Republic Services, Inc. Announces Redemption of 4.25% Senior Subordinated Convertible Debentures Due 2034
Republic Services, Inc. announced today that it has notified the registered holders of its 4.25% Senior Subordinated Convertible Debentures due 2034 (the "Debentures") that it will redeem all of the Debentures outstanding on December 2, 2009 (the "Redemption Date"). The Debentures will be redeemed at a price equal to 100% of the principal amount of the Debentures, plus accrued and unpaid interest up to, but not including, the Redemption Date. Payment of the redemption price will be made by U.S. Bank National Association, the trustee under the indenture governing the Debentures, on the Redemption Date upon presentation and surrender of the Debentures as set forth in the redemption notice. The company intends to use cash on hand and, if necessary, incremental borrowings under its revolving credit facility to fund the redemption. The company expects to incur a charge upon extinguishment of the Debentures of approximately $19 million. This charge will be reflected in its fourth quarter 2009 financial results.
About Republic Services, Inc.
Republic Services, Inc. is a leading provider of services in the domestic, non-hazardous solid waste industry. The Company provides non-hazardous solid waste collection services for commercial, industrial, municipal and residential customers through 380 collection companies in 40 states. It also owns or operates 239 transfer stations, 199 solid waste landfills and 79 recycling facilities. Republic serves millions of residential customers under contracts with more than 3,000 municipalities for waste collection and residential services. It also serves commercial customers throughout its expansive service area. For more information, visit the Republic Services web site at www.republicservices.com.
First Call Analyst: Flower, Will
SOURCE: Republic Services, Inc.