SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Amendment No. 2
to
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Safety-Kleen Corp.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
78648R
(CUSIP Number)
Ivan R. Cairns
Senior Vice-President & General Counsel
Laidlaw Inc.
3221 North Service Road
Burlington, Ontario L7R 3Y8
(905) 336-1800
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
August 27, 1999
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on
Schedule 13G to report the acquisition which is the subject of this
Schedule 13D, and is filing this statement because of Rule 13d-1(b)(3)
or (4), check the following box: [ ]
Check the following box if a fee is being paid
with the statement: [ ]
Page 1 of 11 Pages
<PAGE>
CUSIP Number 78648R Page 2 of 11 Pages
SCHEDULE 13D
- ------------- ------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
LAIDLAW INC.
NOT APPLICABLE - CANADIAN
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A
GROUP*
(a) | (b)
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) OR 2(E)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
CANADA
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 43,846,287*
OWNED BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON WITH 10 SHARED DISPOSITIVE POWER
43,846,287*
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
* Laidlaw Inc. may be deemed to be the beneficial owner of the Common Shares
beneficially owned by Laidlaw Finance (Barbados) Ltd. Such securities have been
included in rows 8 and 10 but excluded from row 11 to avoid double counting of
the aggregate number of Common Shares owned by the Reporting Persons.
<PAGE>
CUSIP Number 78648R Page 3 of 11 Pages
SCHEDULE 13D
- ------------- ------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
LAIDLAW INVESTMENTS LTD.
NOT APPLICABLE - ONTARIO
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A
GROUP*
(a) | (b)
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) OR 2(E)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
ONTARIO
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 43,846,287*
OWNED BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON WITH 10 SHARED DISPOSITIVE POWER
43,846,287*
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
* Laidlaw Investments Ltd. may be deemed to be the beneficial owner of the
Common Shares beneficially owned by Laidlaw Finance (Barbados) Ltd. Such
securities have been included in rows 8 and 10 but excluded from row 11 to avoid
double counting of the aggregate number of Common Shares owned by the Reporting
Persons.
<PAGE>
CUSIP Number 78648R Page 4 of 11 Pages
SCHEDULE 13D
- ------------ -------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
LAIDLAW FINANCE (BARBADOS) LTD.
NOT APPLICABLE - BARBADOS
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A
GROUP*
(a) | (b)
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) OR 2(E)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
BARBADOS
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 43,846,287
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 0
OWNED BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 43,846,287
PERSON WITH 10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
43,846,287
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
43.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
<PAGE>
CUSIP Number 78648R Page 5 of 11 Pages
This Amendment No. 2 to the Schedule 13D (the "Schedule 13D")
filed by Laidlaw Inc. with respect to Shares of Common Stock of Safety-Kleen
Corp. ("Safety-Kleen") hereby amends and supplements the Schedule 13D as set
forth below. All capitalized terms used and not otherwise defined herein have
the meanings ascribed to them in the Schedule 13D, as amended and supplemented.
Item 1. Security and Issuer
-------------------
This statement relates to the Common Stock, par value $1.00 per
share of Safety-Kleen, formerly Laidlaw Environmental Services, Inc., the
principal executive offices of which are: 1301 Gervais Street, Columbia, SC
29201.
Item 2. Identity and Background
-----------------------
Item 2 is hereby amended and supplemented by adding the
following:
(a) - (c) and (f). This statement is being filed by Laidlaw Inc.
("Laidlaw"), Laidlaw Investments Ltd. ("LIL") and Laidlaw Finance (Barbados)
Ltd. ("Finance"). Laidlaw, LIL and Finance are hereinafter collectively referred
to as the "Reporting Persons".
LIL is a corporation incorporated under the laws of Ontario. The
address of its principal office is: 3221 North Service Road, Burlington,
Ontario, Canada L7R 3Y8. LIL is a wholly owned subsidiary of Laidlaw and is a
finance and investment company.
Finance is a corporation incorporated under the laws of Barbados.
The address of its principal office is: Chelston Park, Bldg. #2, Collymore Rock,
St. Michael, Barbados, West Indies. Finance is an indirect wholly owned
subsidiary of Laidlaw. It is a finance and investment company.
The names, business addresses, present principal occupations or
employments and citizenships (and the names, principal businesses and addresses
of the corporations or other organizations in which such employment is
conducted) of the executive officers and directors of LIL and Finance are set
forth in Schedule 1 attached hereto and incorporated herein by reference.
<PAGE>
CUSIP Number 78648R Page 6 of 11 Pages
(d) - (e) During the last five years none of the Reporting
Persons (or to the best knowledge of the Reporting Persons, the persons listed
on Schedule 1 hereto) has: (1) been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanours); or (2) been a party to
a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws.
Item 3. Source and amount of funds or other consideration
--------------------------------------------------
Item 3 is hereby amended and supplemented by adding the
following: On April 20, 1999, Laidlaw announced an agreement to sell to
Safety-Kleen the Safety-Kleen $350,000,000 5% Subordinated Convertible
Pay-in-Kind Debenture for $200,000,000 in cash and 11,320,755 shares of
Safety-Kleen common stock.
Item 4. Purpose of transaction
----------------------
Item 4 is hereby amended and supplemented by adding the
following: Laidlaw entered into the transaction to generate $200,000,000 in
cash, which was used to reduce debt. The transaction is accretive to earnings
and quantifies the significant equity interest Laidlaw maintains in
Safety-Kleen. The Reporting Persons intend to continue to review their
investment in Safety-Kleen and, subject to the terms of the stock registration
agreement, reserve the right to maintain their investment at the current level
or to sell all or a portion of their holdings in the open market, through
privately negotiated transactions or otherwise. Any such action will depend
upon, among other things, the continuing evaluation of Safety-Kleen's
businesses, financial condition, operations and prospects; review of
Safety-Kleen's additional disclosures, if any, and other publicly available
information; general market, economic and other conditions; and other future
developments. As part of their on-going review, the Reporting Persons may
discuss with third parties, including Safety-Kleen's management and
shareholders, issues relating to the foregoing matters as well as Safety-Kleen's
performance, results of operations and ways of enhancing shareholder value.
<PAGE>
CUSIP Number 78648R Page 7 of 11 Pages
Except as set forth above, the Reporting Persons have no present
plans or intentions which would result in, or relate to any of the transactions
described in sub-paragraphs (a) through (j) of Item 4 of Schedule 13D. Although
the foregoing represents the range of actions currently contemplated by the
Reporting Persons with respect to the common shares of Safety-Kleen, they are
subject to change at any time.
Item 5. Interest in Securities of the Issuer
------------------------------------
Item 5 is hereby amended and supplemented by adding the
following:
As partial consideration for the Debenture, Safety-Kleen issued
11,320,755 shares of common stock to Laidlaw. In accordance with the terms of
the Debenture, Safety-Kleen also paid interest on the Debenture accrued to the
date of closing by the issuance of 376,858 shares of common stock. As a result
of this transaction, Laidlaw beneficially owns 43.6% of the issued shares of
Common Stock of Safety-Kleen. See also Item 3.
Item 6. Contracts, arrangements, understandings or relationships
-----------------------------------------------------------
with respect to securities of the issuer
---------------------------------------------
Item 6 is hereby amended and supplemented by adding the
following: The Securities Purchase Agreement confirms that the provisions of the
Stock Registration Agreement dated May 15, 1997 between Safety-Kleen and Laidlaw
applies to the shares of common stock issued in this transaction.
Item 7. Material to be filed as exhibits
--------------------------------
Item 7 is hereby amended and supplemented by adding the
following: Exhibit D: Securities Purchase Agreement (filed as Exhibit 10 (b) to
the Form 10-Q of Laidlaw for the quarter ended May 31, 1999) and incorporated
herein by reference. Exhibit E: Joint Filing Agreement.
<PAGE>
CUSIP Number 78648R Page 8 of 11 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
LAIDLAW INC.
By: /s/Ivan R. Cairns
------------------
Ivan R. Cairns
Senior Vice-President
& General Counsel
LAIDLAW INVESTMENTS LTD.
By: /s/Ivan R. Cairns
-------------------
Ivan R. Cairns
Senior Vice-President
LAIDLAW FINANCE (BARBADOS) LTD.
By: /s/Jeff Cassell
------------------
Jeff Cassell, Director
Dated: August 27, 1999
<PAGE>
CUSIP Number 78648R Page 9 of 11 Pages
EXHIBIT E
JOINT FILING AGREEMENT
In accordance with Rule 13d-1 (f) promulgated under the
Securities Exchange Act of 1934, as amended, the persons named below agree to
the joint filing on behalf of each of them of a Statement on Schedule 13D
(including amendments thereto) with respect to the common shares of Safety-Kleen
and further agree that this Joint Filing Agreement be included as an Exhibit to
such joint filing. Each party to this Joint Filing Agreement expressly
authorizes each other party to file on its behalf any and all amendments to such
Statement. In evidence thereof the undersigned, being duly authorized, hereby
execute this Agreement dated August 27, 1999.
LAIDLAW INC.
By: /s/Ivan R. Cairns
------------------
Ivan R. Cairns, Senior Vice-President
LAIDLAW INVESTMENTS LTD.
By: /s/Ivan R. Cairns
------------------
Ivan R. Cairns, Senior Vice-President
LAIDLAW FINANCE (BARBADOS) LTD.
By: /s/Jeffrey Cassell
------------------
Jeffrey Cassell, Director
<PAGE>
CUSIP Number 78648R ge 10 of 11 Pages
SCHEDULE I
Directors and Executive Officers of Laidlaw Investments Ltd. The name, present
principal occupation or employment of each of the directors and executive
officers of Laidlaw Investments Ltd. and the name, principal business and
address of any organization in which such employment is conducted, are set forth
below. Unless otherwise indicated, the business address of each person listed
below is c/o Laidlaw Investments Ltd., 3221 North Service Road, P.O. Box 5028,
Burlington, Ontario, Canada, L7R 3Y8. Each director and executive officer listed
below is a citizen of Canada. Directors are identified by an asterisk.
<TABLE>
<S> <C>
- ---------------------------------------------- -----------------------------------------------------------
Name, Title and Business Address Present Principal Occupation or Employment
- ---------------------------------------------- -----------------------------------------------------------
James R. Bullock * President and Chief Executive Officer
President Laidlaw Inc.
Laidlaw Investments Ltd.
3221 North Service Road
Burlington, Ontario L7R 3Y8
- ---------------------------------------------- -----------------------------------------------------------
- ---------------------------------------------- -----------------------------------------------------------
Ivan R. Cairns * Senior Vice-President and General Counsel
Senior Vice-President and Secretary and Secretary
Laidlaw Investments Ltd. Laidlaw Inc.
3221 North Service Road
Burlington, Ontario L7R 3Y8
- ---------------------------------------------- -----------------------------------------------------------
- ---------------------------------------------- -----------------------------------------------------------
Leslie W. Haworth * Senior Vice-President and Chief Financial Officer
Senior Vice-President Laidlaw Inc.
Laidlaw Investments Ltd.
3221 North Service Road
Burlington, Ontario L7R 3Y8
- ---------------------------------------------- -----------------------------------------------------------
</TABLE>
<PAGE>
CUSIP Number 78648R Page 11 of 11 Pages
SCHEDULE I
Directors and Executive Officers of Laidlaw Finance (Barbados) Ltd. The name,
present principal occupation or employment of each of the directors and
executive officers of Laidlaw Finance (Barbados) Ltd. and the name, principal
business and address of any organization in which such employment is conducted,
are set forth below. Unless otherwise indicated, the business address of each
person listed below is c/o Laidlaw Finance (Barbados) Ltd., Chelston Park, Bldg.
#2, Collymore Rock, St. Michael, Barbados. Citizenship of the Directors and
Officers are as follows: Trevor A. Carmichael, Barbados; Jeffrey Cassell and
Martin R. Hole, United Kingdom; Leslie W. Haworth and Wayne P. Nishimura,
Canada. Directors are identified by an asterisk.
<TABLE>
<S> <C>
- ---------------------------------------------- -----------------------------------------------------------
Name, Title and Business Address Present Principal Occupation or Employment
- ---------------------------------------------- -----------------------------------------------------------
Trevor Austin Carmichael* Director
Laidlaw Finance (Barbados) Ltd.
Chelston Park, Bldg. #2
Collymore Rock
St. Michael, Barbados
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
Jeffrey Cassell* Vice-President, Risk Management
Laidlaw Inc.
3221 North Service Road
Burlington, Ontario L7R 3Y8
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
Martin R. Hole* President
Laidlaw Finance (Barbados) Ltd.
Chelston Park, Bldg. #2
Collymore Rock
St. Michael, Barbados
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
Leslie W. Haworth * Senior Vice-President and Chief Financial Officer
Laidlaw Inc.
3221 North Service Road
Burlington, Ontario L7R 3Y8
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
Wayne P. Nishimura* Vice-President, Finance
Laidlaw Finance (Barbados) Ltd.
Chelston Park, Bldg. #2
Collymore Rock
St. Michael, Barbados
- ----------------------------------------------------------------------------------------------------------
</TABLE>
