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REGISTRATION NO. 33-63445
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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AMENDMENT NO. 2
TO
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
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ITT DESTINATIONS, INC. ITT CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS
CHARTER) CHARTER)
NEVADA DELAWARE
(STATE OF INCORPORATION) (STATE OF INCORPORATION)
88-0340591 13-5158950
(I.R.S. EMPLOYER IDENTIFICATION NO.) (I.R.S. EMPLOYER IDENTIFICATION NO.)
1330 AVENUE OF THE AMERICAS RICHARD S. WARD, ESQ.
NEW YORK, NY 10019-5490 EXECUTIVE VICE PRESIDENT AND
(212) 258-1000 GENERAL COUNSEL, ITT CORPORATION
1330 AVENUE OF THE AMERICAS
NEW YORK, NY 10019-5490
(212) 258-1000
(ADDRESS, INCLUDING ZIP CODE AND TELEPHONE (ADDRESS, INCLUDING ZIP CODE AND TELEPHONE
NUMBER, NUMBER,
OF PRINCIPAL EXECUTIVE OFFICES OF BOTH OF AGENT FOR SERVICE OF BOTH REGISTRANTS)
REGISTRANTS)
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Copies to:
JOHN W. WHITE, Esq. WALTER F. DIEHL, JR., Esq.
CRAVATH, SWAINE & MOORE ITT CORPORATION
Worldwide Plaza 1330 Avenue of the Americas
825 Eighth Avenue New York, NY 10019-5490
New York, NY 10019-7475
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APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC: From time
to time after the effective date of this registration statement.
If the only securities being registered on this form are being offered
pursuant to dividend or interest reinvestment plans, please check the following
box. / /
If any of the securities being registered on this form are to be offered on
a delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, other than securities offered only in connection with dividend or interest
reinvestment plans, check the following box. /X/
If this form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following box
and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering. / /
If this form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. / /
If delivery of the prospectus is expected to be made pursuant to Rule 434,
please check the following box. /X/
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THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR
DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL
FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION
STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(A) OF
THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME
EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(A),
MAY DETERMINE.
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PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 16. EXHIBITS.
See Exhibit Index elsewhere herein.
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SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THE REGISTRANT
CERTIFIES THAT IT HAS REASONABLE GROUNDS TO BELIEVE THAT IT MEETS ALL OF THE
REQUIREMENTS FOR FILING ON FORM S-3 AND HAS DULY CAUSED THIS AMENDMENT NO. 2 TO
THE REGISTRATION STATEMENT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED,
THEREUNTO DULY AUTHORIZED, IN THE CITY AND STATE OF NEW YORK ON THIS 16TH DAY OF
NOVEMBER, 1995.
ITT DESTINATIONS, INC.
By: /S/ ROBERT A. BOWMAN
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Robert A. Bowman
President, Treasurer and Secretary
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THIS AMENDMENT
NO. 2 TO THE REGISTRATION STATEMENT HAS BEEN SIGNED BY THE FOLLOWING PERSONS IN
THE CAPACITIES AND ON THE DATES INDICATED.
SIGNATURE TITLE DATE
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/S/ ROBERT A. BOWMAN President, Treasurer, November 16, 1995
- ------------------------------------------ Secretary and Director
Robert A. Bowman
(Principal Executive Officer,
Principal Financial Officer and
Principal Accounting Officer)
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SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THE REGISTRANT
CERTIFIES THAT IT HAS REASONABLE GROUNDS TO BELIEVE THAT IT MEETS ALL OF THE
REQUIREMENTS FOR FILING ON FORM S-3 AND HAS DULY CAUSED THIS AMENDMENT NO. 2 TO
THE REGISTRATION STATEMENT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED,
THEREUNTO DULY AUTHORIZED, IN THE CITY AND STATE OF NEW YORK ON THIS 16TH DAY OF
NOVEMBER, 1995.
ITT CORPORATION
By: /S/ JON F. DANSKI
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Jon F. Danski
Senior Vice President and Controller
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THIS AMENDMENT
NO. 2 TO THE REGISTRATION STATEMENT HAS BEEN SIGNED BY THE FOLLOWING PERSONS IN
THE CAPACITIES AND ON THE DATES INDICATED.
SIGNATURE TITLE DATE
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* Chairman, President and Chief November 16, 1995
- ------------------------------------------ Executive and Director
Rand V. Araskog
(Principal Executive Officer)
* Executive Vice President and November 16, 1995
- ------------------------------------------ Chief Financial Officer
Robert A. Bowman
(Principal Financial Officer)
* Director November 16, 1995
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Bette B. Anderson
* Director November 16, 1995
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Nolan D. Archibald
* Director November 16, 1995
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Robert A. Burnett
* Director November 16, 1995
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Michel David-Weill
* Director November 16, 1995
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S. Parker Gilbert
* Director November 16, 1995
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Paul G. Kirk, Jr.
* Director November 16, 1995
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Edward C. Meyer
* Director November 16, 1995
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Benjamin F. Payton
* Director November 16, 1995
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Margita E. White
*By /S/ RICHARD S. WARD
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Richard S. Ward
Attorney-in-fact
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EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION LOCATION
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1 Form of Underwriting Agreement for dollar denominated
Securities to be distributed in the United States. ((i)
An Underwriting Agreement relating to securities to be
distributed outside the United States or for Securities
denominated in foreign currencies or foreign currency
units or (ii) any Selling Agency or Distribution
Agreement with any Agent will be filed as an exhibit to
a Current Report on Form 8-K and incorporated herein by
reference)............................................. Previously filed.
2 Plan of acquisition, reorganization, arrangement,
liquidation or succession.............................. Not applicable.
4 (a)(i) Form of Indenture to be dated as of November , 1995,
among ITT Destinations, Inc., ITT Corporation and The
First National Bank of Chicago, as Trustee, with
respect to the Debt Securities......................... Previously filed.
(a)(ii) Form of Indenture to be dated as of November ,1995,
among ITT Destinations Inc., ITT Corporation and one or
more banking institutions to be qualified as Trustee
pursuant to Section 305(b)(2) of the Trust Indenture
Act of 1939............................................ Incorporated by reference to
Exhibit 4(a)(i) (except for
name of Trustee)
The form or forms of such Debt Securities and
Guarantees, if any, with respect to each particular
offering will be filed as an exhibit to a Current
Report on Form 8-K and incorporated herein by
reference.
4 (b) Form of Warrant Agreement to be entered into by ITT
Destinations, Inc. and the Warrant Agent (including
form of Warrant Certificate)........................... The form or forms of such
Warrants with respect to
each particular offering will
be filed as an exhibit to a
Current Report on
Form 8-K and incorporated
herein by reference.
5 Opinion of Richard S. Ward, Esq., on behalf of ITT
Destinations, Inc. and ITT Corporation, in respect of
the legality of the Securities, including the
Guarantees............................................. Previously filed.
An unqualified opinion with respect to each particular
offering will be filed as an exhibit to a Current
Report on Form 8-K and incorporated herein by
reference.
12 (a) Computation of ITT Corporation ratio of earnings to
fixed charges for the nine months ended September 30,
1995................................................... Incorporated by reference to
Exhibit 12(a) to ITT
Corporation's Quarterly
Report on Form 10-Q for the
period ended September 30,
1995, File No. 1-5627.
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EXHIBIT
NUMBER DESCRIPTION LOCATION
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12 (a)(ii) Computation of ITT Corporation ratios of earnings to
fixed charges for the five years ended December 31,
1994................................................... Incorporated by reference to
Exhibit 12(a) to ITT
Corporation's Quarterly
Report on Form 10-Q for the
period ended September 30,
1995, File No. 1-5627.
12 (b) Computation of ITT Destinations, Inc. ratios of
earnings to fixed charges for the nine months ended
September 30, 1995 and the five years ended December
31, 1994............................................... Filed herewith.
15 Letter re unaudited interim financial information...... Not applicable.
23 Consents of experts and counsel
(a) Consent of Arthur Andersen LLP..................... Previously filed.
(b) Consent of Arthur Andersen LLP..................... Previously filed.
(c) Consent of Price Waterhouse (Milan, Italy)......... Previously filed.
(d) Consent of Arthur Andersen LLP..................... Previously filed.
(e) Consent of counsel................................. Previously filed.
24 Power of attorney...................................... Previously filed.
25 Form T-1, Statement of Eligibility and Qualification
under the Trust Indenture Act of 1939 of The First
National Bank of Chicago, Trustee under an Indenture
pursuant to which Debt Securities are to be issued..... Previously filed.
26 Invitations for competitive bids....................... Not applicable.
28P Information from reports furnished to state insurance
regulatory authorities................................. Incorporated by reference to
ITT Corporation's Form SE
dated March 15, 1995 (CIK No.
216228).
99 Additional exhibits.................................... Not applicable.
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EXHIBIT 12(B)
ITT DESTINATIONS, INC.
CALCULATION OF RATIO OF EARNINGS TO TOTAL FIXED CHARGES
(Millions of Dollars)
NINE MONTHS
ENDED
SEPTEMBER 30, YEARS ENDED DECEMBER 31,
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1995 1994 1994 1993 1992 1991 1990
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Earnings:
Income from continuing operations.......................... $103 $ 59 $ 74 $ 39 $ 2 $ 43 $ 20
Add (deduct):
Adjustment for distributions in excess of (less than)
undistributed equity earnings and losses............... 13 11 16 13 21 -- --
Income taxes............................................. 69 44 58 63 4 28 --
Minority equity in net income............................ 16 11 12 17 15 14 7
Amortization of interest capitalized..................... 2 2 3 3 4 17 2
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203 127 163 135 46 102 29
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Fixed Charges:
Interest and other financial charges..................... 254 74 132 30 41 171 143
Interest factor attributable to rentals.................. 19 22 25 29 29 27 23
---- ---- ---- ---- ---- ---- ----
273 96 157 59 70 198 166
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Earnings, as adjusted, from continuing operations.......... $476 $223 $320 $194 $116 $300 $195
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Fixed Charges:
Fixed charges above...................................... $273 $ 96 $157 $ 59 $ 70 $198 $166
Interest capitalized..................................... 5 1 5 1 8 15 37
---- ---- ---- ---- ---- ---- ----
Total fixed charges...................................... $278 $ 97 $162 $ 60 $ 78 $213 $203
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Ratios:
Earnings, as adjusted, from continuing operations to
total fixed charges.................................... 1.71 2.30 1.98 3.23 1.49 1.41 *
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Notes:
* Earnings are inadequate to cover total fixed charges by $8.
(a) The adjustment for distributions in excess of (less than) undistributed
equity earnings and losses represents the adjustment to income for
distributions in excess of (less than) undistributed earnings and losses of
companies in which at least 20% but less than 50% equity is owned.
(b) Interest and other financial charges excludes interest expense on joint
venture borrowings of $11 million in each of the nine month periods ended
September 30, 1995 and 1994 and $15 million and $17 million, respectively,
in the years ended December 31, 1994 and 1993.
(c) The interest factor attributable to rentals was computed by calculating the
estimated present value of all long-term rental commitments and applying
the approximate weighted average interest rate inherent in the lease
obligations and adding thereto the interest element assumed in short-term
cancelable and contingent rentals excluded from the commitment data but
included in rental expense.
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