Clean Harbors, Inc. (CLH: Quote) said it is commencing a private placement of $600 million of Senior Notes due 2020. Clean Harbors intends to use the net proceeds of the offering to purchase any and all of its outstanding 7.625% Senior Secured Notes due 2016, which are accepted for purchase in its concurrent tender offer and consent solicitation for such notes. Clean Harbors intends to use any remaining net proceeds from the offering for general corporate purposes.
Separately, Clean Harbors said it is commencing a tender offer to purchase any and all of its outstanding $490.0 million aggregate principal amount of 7?% Senior Secured Notes due 2016 through a cash tender offer with a portion of the proceeds from the company's concurrent private placement of Senior Notes due 2020.
The Tender Offer will expire at midnight New York City time on August 10, 2012, unless the Tender Offer is extended or earlier terminated.
In connection with the Tender Offer, the company is soliciting the consents of holders of the Notes to certain proposed amendments to the indenture governing the Notes. The primary purpose of the Consent Solicitation and proposed amendments is to eliminate substantially all of the restrictive covenants and certain events of default and related provisions and reduce the required notice period contained in the optional redemption provisions of the indenture.
 | | To receive FREE breaking news email alerts for Clean Harbors, Inc. and others in your portfolio |
|
by RTT Staff Writer
For comments and feedback: editorial@rttnews.com
Business News