SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
August 27, 1999 (August 27, 1999) Date of Report
(Date of earliest event reported)
Safety-Kleen Corp.
(Exact name of registrant as specified in its charter)
Delaware 1-8368 51-0228924
(State or other (Commission (IRS Employer
jurisdiction File Number) Identification
of incorporation) Number)
1301 Gervais Street, Columbia, South Carolina 29201
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (803)933-4200
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ITEM 5. OTHER EVENTS
On August 27, 1999, Safety-Kleen Corp.(NYSE:SK) announced the
completion of the previously announced transaction to repurchase the outstanding
$350 million 5% subordinated convertible pay-in-kind debenture from Laidlaw Inc.
The full text of the announcement is reproduced below.
For Immediate Release
SAFETY-KLEEN
COMPLETES REPURCHASE OF PIK DEBENTURE
Columbia, S.C.--August 27, 1999--Safety-Kleen Corp. (NYSE: SK) announced today
the completion of the previously announced transaction to repurchase the
outstanding $350 million 5% subordinated convertible pay-in-kind debenture (the
"PIK Debenture") from Laidlaw Inc. Consideration to Laidlaw Inc. for the
repurchase included approximately 11.3 million Safety-Kleen common shares and
$200 million in cash.
Safety-Kleen shareholders voted in favor of the proposed issuance of shares at
today's special meeting of shareholders. Of the 70.6 million shares voted, 70.0
million, or 99.1%, voted in favor of the proposal allowing for the PIK
repurchase.
The completed transaction results in 100.6 million Safety-Kleen common shares
outstanding of which Laidlaw Inc. beneficially owns 43.8 million common shares,
or 43.6%.
For further information contact:
- ---------------------------------
Kenneth W. Winger, President and Chief Executive Officer - (803) 933-4212
Paul R. Humphreys, Senior Vice President, Finance and Chief Financial Officer -
(803) 933-4261
Safety-Kleen Investor Relations - (803) 933-4285
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SAFETY-KLEEN CORP.
By: /S/ Kenneth W. Winger
----------------------------
Kenneth W. Winger, President
and Chief Executive Officer
Date: August 27, 1999
