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<B>
<P align=center>UNITED STATES <BR>SECURITIES AND EXCHANGE
COMMISSION<BR>Washington, D.C. 20549</P>
<P align=center>FORM 8-K</P>
<P align=center>CURRENT REPORT</P></B>
<P align=center><FONT size=2>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934</FONT></P>
<P align=center><FONT size=2>
Report as of July 1, 2003</FONT></P><B>
<P align=center>GENERAL BINDING CORPORATION</B><FONT size=2><BR>(Exact name of
registrant as specified in its charter)</FONT></P><B>
<P align=center>Delaware</B><FONT size=2><br>
(State or other jurisdiction of incorporation or
organization)</FONT></P>
<P align=center><FONT size=2><b>0-2604</b><br>
</FONT>(<FONT size=2>Commission File Number)</P>
</FONT><B>
<P align=center>36-0887470</B><FONT size=2><br>
(I.R.S. employer identification No.)</P></FONT><B>
<P align=center>One GBC Plaza,<br>
Northbrook, Illinois 60062</B><FONT size=2><br>
(Address of principal executive offices, including zip code)</P>
</FONT><B>
<P align=center>(847) 272-3700</B><FONT size=2><br>
(Registrant's telephone number, including area
code)</FONT></P>
<B>
<hr>
<P>Item 5. Other events</P></B>
<blockquote>
<P>Effective June 26, 2003, General Binding Corporation successfully amended and
extended its primary credit facility with a group of various financial
institutions led by Harris Trust and Savings Bank, LaSalle Bank National
Association and General Electric Capital Corporation. </P>
<P>The new $197.5 million facility, which includes a $72.5 million multicurrency
revolving credit line and a $125 million term loan, matures on January 15, 2008
and provides for materially lower interest rates than the previous facility.
Interest payable under the facility is tied to a performance grid and is
initially set at LIBOR plus 3.75% for revolving credit borrowings and at LIBOR
plus 4.5% for the term loan. In addition to restrictions on certain items such
as capital expenditures, acquisitions, dividends, and foreign subsidiary
support, the facility contains financial covenants which include maximum total
and senior leverage ratios, a minimum fixed charge coverage ratio and a minimum
net worth requirement.</P>
<P>The prior facility, which was entered into in January, 2002 and was scheduled
to mature in 2004, originally totaled $290 million and consisted of a $90
million multicurrency revolving credit line and term loans of $200 million.
Interest rates under the agreement were set at LIBOR plus 7% for revolving
credit borrowings and approximately $160 million of the term loans, and at LIBOR
plus 8% for the remaining term loan. The prior facility also included
restrictions on certain items such as capital expenditures, acquisitions,
dividends, and foreign subsidiary support, and its financial covenants included
minimum EBITDA levels, maximum total and senior leverage ratios, a minimum
interest coverage ratio, and a minimum current ratio.</P>
</blockquote>
<P><b><font size="3">Item 7. Financial statements and Exhibits</font></b>
</P>
<P><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;
Exhibit 10 -
Material Contracts</font>
</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<font size="3">Third Amended and Restated Multicurrency Credit Agreement dated as of June 26,
2003.</font>
</P>
<P><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;
Exhibit 20 -
Other Documents or Statements to Security Holders:</font>
</P>
<P><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
GBC press release dated June 30, 2003.</font>
</P>
<P align="center"><font size="3">2</font>
</P>
<P align="center">&nbsp;</P>
<P align="center"><B><font size="3">SIGNATURES</font></P></B>
<P><font size="3">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.</font></P>
<FONT size=2>
<P><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>
</FONT>
</P>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>

<FONT FACE="Times,Times New Roman">
    <td width="50%"></td>
    <td width="50%"><b>GENERAL BINDING CORPORATION</b></td>
    </FONT>
  </tr>
  <tr>

<FONT FACE="Times,Times New Roman">
    <td width="50%"></td>
    <td width="50%"><br>
</td>
    </FONT>
  </tr>
  <tr>

<FONT FACE="Times,Times New Roman">
    <td width="50%"></td>
    <td width="50%">By <u>/s/ Steven Rubin</u></td>
    </FONT>
  </tr>
  <tr>

<FONT FACE="Times,Times New Roman">
    <td width="50%"></td>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steven Rubin</td>
    </FONT>
  </tr>
  <tr>

<FONT FACE="Times,Times New Roman">
    <td width="50%"></td>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President, Secretary and</td>
    </FONT>
  </tr>
  <tr>

<FONT FACE="Times,Times New Roman">
    <td width="50%"></td>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Counsel</td>
    </FONT>
  </tr>
  <tr>
    <td width="50%"></td>
    <td width="50%"><font face="Times,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      July 1, 2003</font></td>
  </tr>
  <tr>

<FONT FACE="Times,Times New Roman">
    <td width="50%"></td>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    </FONT>
  </tr>
</table>
<FONT size=2>
<P>&nbsp;</P>
<P>&nbsp;</P>
</FONT>
<P align="center">&nbsp;</P>
<p align="center">3</p>

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934
Report as of July 1, 2003
GENERAL BINDING CORPORATION
(Exact name of
registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or
organization)
0-2604
(
Commission File Number)
36-0887470
(I.R.S. employer identification No.)
One GBC Plaza,
Northbrook, Illinois 60062
(Address of principal executive offices, including zip code)
(847) 272-3700
(Registrant's telephone number, including area
code)
Item 5. Other events
Effective June 26, 2003, General Binding Corporation successfully amended and
extended its primary credit facility with a group of various financial
institutions led by Harris Trust and Savings Bank, LaSalle Bank National
Association and General Electric Capital Corporation.
The new $197.5 million facility, which includes a $72.5 million multicurrency
revolving credit line and a $125 million term loan, matures on January 15, 2008
and provides for materially lower interest rates than the previous facility.
Interest payable under the facility is tied to a performance grid and is
initially set at LIBOR plus 3.75% for revolving credit borrowings and at LIBOR
plus 4.5% for the term loan. In addition to restrictions on certain items such
as capital expenditures, acquisitions, dividends, and foreign subsidiary
support, the facility contains financial covenants which include maximum total
and senior leverage ratios, a minimum fixed charge coverage ratio and a minimum
net worth requirement.
The prior facility, which was entered into in January, 2002 and was scheduled
to mature in 2004, originally totaled $290 million and consisted of a $90
million multicurrency revolving credit line and term loans of $200 million.
Interest rates under the agreement were set at LIBOR plus 7% for revolving
credit borrowings and approximately $160 million of the term loans, and at LIBOR
plus 8% for the remaining term loan. The prior facility also included
restrictions on certain items such as capital expenditures, acquisitions,
dividends, and foreign subsidiary support, and its financial covenants included
minimum EBITDA levels, maximum total and senior leverage ratios, a minimum
interest coverage ratio, and a minimum current ratio.
Item 7. Financial statements and Exhibits
(a)   
Exhibit 10 -
Material Contracts
Third Amended and Restated Multicurrency Credit Agreement dated as of June 26,
2003.
(b)   
Exhibit 20 -
Other Documents or Statements to Security Holders:
GBC press release dated June 30, 2003.
2
SIGNATURES
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.
GENERAL BINDING CORPORATION
By
/s/ Steven Rubin
Steven Rubin
Vice President, Secretary and
General Counsel
July 1, 2003
3