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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
March 15, 2000 March 15, 2000
(Date of earliest event reported)
RURAL/METRO CORPORATION
(Exact Name of Registrant as Specified in Charter)
DELAWARE
(State or other jurisdiction of incorporation)
0-22056 86-0746929
(Commission File Number) (IRS Employer Identification Number)
8401 EAST INDIAN SCHOOL ROAD
SCOTTSDALE, ARIZONA
85251
(Address of Principal Executive Offices)
(Zip Code)
(480) 994-3886
(Registrant's telephone number, including area code)
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Item 5. Other Events
The Company issued a press release announcing the extension of
its waiver of covenant compliance under its revolving credit facility, $5
million of funding availability subject to certain terms to be negotiated, and
plans to make its scheduled bond payment to its bondholders as set forth in its
press release dated March 15, 2000. See Exhibit 99.2.
Item 7C. Exhibits
99.2 Press Release dated March 15, 2000.
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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.
RURAL/METRO CORPORATION
Date: March 15, 2000 By: /s/ Dean Hoffman
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Dean Hoffman, Vice
President and Principal
Accounting Officer
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Exhibit 99.2
CONTACT: Liz Merritt, Director of Communications
(480) 606-3337
Morgen-Walke Associates
Investor Relations: John Swenson
(415) 296-7383
Media Relations: Christopher Katis, Sheryl Seapy
(415) 296-7383
Wire Services: Eric Gonzales
(212) 850-5600
FOR IMMEDIATE RELEASE
RURAL/METRO RECEIVES EXTENSION OF BANK WAIVER;
MAKES BOND INTEREST PAYMENT
SCOTTSDALE, ARIZ. (March 15, 2000) - Rural/Metro Corporation (Nasdaq: RURL)
today announced that it has negotiated an extension of its waiver of covenant
compliance under its revolving credit facility through April 13, 2000, and
continues to work with its lenders to achieve a long-term agreement. The waiver
extension also provides for $5 million of funding availability to the Company,
subject to certain terms to be negotiated.
The Company also announced that it will make its scheduled $5.9 million
payment today to its bondholders, which represents semi-annual interest on its
$150 million senior notes.
Jack Brucker, President and Chief Executive Officer said, "We are
making our scheduled bond interest payment from existing resources without
requesting additional funds from our banks. This reflects the early success of
our recently announced restructuring program, which includes scaling back
unprofitable service areas, trimming corporate overhead costs and increasing
emphasis on quality of revenue. This early success provides the opportunity to
work with our bank group to finalize our restructuring plan, which we anticipate
will improve results and build value in the Company for all stakeholders. We are
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pleased by this vote of confidence from our bank group and look forward to
finalizing a long-term plan."
Brucker continued, "Rural/Metro provides essential services throughout
the nation in communities that have placed a tremendous trust in our hands. As
we work through this process, we believe Rural/Metro will emerge a healthier,
more profitable company that will continue to deliver top-quality ambulance and
fire protection services."
Rural/Metro Corporation provides mobile healthcare services, including
911 and general ambulance transportation, fire protection and other
safety-related services to municipal, residential, commercial and industrial
customers in hundreds of communities throughout the United States and Latin
America.
This press release contains forward-looking statements regarding future
business prospects that involve risks and uncertainties, including the current
healthcare reimbursement environment, that are identified from time to time in
the Company's SEC reports and filings.
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