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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
Date of Report (Date of earliest event reported) March 30, 1999
THE LOEWEN GROUP INC.
(Exact name of registrant as specified in its charter)
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British Columbia, Canada 0-18429 98-0121376
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(State or other jurisdiction of (Commission File Number) (IRS Employer Identification No.)
incorporation)
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4126 Norland Avenue, Burnaby, British Columbia V5G 3S8
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(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code 604-299-9321
N/A
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(Former name or former address, if changed since last report)
Exhibit Index is on page 3
Page 1 of 5
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ITEM 5. OTHER EVENTS.
Pursuant to Form 8-K, General Instructions F, registrant hereby incorporates by
reference the press release attached hereto as Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
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Exhibit No. Description
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Exhibit 99 The Loewen Group Inc. Press Release dated March 30, 1999
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SIGNATURES
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.
Dated: March 30, 1999
THE LOEWEN GROUP INC.
By: /s/ Bradley D. Stam
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Name: Bradley D. Stam
Title: Senior Vice President, Law
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EXHIBIT INDEX
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Sequential
Number Exhibit Page Number
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99 The Loewen Group Inc. 4
Press Release dated March 30, 1999
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The Loewen Group Inc.
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(NYSE, TSE, ME: LWN) NEWS
Contact:
Thomas C. Franco
Broadgate Consultants, Inc.
Tel: (212) 232-2222
FOR IMMEDIATE RELEASE
LOEWEN GROUP ANNOUNCES LENDING AGREEMENTS
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VANCOUVER, BC, March 30, 1999 -- The Loewen Group Inc. (NYSE, TSE, ME: LWN)
today announced it has negotiated revised lending agreements with its lenders
under its bank revolving credit agreement, MEIP bank term credit agreement and
certain other notes. The revised lending agreements, expected to become
effective March 31, 1999 upon completion of the previously announced sale to an
investor group led by McCown De Leeuw & Co. of 124 cemeteries and three funeral
homes, require a permanent paydown under these agreements of $103 million from
the resulting proceeds.
John Lacey, Chairman of the Loewen Board stated "the successful completion of
this agreement means both that there is no event of default under our agreements
and that the Company will have additional working capital while it addresses the
difficult challenges it faces. This will give the Company time in which to work
with all stakeholders in exploring value alternatives that will be in the best
interests of all concerned."
The Company's revised lending agreements provide for: waivers of financial
covenants at December 31, 1998; the suspension of all common, preferred and MIPS
dividends; a requirement to refinance the PATS senior notes on satisfactory
terms to the lenders by September 15, 1999; no further borrowings under its
revolving bank credit agreement except for certain letters of credit; and
changes and additions to existing covenants.
The Loewen Group Inc. is the second largest funeral home and cemetery operator
in North America. The Company employs approximately 16,000 people and owns
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or operates more than 1,100 funeral homes and over 500 cemeteries across the
United States, Canada and the United Kingdom. Over 90 percent of the Company's
revenue is derived from the United States.
The Loewen Group's website is located at http://www.loewengroup.com
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