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Clean Harbors collects tenders for $10,000 more 7 5/8% notes in offer
By Susanna Moon
Chicago, Aug. 13 - Clean Harbors, Inc. said it received tenders for an additional $10,000 of 7 5/8% senior secured notes due 2016 since the consent date.
As previously noted, Clean Harbors received tenders and consents from holders of $339.1 million, or 69.2%, of the notes by the consent date, 5 p.m. ET on July 27.
The company settled those early tendered notes on July 30, according to a press release. The total purchase price was $1,041.38 per $1,000 principal amount of notes, including a consent premium of $30.00.
Holders who tendered their notes after the consent date will receive the base payment of $1,011.38 per $1,000 principal amount.
The company also will pay accrued interest up to but excluding the settlement date.
The tender offer began July 16 and expired at midnight ET on Aug. 10.
As previously noted, the company received enough consents to amend the notes and enter into a supplemental indenture that eliminated substantially all of the restrictive covenants and events of default and reduced the notice period required to redeem the notes. The supplemental indenture became operative upon payment for the notes tendered by the consent date.
The company said it plans to redeem on Aug. 15 the notes that remain outstanding after the offer at a price of $1,038.13 per $1,000 principal amount plus accrued interest.
Funding for the tender offer will come from the company's concurrent issue of senior notes. The tender offer is conditioned on the raising of at least $600 million of proceeds from the new issue. The company priced an upsized $800 million issue of 5¼% senior notes due Aug. 1, 2020 on July 17.
Goldman Sachs & Co. (800 828-3182 and 212 357-0345) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (866 794-2200 or 212 430-3774) is the information agent.
Clean Harbors is Norwell, Mass.-based provider of environmental, energy and industrial services.
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