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
June 6, 2000
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(Date of earliest event reported)
SAFETY-KLEEN CORP.
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(Exact name of Registrant as specified in its charter)
Delaware 001-8368 51-0228924
(State of (Commission File No.) (IRS Employer
Incorporation) Identification No.)
1301 Gervais Street, Suite 300,
Columbia, South Carolina 29201
(Address of principal executive offices, including zip code)
(803) 933-4200
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On June 6, 2000, the registrant issued the press release filed with this Current
Report on Form 8-K as Exhibit 99.1. The information contained in Exhibit 99.1 is
incorporated by reference herein.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
Exhibit No. Description
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99.1 Press Release issued June 6, 2000 (Filed herewith.)
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SAFETY-KLEEN CORP.
Date: June 6, 2000 By: /s/ David Thomas, Jr.
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David Thomas, Jr.
Chief Executive Officer and Chairman of
the Board
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release issued June 6, 2000 (Filed herewith.)
<PAGE>
Exhibit 99.1
FOR IMMEDIATE RELEASE Media Contact: Wade Gates
June 6, 2000 803-933-4224
Investor Relations
803-933-4285
SAFETY-KLEEN DOES NOT MAKE DEBT PAYMENTS;
SALE OF ELGIN PROPERTY TERMINATED;
SAFETY-KLEEN SEEKING NEW
FINANCIAL ASSURANCE SURETY BONDS
(Columbia, SC) - Safety-Kleen Corp. (NYSE:SK) announced today that the
Company did not make interest and principal payments on certain outstanding debt
due last week. Safety-Kleen also announced the termination of the pending
purchase of the Company's Elgin facility. The Company is actively pursuing other
buyers.
Safety-Kleen did not make an interest payment of $1.8 million related
to a $60 million Promissory Note dated May 15, 1997. Additionally, the Company
did not make a $15 million interest payment on its 9 1/4 percent Senior Notes
due 2008, and it did not make a $43 million principal and interest payment under
its Senior Credit Facility dated April 3, 1998.
In addition, Safety-Kleen has learned that Frontier Insurance Company
was removed from the Department of the Treasury's listing of approved sureties
(Department Circular 570) on June 1, 2000. Consequently, Frontier Insurance
Company is no longer approved to issue surety bonds for closure, post closure
and third-party financial assurance. Currently, approximately 50% of the
Company's financial assurance surety bonds are with Frontier Insurance Company.
Safety-Kleen is working closely with Marsh & McLennan Companies to obtain new
financial assurance surety bonds with sureties approved by the Department of the
Treasury.
Under the Private Securities Litigation Reform Act of 1995, sections of
this release constitute forward-looking statements that involve a number of
risks and uncertainties. Actual results and events may differ materially from
those projected in the forward-looking statements. Many factors could cause
actual events and results to differ from those expected, including, but not
limited to the outcome of continuing negotiations with Safety-Kleen's lenders,
the availability of additional funding under credit facilities or from other
sources, and other items discussed in the Company's filings with the Securities
and Exchange Commission.
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