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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) April 7, 2000.
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
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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.
Exhibit No. Description
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Exhibit 99 The Loewen Group Inc. Press Release dated April 7, 2000.
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: April 7, 2000.
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 April 7, 2000
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THE LOEWEN GROUP INC.
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(TSE: LWN) NEWS
Contact: The Loewen Group Inc.
Bradley D. Stam
(604) 299-9321
FOR IMMEDIATE RELEASE
THE LOEWEN GROUP ADVISES OF UNCERTAINTY CONCERNING SECURED
STATUS OF CERTAIN DEBT
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VANCOUVER, BC - April 7, 2000 - THE LOEWEN GROUP INC. (TSE: LWN), today stated
that there is uncertainty as to the secured status of its 7.75% Series 3 Senior
Notes, of which $125,000,000 in principal amount is outstanding, 8.25% Series 4
Senior Notes, of which $225,000,000 in principal amount is outstanding, 7.20%
Series 6 Senior Notes, of which $200,000,000 in principal amount is outstanding,
7.60% Series 7 Senior Notes, of which $250,000,000 in principal amount is
outstanding, and its 6.70% Pass-Through Asset Trust Certificates ("PATS"), of
which $300,000,000 in principal amount is outstanding. In 1996, The Loewen Group
Inc. and Loewen Group International, Inc. (collectively, "the Company") entered
into a Collateral Trust Agreement ("the CTA"), under which the Company granted
security interests in certain assets ("the Pledged Assets") to secure its
existing indebtedness. The CTA also permitted the securing of future
indebtedness with the Pledged Assets. The CTA contemplated, among other things,
the registration of future indebtedness in a register maintained by the
collateral trustee. Holders of future indebtedness or their representatives were
to effect this registration by delivering to the collateral trustee Additional
Secured Indebtedness Registration Statements in a form set forth in the CTA.
Subsequent to the execution of the CTA, among other financings, the Company
issued the Series 3, Series 4, Series 6 and Series 7 Senior Notes and the PATS.
Pursuant to the agreements with lender representatives in connection with those
financings, the Company has treated the related debt as secured under the CTA.
The Company has recently been advised, however, that the Series 6 and Series 7
Senior Notes and the PATS were never entered into the collateral trustee's
register, and the Series 3 and Series 4 Senior Notes were registered in the
collateral trustee's register indicating the correct maximum principal amount of
the Series 3 and Series 4 Senior Notes but stating that the outstanding
principal amount was $0. Under the terms of the CTA, these circumstances give
rise to uncertainty as to the secured status of these securities. The
investigation and analysis of this issue are continuing. It is anticipated that
the uncertainty may not be resolved for several weeks.
The Company has confirmed that it satisfied its obligations under the financing
agreements to adopt appropriate corporate resolutions and to deliver to lender
representatives, at the time of closing, Additional Secured Indebtedness
Registration Statements relating to the Series 3, Series 4, Series 6 and Series
7 Senior Notes and the PATS.
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Based in Vancouver, The Loewen Group Inc. owns or operates more than 1,100
funeral homes and more than 400 cemeteries across the United States, Canada, and
the United Kingdom. The Company employs approximately 13,000 people and derives
approximately 90 percent of its revenue from its US operations.
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Safe Harbor: Certain statements contained in this press release, including but
not limited to information regarding the future economic performance and
financial condition of the Company, the plans and objectives of the Company's
management and the Company's assumptions regarding such performance and plans,
are forward-looking in nature. Additional information concerning important
factors that could cause actual results to differ from the forward-looking
information contained in this release is included in the Company's publicly
filed quarterly and annual reports.
