Clean Harbors reports early tenders for $296.2 million of 5¼% notes

By Susanna Moon

Chicago, June 28 – Clean Harbors, Inc. said investors had tendered $296.2 million principal amount of its $800 million outstanding 5¼% senior notes due 2020 as of 5 p.m. ET on June 27, the early tender date.

Clean Harbors has accepted for purchase all of the notes tendered by the early deadline and expects to redeem a further $103.8 million of the notes, which are callable at 101.313% beginning Aug. 1, according to a company update on Wednesday.

As announced June 14, the company is offering to purchase for cash up to $400 million principal amount of the notes at a total purchase price of $1,015.75 for each $1,000 principal amount of notes tendered by the early deadline.

The total payment includes an early tender premium of $50.00 per $1,000 principal amount.

The tender offer will continue until 11:59 p.m. ET on July 12.

Holders also will receive accrued interest to but excluding the payment date.

Settlement will occur on June 30 for early tenders and July 14 for any remaining tenders.

The company said it reserves the right to increase the purchase amount.

The offer contains a financing condition, which the company said on Wednesday that it expects to satisfy through a proposed term loan B debt set to close on June 30.

Goldman Sachs & Co. LLC (800 828-3182 or 212 357-1057) is the dealer manager. Global Bondholder Services Corp. (866 794-2200 or 212 430-3774) is the information agent.

Clean Harbors is a Norwell, Mass. environmental, energy and industrial services provider.

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