in Neff's
Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2002.
GE Capital is a wholly-owned subsidiary of GECS which, in turn, is a
wholly-owned subsidiary of GE. Through its ownership of GE Capital, each of GECS
and GE may be deemed the beneficial owner of such shares.
Except as disclosed herein, none of GE Capital, GECS, GE, nor, to the
best of their knowledge, any of their executive officers and directors,
beneficially owns any Class A Common Stock or Class B Common of the Company or
presently has a right to acquire any Class A Common Stock or Class B Common
Stock of the Company.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
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Exhibit No. Description
1 Release and Settlement Agreement, dated as of April 30,
2003, between General Electric Capital Corporation and
Santos Fund I, L.P.
2 Voting Agreement, dated as of April 30, 2003, between
General Electric Capital Corporation and Neff Corp.
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SIGNATURE
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After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this amendment is true, complete and
correct.
GENERAL ELECTRIC CAPITAL CORPORATION
By: /s/ Paul Bossidy
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Name: Paul Bossidy
Title: Duly Authorized Signatory
Dated: April 30, 2003
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SIGNATURE
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After reasonable inquiry and to the best of my knowledge
and belief, I certify that the information set forth in this
amendment is true, complete and correct.
GENERAL ELECTRIC CAPITAL SERVICES, INC.
By: /s/ Barbara Danielle
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Name: Barbara Danielle
Title: Duly Authorized Signatory
Dated: April 30, 2003
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SIGNATURE
After reasonable inquiry and to the best of my knowledge
and belief, I certify that the information set forth in this
amendment is true, complete and correct.
GENERAL ELECTRIC COMPANY
By: /s/ Paul Bossidy
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Name: Paul Bossidy
Title: Duly Authorized Signatory
Dated: April 30, 2003
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