BURLINGTON, Ontario, Sept. 26 /CNW/ -- Waste Services, Inc. (Nasdaq:
WSII) today announced that it has commenced a consent solicitation relating to
its 9-1/2% Senior Subordinated Notes due 2014 (CUSIP Number: 94107UAB4). The
consent solicitation will expire at 5:00 p.m., New York City time, on October
6, 2008, unless extended by the Company. The consent solicitation is being
made pursuant to, and upon the terms and subject to the conditions set forth
in, the Consent Solicitation Statement dated September 26, 2008.
The consent solicitation is being conducted in connection with a proposed
refinancing of the Company's existing senior secured credit facilities.
Consummation of the consent solicitation is subject to the satisfaction or
waiver of certain conditions described in the Consent Solicitation Statement,
including the successful refinancing of the Company's existing senior secured
credit facilities and receipt of valid and not validly revoked consents from
holders of at least a majority of the aggregate principal amount of
Promptly after the Expiration Time, subject to receipt of valid and not
validly revoked consents from holders of at least a majority of the aggregate
principal amount of outstanding Notes, the Company will execute a supplemental
indenture. However, the terms of the supplemental indenture will not become
operative unless and until the successful refinancing of the Company's
existing senior secured credit facilities is completed or the condition that
it be completed is waived by the Company.
Holders of Notes may withdraw their consent at any time prior to the
Holders of approximately 70% of the aggregate principal amount of the
outstanding Notes have indicated that they will deliver, and not revoke, their
consent to the consent solicitation.
Holders who deliver, and do not revoke their consent on or prior to the
Expiration Time, will receive a consent payment of 0.75% of the outstanding
principal amount of the Notes for which such holder provided consent.
The Company has retained Barclays Capital Inc. as the Solicitation Agent
for the consent solicitation. D.F. King & Co., Inc., is the Tabulation and
Information Agent for the consent solicitation. Questions regarding the
consent solicitation may be directed to the Liability Management Group at
Barclays Capital Inc. at 800-438-3242 (toll-free) or 212-528-7581 (collect).
Requests for copies of the Consent Solicitation documents may be directed to
D.F. King & Co., Inc. at (800) 431-9645 (toll-free) or 212-269-5550 (collect).
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities nor shall there be any sale of
securities in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state.
Safe Harbor Statement
Information provided in this press release may contain statements
relating to current expectations, estimates, forecasts and projections about
future events that are "forward-looking statements" as defined in the Private
Securities Litigation Reform Act of 1995. These forward-looking statements
generally relate to the Company's plans, objectives and expectations for
future operations and are based upon its management's current estimates and
projections of future results or trends. Actual future results may differ
materially from those projected as a result of certain risks and
These forward-looking statements are made only as of the date hereof, and
the Company undertakes no obligation to update or revise the forward-looking
statements, whether as a result of new information, future events or
Waste Services, Inc., a Delaware corporation, is a multi-regional
integrated solid waste services company that provides collection, transfer,
disposal and recycling services in the United States and Canada. The
Company's web site is www.wasteservicesinc.com. Information on the Company's
web site does not form part of this press release.
For further information:
For further information: Edwin D. Johnson, Executive Vice President and
Chief Financial Officer of Waste Services, Inc., +1-561-237-3400 Web Site: