Stericycle Announces Pricing of $600.0 Million Senior Notes Offering
June 07 2019 - 4:30PM
Stericycle, Inc. (Nasdaq: SRCL) (“Stericycle”) announced today that
it has priced an offering of $600.0 million aggregate principal
amount of 5.375% senior notes due July 2024 (the “Notes”).
The notes were priced at par and will be senior unsecured
obligations of Stericycle. The offering is expected to close
on June 14, 2019, subject to customary closing conditions.
Stericycle intends to use the net proceeds from
this offering of Notes, along with additional borrowings under
Stericycle’s amended senior credit facility, to refinance
Stericycle’s outstanding private placement notes.
The Notes and related guarantees are being
offered and sold to persons reasonably believed to be “qualified
institutional buyers” pursuant to Rule 144A under the Securities
Act of 1933, as amended (the “Securities Act”), and to non-U.S.
persons outside the United States pursuant to Regulation
S under the Securities Act. The Notes and related guarantees have
not been registered for sale under the Securities Act or any state
securities laws and may not be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements of the Securities Act and applicable
state laws.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy the Notes or any other
securities, and shall not constitute an offer, solicitation or sale
in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful.
About Stericycle, Inc.
Stericycle, Inc. is a U.S. based
business-to-business services company and leading provider of
compliance-based solutions that protect people and brands, promote
health and safeguard the environment. Stericycle serves more than
one million customers in all 50 U.S. states and 21 countries
worldwide with solutions for regulated waste management, secure
information destruction, compliance and customer contact.
Cautionary Language
This press release contains forward-looking
statements that involve risks and uncertainties, some of which are
beyond our control (for example, general economic and market
conditions). When we use words such as “believes,” “expects,”
“anticipates,” “estimates” or similar expressions, we are making
forward-looking statements. Actual results could differ
significantly from the results described here. Factors that
could cause such differences include our private offering of the
Notes and our use of the proceeds from such offering, changes in
governmental regulation of the collection, transportation,
treatment and disposal of regulated waste or the proper handling
and protection of personal and confidential information, the level
of government enforcement of regulations governing regulated waste
collection and treatment or the proper handling and protection of
personal and confidential information, decreases in the volume of
regulated wastes or personal and confidential information collected
from customers, the ability to implement our enterprise resource
planning system or execute on Business Transformation initiatives
and achieve the anticipated benefits and cost savings, charges
related to the portfolio rationalization strategy or the failure of
this strategy to achieve the desired results, failure to consummate
strategic alternative transactions with respect to our
Communication and Related Services business (“CRS”) or other
non-core businesses, potential charges related to a strategic
alternative transactions with respect to CRS, or the failure of any
such transactions to achieve desired results, the obligations to
service substantial indebtedness and comply with the covenants and
restrictions contained in private placement notes and credit
agreements, a downgrade in our credit rating resulting in an
increase in interest expense, political, economic, inflationary,
currency and other risks related to our foreign operations, the
outcome of pending or future litigation or investigations including
with respect to the Foreign Corrupt Practices Act, changing market
conditions in the healthcare industry, competition and demand for
services in the regulated waste and secure information destruction
industries, changes in the demand and price for recycled paper,
failure to maintain an effective system of internal control over
financial reporting, delays in implementing remediation efforts
with respect to existing material weaknesses, identification of
additional material weaknesses, failure of current remediation
efforts to address existing material weaknesses, disruptions in or
attacks on information technology systems, as well as other factors
described in filings with the U.S. Securities and Exchange
Commission, including our Annual Report on Form 10-K for the fiscal
year ended December 31, 2018 and subsequent Quarterly Reports on
Forms 10-Q. As a result, past financial performance should
not be considered a reliable indicator of future performance, and
investors should not use historical trends to anticipate future
results or trends. To the extent permitted under applicable
law, we make no commitment to disclose any subsequent revisions to
forward-looking statements.
FOR FURTHER INFORMATION CONTACT: Stericycle Investor Relations
at 847-607-2012
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