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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 5)
TRINSIC, INC.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
988792107
(CUSIP Number)
LAWRENCE C. TUCKER
Brown Brothers Harriman & Co.
140 Broadway
New York, New York
(212) 483-1818
(Name, Address and Telephone Number of
Person Authorized to Receive Notices
and Communications)
July 15, 2005
(Date of Event which Requires Filing of
this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP No. 988792107 SCHEDULE 13D Page 2 of 13 Pages
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1 NAME OF REPORTING PERSON
THE 1818 FUND III, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 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
SHARES
-0-
BENEFICIALLY ------------------------------------------------
8 SHARED VOTING POWER
OWNED BY
26,993,946 See Item 5
EACH ------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
-0-
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
26,993,946 See Item 5
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
26,993,946 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)
48.4%
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14 TYPE OF REPORTING PERSON
PN
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CUSIP No. 988792107 SCHEDULE 13D Page 3 of 13 Pages
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1 NAME OF REPORTING PERSON
BROWN BROTHERS HARRIMAN & CO.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 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
SHARES
-0-
BENEFICIALLY ------------------------------------------------
8 SHARED VOTING POWER
OWNED BY
26,993,946 See Item 5
EACH ------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
-0-
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
26,993,946 See Item 5
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
26,993,946 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)
48.4%
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14 TYPE OF REPORTING PERSON
PN
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CUSIP No. 988792107 SCHEDULE 13D Page 4 of 13 Pages
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1 NAME OF REPORTING PERSON
T. MICHAEL LONG
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E)
[_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
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NUMBER OF
7 SOLE VOTING POWER
SHARES
-0-
BENEFICIALLY ------------------------------------------------
8 SHARED VOTING POWER
OWNED BY
26,993,946 See Item 5
EACH ------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
-0-
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
26,993,946 See Item 5
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
26,993,946 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)
48.4%
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14 TYPE OF REPORTING PERSON
IN
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CUSIP No. 988792107 SCHEDULE 13D Page 5 of 13 Pages
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1 NAME OF REPORTING PERSON
LAWRENCE C. TUCKER
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
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NUMBER OF
7 SOLE VOTING POWER
SHARES
19,603
BENEFICIALLY ------------------------------------------------
8 SHARED VOTING POWER
OWNED BY
26,993,946 See Item 5
EACH ------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
19,603
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
26,993,946 See Item 5
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
27,013,549 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)
48.4%
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14 TYPE OF REPORTING PERSON
IN
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CUSIP No. 988792107 SCHEDULE 13D Page 6 of 13 Pages
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EXPLANATORY NOTE
This Amendment No. 5 ("Amendment No. 5") to Schedule 13D is filed by
the undersigned to amend and supplement the Schedule 13D filed on November 20,
2000 (the "Original 13D"), as amended by Amendment No. 1 to Schedule 13D filed
on July 12, 2001 ("Amendment No. 1"), Amendment No. 2 to Schedule 13D filed on
August 9, 2001 ("Amendment No. 2"), Amendment No. 3 to Schedule 13D filed on
August 26, 2004 ("Amendment No. 3"), and Amendment No. 4 to Schedule 13D filed
on December 3, 2004 ("Amendment No. 4") relating to the common stock (the
"Common Stock"), par value $.01 per share, issued by Trinsic, Inc., a Delaware
corporation (the "Company"). Unless otherwise indicated, all capitalized terms
shall have the same meaning as provided in the Original 13D.
Item 1. SECURITY AND ISSUER.
No Change.
Item 2. IDENTITY AND BACKGROUND.
Item 2 is hereby amended by deleting the third, fourth and fifth
paragraphs thereof in their entirety and replacing them with the following:
The address of the principal business and principal offices of the
Fund and BBH&Co. is 140 Broadway, New York, New York 10005.
The business address of each of Long and Tucker is 140 Broadway, New
York, New York 10005. The present principal occupation or employment of each of
Long and Tucker is as a general partner of BBH&Co. Long and Tucker are citizens
of the United States.
The name, business address, present principal occupation or
employment (and the name, principal business and address of any corporation or
other organization in which such employment is conducted) and the citizenship of
each general partner of BBH&Co. is set forth on Schedule I hereto and is
incorporated herein by reference.
CUSIP No. 988792107 SCHEDULE 13D Page 7 of 13 Pages
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Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 is hereby amended and supplemented by the addition of the
following:
Pursuant to an Exchange and Purchase Agreement, dated as of July 15,
2005 (the "Exchange and Purchase Agreement"), by and among the Company, the Fund
and the other parties signatory thereto, on July 15, 2005 the Company issued,
and the Fund acquired from the Company, 24,084.769 shares of 12.5% Convertible
Preferred Stock, Series H, par value $.01 per share (the "Series H Preferred
Stock") as described therein. Pursuant to the Exchange and Purchase Agreement,
the Fund received the Series H Preferred Stock in exchange for (i) cancellation
of the Note, including principal amount and a premium and accrued interest equal
to an aggregate amount of $21,584,768.69, and (ii) a cash payment of $2.5
million.
Copies of the Exchange and Purchase Agreement and the Certificate of
Designation of the Series H Preferred Stock are attached hereto as Exhibits 1
and 2 to this Amendment No. 5, respectively, and are hereby incorporated by
reference.
No funds were used by the Fund to effect the exchange of the Note for
shares of Series H Preferred Stock. The consideration paid by the Fund included
$2.5 million in cash at closing which was or will be obtained by the Fund from
capital contributions made by its partners pursuant to pre-existing capital
commitments.
Item 4. PURPOSE OF TRANSACTION.
Item 4 is hereby amended and supplemented by the addition of the
following:
Pursuant to the Exchange and Purchase Agreement, the Fund exchanged
the Note and $2.5 million in consideration for the issuance of the shares of
Series H Preferred Stock.
CUSIP No. 988792107 SCHEDULE 13D Page 8 of 13 Pages
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Item 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 is hereby amended and supplemented by the addition of the
following:
Pursuant to the Exchange and Purchase Agreement, the Fund received,
in exchange for the Note and a payment of $2.5 million, 24,084.769 shares of
Series H Preferred Stock initially convertible as of September 30, 2005 into
61,755,818 shares of Common Stock (subject to adjustment as described in the
Certificate of Designation for the Series H Preferred Stock).
As of the date hereof, based on calculations made in accordance with
Rule 13d-3 promulgated under the Exchange Act and there being 55,790,602 shares
of Common Stock outstanding (as of July 15, 2005, as represented and warranted
by the Company in the Exchange and Purchase Agreement), not including for
purposes of this calculation the Common Stock issuable upon the conversion of
the shares of Series H Preferred Stock as such shares are not convertible within
sixty days of the date hereof, the number of shares of Common Stock the Fund,
BBH, Long and Tucker are deemed to own and the percent of the outstanding shares
of Common Stock are as follows:
SHARES PERCENTAGE
---------- ----------
Fund 26,993,946 48.4%
BBH 26,993,946 48.4%
Long 26,993,946 48.4%
Tucker 27,013,549 48.4%
As of the date hereof, based on calculations made in accordance with
Rule 13d-3 promulgated under the Exchange Act and there being 55,790,602 shares
of Common Stock outstanding (as of July 15, 2005, as represented and warranted
by the Company in the Exchange and Purchase Agreement), including for purposes
of this calculation only the Common Stock issuable upon the conversion of the
shares of Series H Preferred Stock, the number of shares of Common Stock the
Fund, BBH, Long and Tucker would be deemed to own and the percent of the
outstanding shares of Common Stock are as follows:
CUSIP No. 988792107 SCHEDULE 13D Page 9 of 13 Pages
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Shares Percentage
---------- ----------
Fund 88,749,764 75.5%
BBH 88,749,764 75.5%
Long 88,749,764 75.5%
Tucker 88,769,367 75.5%
Pursuant to the terms of the Certificate of Designation of the Series
H Preferred Stock, upon the occurrence of certain specified events, the Fund may
acquire the right to receive additional shares of Common Stock upon conversion
of the Series H Preferred Stock at a conversion price determined in accordance
with the terms of the adjustment provisions of the Certificate of Designation of
the Series H Preferred Stock. In addition, pursuant to the terms of the Exchange
and Purchase Agreement, if the Company consummates a Rights Offering (as defined
therein) for a Subscription Price (as defined therein) below the conversion
price of the Series H Preferred Stock, the Fund may acquire additional shares of
Common Stock at a purchase price equal to the par value per share. Such events
will result in the Fund becoming beneficial owner of additional shares of Common
Stock.
The Series H Preferred Stock, if not converted prior to January 1,
2006, will begin to accrue dividends at the rate of 12.5% per annum. Such
dividends accrue quarterly and are convertible into Common Stock by the holders
of the Series H Preferred Stock at the conversion price of such shares in effect
on the date of conversion.
CUSIP No. 988792107 SCHEDULE 13D Page 10 of 13 Pages
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Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO THE COMMON STOCK OF THE ISSUER.
Item 6 is hereby amended by deleting it in its entirety and replacing
it with the following:
The Company and the Fund are parties to the Registration Rights
Agreement which gives the Fund, among other things, the right, on the terms and
conditions set forth therein, to require the Company to register for sale to the
public any shares of Common Stock held by the Fund, including without
limitation, the shares of Common Stock issuable upon the conversion of Series H
Preferred Stock held by the Fund.
Except as described elsewhere in this Statement and as set forth in
the Exchange and Purchase Agreement, a copy of which is attached hereto as
Exhibit 1 to this Amendment No. 5, and incorporated herein by reference, to the
best of the knowledge of the Reporting Persons, there exists no contracts,
arrangements, understandings or relationships (legal or otherwise) among the
persons named in Item 2 and between such persons and any person with respect to
any securities of the Company, including but not limited to transfer or voting
any securities of the Company, finder's fees, joint ventures, loan or option
arrangements, puts or calls, guarantees of profits, division of profits or loss,
or the giving or withholding of proxies.
Item 7. MATERIAL TO BE FILED AS EXHIBITS.
1. Exchange and Purchase Agreement, dated as of July 15, 2004, by
among the Company, The 1818 Fund III, L.P. and the other
parties signatory thereto.
2. Certificate of Designation for the Series H Preferred Stock.
CUSIP No. 988792107 SCHEDULE 13D Page 11 of 13 Pages
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SIGNATURE
After reasonable inquiry and to the best of its knowledge and belief,
each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: July 18, 2005
THE 1818 FUND III, L.P.
By: Brown Brothers Harriman & Co.,
General Partner
By: /s/ Lawrence C. Tucker
--------------------------------
Name: Lawrence C. Tucker
Title: Partner
BROWN BROTHERS HARRIMAN & CO.
By: /s/ Lawrence C. Tucker
--------------------------------
Name: Lawrence C. Tucker
Title: Partner
/s/ T. Michael Long
------------------------------------
T. Michael Long
/s/ Lawrence C. Tucker
------------------------------------
Lawrence C. Tucker
CUSIP No. 988792107 SCHEDULE 13D Page 12 of 13 Pages
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Schedule I
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PARTNERS OFFICE
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J. William Anderson Brown Brothers Harriman & Co.
525 Washington
Blvd. Jersey City, NJ 07310
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Glenn E. Baker
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Peter B. Bartlett
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Thomas E. Berk Brown Brothers Harriman & Co.
525 Washington Blvd.
Jersey City, NJ 07310
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Brian A. Berris
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Taylor S. Bodman Brown Brothers Harriman & Co.
40 Water Street
Boston, MA 02109
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John J. Borland Brown Brothers Harriman & Co.
125 S. Wacker Drive
Suite 2150
Chicago, IL 60606
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Timothy J. Connelly Brown Brothers Harriman & Co.
40 Water Street
Boston, MA 02109
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Douglas A. Donahure, Jr. Brown Brothers Harriman & Co.
40 Water Street
Boston, MA 02109
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Anthony T. Enders
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Alexander T. Ercklentz
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Dario Galindo
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John A. Gehret
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Elbridge T. Gerry, Jr.
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Robert R. Gould Brown Brothers Harriman & Co.
40 Water Street
Boston, MA 02109
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Kyosuke Hashimoto BBH Investment Services (Japan) Inc.
31-19 Shiba 2-Chome
Banzai Building 5th Floor
Tokyo, Japan 105-0014
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Ronald J. Hill
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Landon Hilliard
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Charles O. Izard Brown Brothers Harriman & Co.
227 West Trade Street
Suite 2100
Charlotte, NC 28202
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Radford W. Klotz
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Susan C. Livingston Brown Brothers Harriman & Co.
40 Water Street
Boston, MA 02109
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CUSIP No. 988792107 SCHEDULE 13D Page 13 of 13 Pages
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T. Michael Long
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Hampton S. Lynch, Jr.
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Michael W. McConnell
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John P. Molner
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William H. Morre III
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Donald B. Murphy
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Yukinori Nagahisa BBH Investment Services (Japan) Inc.
31-19 Shiba 2-Chome
Banzai Building 5th Floor
Tokyo, Japan 105-0014
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John A. Nielsen
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Eugene C. Rainis
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A. Heaton Robertson Brown Brothers Harriman & Co.
40 Water Street
Boston, MA 02109
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Jeffrey A. Schoenfeld
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W. Carter Sullivan III
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Stokley P. Towles Brown Brothers Harriman & Co.
40 Water Street
Boston, MA 02109
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Andrew J. F. Tucker
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Lawrence C. Tucker
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William B. Tyree
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Douglas C. Walker Brown Brothers Harriman & Co.
1531 Walnut Street
Philadelphia, PA 19102
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William J. Whelan, Jr. Brown Brothers Harriman & Co.
40 Water Street
Boston, MA 02109
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Richard H. Wimter, Jr.
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