NORWELL, Mass.--(BUSINESS WIRE)--Jul. 27, 2012--
Clean Harbors, Inc. (“Clean Harbors”) (NYSE:CLH) announced today that,
pursuant to its previously announced tender offer and consent
solicitation (collectively, the “Tender Offer”) to purchase any and all
of its outstanding $490.0 million aggregate principal amount of 7 5/8%
senior secured notes due 2016 (the “2016 Notes”), Clean Harbors has
received tenders and consents from the holders of an aggregate principal
amount of $339.1 million, or 69.2% of the total outstanding, by the
expiration of the consent payment deadline at 5:00 p.m., New York City
time, on July 27, 2012 (the “Consent Date”). The terms of the Tender
Offer are described in Clean Harbors’ Offer to Purchase and Consent
Solicitation Statement dated July 16, 2012 (the “Offer to Purchase”).
The consents received exceed the amount needed to approve the proposed
amendments described in the Offer to Purchase to the indenture under
which the 2016 Notes were issued (the “Indenture”).
Under the terms of the Tender Offer, holders of 2016 Notes which validly
tendered (and did not validly withdraw) their 2016 Notes on or prior to
the Consent Date will receive $1,041.38 per $1,000.00 in principal
amount of the 2016 Notes validly tendered (the “Total Consideration”),
plus accrued but unpaid interest up to, but not including, the payment
date. The Total Consideration includes a consent payment of $30.00 per
$1,000.00 in principal amount of the 2016 Notes validly tendered (the
“Consent Payment”). Clean Harbors intends to make payment on July 30,
2012 for the 2016 Notes which were validly tendered (and not validly
withdrawn) on or prior to the Consent Date.
Holders which tender after the Consent Date but prior to the expiration
of the Tender Offer at midnight, New York City time on August 10, 2012
(the “Expiration Date”), unless the Tender Offer is extended or earlier
terminated, will receive $1,011.38 per $1,000.00 in principal amount of
the 2016 Notes validly tendered, plus accrued but unpaid interest up to,
but not including, the payment date. Such payment will represent the
Total Consideration less the Consent Payment. Clean Harbors intends to
redeem on August 15, 2012 any 2016 Notes that remain outstanding after
the consummation of the Tender Offer at a redemption price of $1,038.13
per $1,000.00 principal amount of 2016 Notes, plus accrued but unpaid
interest up to, but not including, the payment date, in accordance with
the terms of the Indenture, as amended pursuant to the amendments which
were approved through the consents received on or prior to the Consent
Based on the consents received on or prior to the Consent Date, Clean
Harbors and the trustee under the Indenture are expected to enter into a
supplemental indenture that will, once operative, eliminate
substantially all of the restrictive covenants and certain events of
default and reduce the required notice period contained in the optional
redemption provisions of the Indenture. The supplemental indenture is
expected to become operative upon payment for the 2016 Notes tendered by
the Consent Date as described above.
Requests for copies of the Offer to Purchase and other documents
relating to the Tender Offer may be directed to Global Bondholder
Services Corp., the Information Agent, at (866) 794-2200 or (212)
430-3774. Goldman, Sachs & Co. is acting as Dealer Manager and
Solicitation Agent for the Tender Offer. Questions regarding the Tender
Offer may be directed to Goldman, Sachs & Co. at (800) 828-3182 and
This press release is not an offer to purchase or solicitation of
consents with respect to the 2016 Notes. The Tender Offer is only being
made pursuant to the Offer to Purchase and the related Letter of
Transmittal and Consent.
Safe Harbor Statement
Any statements contained herein that are not historical facts are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
generally identifiable by use of the words “believes,” “expects,”
“intends,” “anticipates,” “plans to,” “estimates,” “projects,” or
similar expressions. Such statements may include, but are not limited
to, statements about Clean Harbors’ business outlook and financial
guidance and other statements that are not historical facts. Such
statements are based upon the beliefs and expectations of Clean Harbors’
management as of this date only and are subject to certain risks and
uncertainties that could cause actual results to differ materially,
including, without limitation, those items identified as “risk factors”
in Clean Harbors’ most recently filed Form 10-K and Form 10-Q.
Therefore, readers are cautioned not to place undue reliance on these
forward-looking statements. Clean Harbors undertakes no obligation to
revise or publicly release the results of any revision to these
forward-looking statements other than through its various filings with
the Securities and Exchange Commission, which may be viewed in the
“Investors” section of Clean Harbors’ website at www.cleanharbors.com.
About Clean Harbors
Harbors is the leading provider of environmental, energy and
industrial services throughout North America. Clean Harbors serves more
than 60,000 customers, including a majority of the Fortune 500
companies, thousands of smaller private entities and numerous federal,
state, provincial and local governmental agencies.
Headquartered in Norwell, Massachusetts, Clean Harbors has more than 200
locations, including over 50 waste management facilities, throughout
North America in 37 U.S. states, seven Canadian provinces, Mexico and
Puerto Rico. For more information, visit www.cleanharbors.com.
Source: Clean Harbors, Inc.
Clean Harbors, Inc.
James M. Rutledge, 781-792-5100
Chairman and Chief Financial Officer
Jim Buckley, 617-542-5300