Republic Services, Inc.
As filed with the Securities and Exchange Commission on
June 2, 2005
Registration
No. 333-
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form S-4
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
REPUBLIC SERVICES, INC.
(Exact Name of Registrant as Specified in Its Charter)
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Delaware
(State or Other Jurisdiction of
Incorporation or Organization)
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4953
(Primary Standard Industrial
Classification Code Number) |
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65-0716904
(I.R.S. Employer Identification
Number) |
110 S.E. Sixth Street, 28th Floor
Fort Lauderdale, Florida 33301
(954) 769-2400
(Address, Including Zip Code, and Telephone Number,
Including Area Code, of Registrants Principal Executive
Offices)
David A. Barclay, Esq.
Senior Vice President and General Counsel
Republic Services, Inc.
110 S.E. Sixth Street, 28th Floor
Fort Lauderdale, Florida 33301
(954) 769-2400
(Name, Address, Including Zip Code, and Telephone Number,
Including Area Code, of Agent For Service)
Copy To:
Jonathan L. Awner, Esq.
Akerman Senterfitt
One S.E. Third Avenue, 28th Floor
Miami, Florida 33131
Phone: (305) 374-5600
Fax: (305) 374-5095
Approximate date of commencement of proposed sale to the
public: As soon as practicable after the effective date of
this registration statement.
If the securities being registered on this form are being
offered in connection with the formation of a holding company
and there is compliance with General Instruction G, check
the following
box: o
If this form is filed to register additional securities for an
offering pursuant to Rule 462(b) under the Securities Act,
check the following box and list the Securities Act registration
statement number of the earlier effective registration statement
for the same
offering. o
If this form is a post-effective amendment filed pursuant to
Rule 462(d) under the Securities Act, check the following
box and list the Securities Act registration statement number of
the earlier effective registration statement for the same
offering. o
CALCULATION OF REGISTRATION FEE
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Proposed Maximum |
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Proposed Maximum |
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Title of Each Class of |
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Amount to be |
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Offering Price |
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Aggregate Offering |
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Amount of |
Securities to be Registered |
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Registered |
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Per Note(1) |
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Price(1) |
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Registration Fee |
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6.086% Notes due 2035
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$275,674,000 |
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100% |
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$275,674,000 |
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$32,447 |
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(1) |
Estimated solely for the purpose of calculating the registration
fee in accordance with Rule 457(f) under the Securities Act
of 1933. |
The Registrant hereby amends this registration statement on
such date or dates as may be necessary to delay its effective
date until the Registrant shall file a further amendment which
specifically states that this registration statement shall
thereafter become effective in accordance with Section 8(a)
of the Securities Act of 1933 or until the registration
statement shall become effective on such date as the Commission,
acting pursuant to said Section 8(a), may determine.
The information in
this prospectus is not complete and may be changed. We may not
exchange these securities until the registration statement filed
with the Securities and Exchange Commission is effective. This
prospectus is not an offer to exchange these securities and it
is not soliciting an offer to exchange these securities in any
state where the offer or sale is not permitted.
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SUBJECT TO COMPLETION, DATED
JUNE 2, 2005
PROSPECTUS
Republic Services, Inc.
Exchange Offer for $275,674,000 6.086% Notes due 2035
Exchange Offer
We will exchange $275,674,000 aggregate principal amount of our
outstanding 6.086% Notes due 2035, referred to as the old
notes, for new notes with substantially identical terms that
have been registered under the Securities Act. All old notes
that are validly tendered and not validly withdrawn will be
exchanged. We will receive no proceeds from the exchange offer.
Exchange Offer Expiration
The exchange offer will expire at 5:00 p.m., New York City
time, 21 business days after commencement of the offer, or a
later date and time to which the expiration of the exchange
offer may be extended.
Old Notes
On March 21, 2005, we issued $275,674,000 aggregate
principal amount of 6.086% Notes due 2035. If you tender
your old notes in the exchange offer, interest will cease to
accrue when your new notes are issued. If you do not tender your
old notes in the exchange offer, your old notes will continue to
be subject to the same terms and restrictions except that we
will not be required to register your old notes under the
Securities Act.
New Notes
The new notes are identical to the old notes except that the new
notes will be registered under the Securities Act. The new notes
are expected to trade in the Private Offerings, Resales and
Trading through Automatic Linkages Market referred to as the
PORTAL Market.
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Maturity: March 15, 2035. |
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Interest: Paid semi-annually on March 15 and September 15 of
each year, beginning on September 15, 2005. |
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Redemption by us: All or a portion of the new notes may be
redeemed at any time at a make-whole premium described in this
prospectus under Description of the New Notes
Optional Redemption. |
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Ranking: The new notes will be unsecured obligations and will
rank pari passu with all of our existing and future
unsecured and unsubordinated indebtedness. The new notes will be
effectively subordinated to any indebtedness of our subsidiaries
and will be junior to our secured debt. |
Investment in the new notes to be issued in the exchange
offer involves risks. See the risk factors section beginning on
page 8.
Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of the new
notes or passed upon the adequacy or accuracy of this
prospectus. Any representation to the contrary is a criminal
offense.
The date of this prospectus
is ,
2005.
You should rely on the information contained in or
incorporated by reference into this prospectus. We have not
authorized any other person to provide you with different
information. If anyone does provide you with different or
inconsistent information, you should not rely on it. We are not
making an offer to sell these securities in any jurisdiction
where the offer or sale is not permitted. The information
contained in this prospectus speaks only as of the date of this
prospectus and the information in the documents incorporated by
reference in this prospectus speak only as of the respective
dates those documents were filed with the Securities and
Exchange Commission (the Commission). Our business,
financial condition, results of operations and prospects may
have changed since such dates.
Each broker-dealer that receives new notes for its own account
pursuant to the exchange offer must acknowledge that it will
deliver a prospectus in connection with any resale of the new
notes. The letter of transmittal states that by so acknowledging
and by delivering a prospectus, a broker-dealer will not be
deemed to admit that it is an underwriter within the
meaning of the Securities Act. This prospectus, as it may be
amended or supplemented from time to time, may be used by a
broker-dealer in connection with the resales of new notes
received in exchange for old notes where such old notes were
acquired by such broker-dealer as a result of market making
activities or other trading activities. We have agreed that for
a period of one year after the expiration of the exchange offer
to allow broker-dealers and other persons, if any, subject to
similar prospectus delivery requirements, to use this
prospectus, as amended or supplemented, in connection with any
resale. See Plan of Distribution.
In making an investment decision, you must rely on your own
examination of us and the terms of the exchange offer, including
the merits and risks involved. You should not construe anything
in this prospectus as legal, business or tax advice. You should
consult your own advisors as needed to make your investment
decision and to determine whether you are legally permitted to
participate in the exchange offer under applicable laws and
regulations.
This prospectus contains summaries believed to be accurate with
respect to certain documents, but reference is made to the
actual documents themselves for complete information. All such
summaries are qualified in their entirety by such reference.
This prospectus incorporates or refers to important business and
financial information about us that is not included or delivered
with this prospectus. You may obtain documents that are filed by
us with the Commission, and incorporated by reference into this
prospectus without charge by requesting the documents, in
writing or by telephone, from the Commission or by contacting us
at:
Republic Services, Inc.
110 S.E. 6th Street, 28th Floor
Fort Lauderdale, FL 33301
(954) 769-2400
Attention: Corporate Secretary
To obtain timely delivery, security holders must request the
information incorporated by reference no later than five days
prior to the expiration date. For additional information, see
Where You Can Find More Information.
There are no guaranteed delivery provisions provided for in
conjunction with the exchange offer under the terms of this
prospectus and the accompanying letter of transmittal. Tendering
holders must tender their old notes in accordance with the
procedures set forth under The Exchange Offer
Procedures for Tendering Old Notes.
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TABLE OF CONTENTS
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SUMMARY
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1 |
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RISK FACTORS
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FORWARD-LOOKING STATEMENTS
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USE OF PROCEEDS
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CAPITALIZATION
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RATIO OF EARNINGS TO FIXED CHARGES
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THE EXCHANGE OFFER
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DESCRIPTION OF THE NEW NOTES
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BOOK-ENTRY; DELIVERY AND FORM
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CERTAIN U.S. FEDERAL INCOME TAX CONSEQUENCES
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PLAN OF DISTRIBUTION
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LEGAL MATTERS
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EXPERTS
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WHERE YOU CAN FIND MORE INFORMATION
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INCORPORATION OF DOCUMENTS BY REFERENCE
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33 |
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SUMMARY
The following summary highlights selected information
contained elsewhere in this prospectus or incorporated by
reference and may not contain all of the information that is
important to you. This prospectus includes the basic terms of
the new notes we are offering, as well as information regarding
our business and detailed financial data. We encourage you to
read this prospectus in its entirety. Unless the context
otherwise requires, references in this prospectus to
Republic Services, the Company,
we, our, ours and
us refer to Republic Services, Inc. and its
consolidated subsidiaries.
Republic Services, Inc.
We are a leading provider of non-hazardous solid waste
collection and disposal services in the United States. We
provide solid waste collection services for commercial,
industrial, municipal and residential customers through 138
collection companies in 21 states. We also own or operate
92 transfer stations and 59 active solid waste landfills.
As of March 31, 2005, our operations were organized into
five regions whose boundaries may change from time to time:
Eastern, Central, Southern, Southwestern and Western. Each
region is organized into several operating areas and each area
contains a group of operating locations. Each of our regions and
substantially all our areas provide collection, transfer,
recycling and disposal services. We believe that this
organizational structure facilitates the integration of our
operations within each region, which is a critical component of
our operating strategy.
Our presence in high growth markets throughout the Sunbelt,
including California, Florida, Georgia, Nevada, North Carolina,
South Carolina and Texas, and in other domestic markets that
have experienced higher than average population growth during
the past several years, supports our internal growth strategy.
We believe that our presence in these markets positions our
company to experience growth at rates that are generally higher
than the industrys overall growth rate.
While we believe that we are well positioned to continue to
increase our revenue and operating income in the longer term,
any economic slowdown can have a negative impact on certain
aspects of our business. However, the aspects of our business
that we believe are recession resilient may continue
to perform well even in a downturn. These include our
residential and commercial collection operations which are
flat-rate businesses and are not subject to the volatility we
experience in our industrial collection and disposal businesses.
We continue to focus on enhancing stockholder value by
implementing our financial, operating and growth strategies as
described in the various filings we have incorporated by
reference herein.
For the year ended December 31, 2004, our net income was
$237.9 million, or $1.53 per diluted share, compared
to $215.4 million, or $1.33 per diluted share, of
income before the cumulative effect of changes in accounting
principles recorded in 2003. Our annual revenue for 2004 was
$2,708.1 million compared to $2,517.8 million during
2003. Operating income for the year ended December 31, 2004
was $452.3 million compared to operating income of
$412.7 million for 2003.
For the three months ended March 31, 2005, our net income
was $65.5 million, or $.43 per diluted share, compared
to $56.9 million, or $.36 per diluted share, for the
same period in 2004. Our revenue for the three months ended
March 31, 2005 was $677.2 million compared to
$637.3 million for the three months ended March 31,
2004. Operating income for those three months was
$119.5 million in 2005 compared with $110.0 million in
2004.
* * * *
We were incorporated as a Delaware corporation in 1996. Our
principal executive offices are located at 110 S.E. 6th Street,
28th Floor, Fort Lauderdale, Florida 33301, and our main
telephone number is (954) 769-2400.
1
The Exchange Offer
On March 21, 2005, we issued the old notes in exchange
for our
71/8% Notes
due 2009. We entered into a registration rights agreement in
which we agreed to deliver to you this prospectus and to use our
commercially reasonable efforts to cause this registration
statement to become effective under the Securities Act.
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Securities Offered |
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$275,674,000 in aggregate principal amount of 6.086% Notes
due 2035. The terms of the new notes and the old notes are
identical except for the transfer restrictions and registration
rights. |
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The Exchange Offer |
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We are offering to exchange $1,000 principal amount of new notes
for each $1,000 principal amount of old notes. Old notes may
only be exchanged in $1,000 principal amount increments. There
is $275,674,000 in aggregate principal amount of old notes
outstanding. |
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Conditions to the Exchange Offer |
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The exchange offer is subject to conditions that we may waive.
The exchange offer is not conditioned upon any minimum principal
amount of old notes being tendered for exchange. See The
Exchange Offer Conditions. |
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Procedures For Tendering Old Notes |
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If you wish to participate in the exchange offer and your old
notes are held by a custodial entity, such as a bank, broker,
dealer, trust company or other nominee through The Depository
Trust Company (DTC), you may do so through the
automated tender offer program of DTC. By participating in the
exchange offer, you will agree to be bound by the letter of
transmittal that we are providing with this prospectus as though
you had signed the letter of transmittal. |
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If your old notes are registered in your name, you must deliver
the certificates representing your old notes, together with a
completed letter of transmittal and any other documents required
by the letter of transmittal, to the exchange agent, not later
than the time the exchange offer expires. See The Exchange
Offer Procedures for Tendering Old Notes for a
more complete description of the tender provisions. |
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Expiration Date; Withdrawal |
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The exchange offer will expire at 5:00 p.m., New York City
time, 21 business days after the commencement of the offer, or a
later date and time to which it may be extended. We will accept
for exchange any and all old notes that are validly tendered in
the exchange offer prior to 5:00 p.m., New York City time,
on the expiration date. The tender of old notes may be withdrawn
at any time prior to the expiration date. Any old note not
accepted for exchange for any reason will be returned without
expense to the tendering holder promptly after the expiration or
termination of the exchange offer. The new notes issued in the
exchange offer will be delivered promptly following the
expiration date. |
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Guaranteed Delivery Procedures |
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There are no guaranteed delivery provisions provided for in
conjunction with the exchange offer under the terms of this
prospectus and the accompanying letter of transmittal. |
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Tax Considerations |
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For U.S. federal income tax purposes, the exchange of old
notes for new notes should not be considered a sale or exchange
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otherwise a taxable event to the holders of notes. For a summary
of certain U.S. federal income tax consequences of the
exchange of old notes for new notes pursuant to the exchange
offer, see Certain U.S. Federal Income Tax
Consequences. |
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Use of Proceeds |
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We will not receive any proceeds from the exchange offer. |
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Appraisal Rights |
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Holders of old notes will not have dissenters rights or
appraisal rights in connection with the exchange offer. |
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Exchange Agent |
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The Bank of New York is serving as exchange agent in connection
with the exchange offer. See The Exchange
Offer Exchange Agent for the address and
telephone number of the exchange agent. |
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Resales of New Notes |
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Based on an interpretation by the Commission set forth in
no-action letters issued to third parties, we believe that you
may resell or otherwise transfer new notes issued in the
exchange offer in exchange for old notes without restrictions
under the federal securities laws. However, there are exceptions
to this general statement. |
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You may not freely transfer the new notes if: |
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you are an affiliate of ours; |
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you did not acquire the new notes in the ordinary
course of your business; |
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you intend to participate in the exchange offer for
the purpose of distributing new notes; or |
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you are a broker-dealer who acquired the old notes
directly from us. |
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Any holder subject to any of the exceptions above will not be
able to rely on the interpretations of the Commission staff set
forth in the above-mentioned interpretive letters; will not be
permitted or entitled to tender old notes in the exchange offer;
and must comply with the registration and prospectus delivery
requirements of the Securities Act in connection with any sale
or other transfer of old notes unless the sale is made pursuant
to an exception from those requirements. |
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In addition, each participating broker-dealer that receives new
notes for its own account in the exchange offer in exchange for
old notes that were acquired as a result of market making
activities or other trading activities and not directly from us,
must comply with the registration and prospectus delivery
requirements of the Securities Act in connection with the resale
of the new notes. |
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Consequences of Failure to Exchange |
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Old notes that are not tendered or that are tendered but not
accepted will, following the completion of the exchange offer,
remain outstanding and will continue to be subject to their
existing terms. See Risk Factors Consequences
of Failure to Exchange. Following the completion of the
exchange offer, we will have no obligation to exchange old notes
for new notes. The trading market for outstanding old notes not
exchanged in the |
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exchange offer may be more limited than it is at present.
Therefore, if your old notes are not tendered and accepted in
the exchange offer, it may become more difficult for you to sell
or transfer your unexchanged old notes. |
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Fees and Expenses |
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We will bear all expenses related to the exchange offer. |
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No Prior Market |
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The new notes will be new securities for which there is
currently no market. We cannot assure you as to the development
or liquidity of any market for the notes. |
Summary Description of the New Notes
The terms of the new notes and the old notes are identical in
all respects, except that the terms of the new notes do not
include the transfer restrictions and registration rights
relating to the old notes. For a more complete description of
the new notes, see Description of the New Notes.
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Issuer |
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Republic Services, Inc. |
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Notes Offered |
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$275,674,000 in aggregate principal amount of 6.086% Notes
due 2035. |
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Maturity Date |
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March 15, 2035. |
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Interest Payment Dates |
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March 15 and September 15 of each year, beginning on
September 15, 2005. |
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Interest |
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The new notes will bear interest from the later of
March 21, 2005 or the most recent date to which interest
has been paid on the old notes. Accordingly, registered holders
of new notes on the relevant record date for the first interest
payment date following completion of the exchange offer will
receive interest accruing from the later of March 21, 2005
or the most recent date on which interest has been paid. Old
notes accepted for exchange will cease to accrue interest from
and after the date of completion of the exchange offer. Holders
of old notes whose old notes are accepted for exchange will not
receive any payment in respect of interest on the old notes
otherwise payable on any interest payment date that occurs on or
after completion of the exchange offer. |
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Ranking |
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The new notes will be unsecured obligations of Republic
Services, Inc. and will rank pari passu with all existing
and future unsecured and unsubordinated indebtedness of Republic
Services, Inc. The new notes will be effectively subordinated to
any indebtedness of our subsidiaries and will be junior to our
secured debt. |
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Optional Redemption |
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All or a portion of the new notes may be redeemed at a
make-whole premium described in this prospectus under
Description of the New Notes Optional
Redemption. |
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Covenants |
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The indenture governing the new notes provides for certain
limitations on our ability and the ability to certain of our
subsidiaries to (a) create liens on the capital stock or
indebtedness of principal subsidiaries and (b) enter into
sale and leaseback transactions. |
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Consolidation, Mergers and Sales of Assets |
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Republic Services, Inc. may not consolidate, merge or sell
substantially all its assets as an entirety, unless, among other
requirements: (a) the successor corporation assumes
Republic Services, Inc.s obligations on the new notes and
(b) no Event of Default (as defined in the indenture
governing the new notes) has occurred and is continuing. |
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Events of Default Cross Default |
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Failure to pay when due any obligation of Republic Services,
Inc. or any of its principal subsidiaries in an aggregate
principal amount of at least $25 million that continues for
25 days after notice to Republic Services, Inc by the
trustee or holders of at least 25% in principal amount of the
notes of each affected series then outstanding (voting as one
class) constitutes a default under the indenture governing the
new notes. |
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Discharge |
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The indenture governing the new notes is subject to defeasance
and discharge under certain circumstances. |
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Summary Historical Financial Data
(in millions, except per share data)
The following summary historical financial data for each of the
five years in the period ended December 31, 2004 were
derived from our audited consolidated financial statements. The
following summary historical financial data as of March 31,
2005 and 2004 and for the three-month periods ended
March 31, 2005 and 2004 were derived from our unaudited
condensed consolidated financial statements and include, in the
opinion of management, all adjustments, consisting of normal and
recurring adjustments, necessary to present fairly our financial
position, results of operations and cash flows at the dates and
for such periods. The results of operations for the three months
ended March 31, 2005 and 2004 should not be regarded as
indicative of results for the full year.
This table should be read together with our consolidated
financial statements and accompanying notes, as well as
managements discussion and analysis of results of
operations and financial condition, all of which can be found in
publicly available documents, including those incorporated by
reference in this prospectus. You should see Notes 1, 4 and
7 of the notes to our consolidated financial statements
contained in our Annual Report on Form 10-K for the
year ended December 31, 2004, incorporated by reference in
this prospectus, for a discussion of basis of presentation,
business combinations and stockholders equity and their
effect on comparability of year-to-year data. Certain amounts in
the historical consolidated financial statements have been
reclassified to conform to the 2004 presentation.
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Three Months Ended | |
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Years Ended December 31, | |
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March 31, | |
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2004 | |
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2003 | |
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2002 | |
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2001 | |
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2000 | |
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2005 | |
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2004 | |
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Statement of Income Data:
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Revenue
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$ |
2,708.1 |
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$ |
2,517.8 |
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$ |
2,365.1 |
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$ |
2,257.5 |
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$ |
2,103.3 |
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$ |
677.2 |
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$ |
637.3 |
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Expenses:
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Cost of operations
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1,714.4 |
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1,605.4 |
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1,472.9 |
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1,422.5 |
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1,271.3 |
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418.7 |
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403.5 |
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Depreciation, amortization and depletion
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259.4 |
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239.1 |
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199.6 |
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215.4 |
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197.4 |
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61.1 |
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58.0 |
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Accretion
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13.7 |
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12.7 |
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3.5 |
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3.3 |
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Selling, general and administrative
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268.3 |
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247.9 |
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238.7 |
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236.5 |
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|
|
193.9 |
|
|
|
74.4 |
|
|
|
62.5 |
|
|
Other charges (income)
|
|
|
|
|
|
|
|
|
|
|
(5.6 |
) |
|
|
99.6 |
|
|
|
6.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
452.3 |
|
|
|
412.7 |
|
|
|
459.5 |
|
|
|
283.5 |
|
|
|
434.0 |
|
|
|
119.5 |
|
|
|
110.0 |
|
Interest expense
|
|
|
(76.7 |
) |
|
|
(78.0 |
) |
|
|
(77.0 |
) |
|
|
(80.1 |
) |
|
|
(81.6 |
) |
|
|
(19.9 |
) |
|
|
(20.7 |
) |
Interest income
|
|
|
6.9 |
|
|
|
9.5 |
|
|
|
4.3 |
|
|
|
4.4 |
|
|
|
1.7 |
|
|
|
2.5 |
|
|
|
2.0 |
|
Other income (expense), net
|
|
|
1.2 |
|
|
|
3.2 |
|
|
|
(.3 |
) |
|
|
1.5 |
|
|
|
2.3 |
|
|
|
3.5 |
|
|
|
.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
383.7 |
|
|
|
347.4 |
|
|
|
386.5 |
|
|
|
209.3 |
|
|
|
356.4 |
|
|
|
105.6 |
|
|
|
91.8 |
|
Provision for income taxes
|
|
|
145.8 |
|
|
|
132.0 |
|
|
|
146.9 |
|
|
|
83.8 |
|
|
|
135.4 |
|
|
|
40.1 |
|
|
|
34.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before cumulative effect of changes in accounting
principles
|
|
|
237.9 |
|
|
|
215.4 |
|
|
|
239.6 |
|
|
|
125.5 |
|
|
|
221.0 |
|
|
|
65.5 |
|
|
|
56.9 |
|
Cumulative effect of changes in accounting principles
|
|
|
|
|
|
|
(37.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ |
237.9 |
|
|
$ |
177.6 |
|
|
$ |
239.6 |
|
|
$ |
125.5 |
|
|
$ |
221.0 |
|
|
$ |
65.5 |
|
|
$ |
56.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended | |
|
|
Years Ended December 31, | |
|
March 31, | |
|
|
| |
|
| |
|
|
2004 | |
|
2003 | |
|
2002 | |
|
2001 | |
|
2000 | |
|
2005 | |
|
2004 | |
|
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
Basic earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before cumulative effect of changes in accounting principles
|
|
$ |
1.56 |
|
|
$ |
1.34 |
|
|
$ |
1.45 |
|
|
$ |
.74 |
|
|
$ |
1.26 |
|
|
$ |
.44 |
|
|
$ |
.36 |
|
|
Cumulative effect of changes in accounting principles
|
|
|
|
|
|
|
(.23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$ |
1.56 |
|
|
$ |
1.11 |
|
|
$ |
1.45 |
|
|
$ |
.74 |
|
|
$ |
1.26 |
|
|
$ |
.44 |
|
|
$ |
.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding
|
|
|
152.8 |
|
|
|
160.3 |
|
|
|
165.4 |
|
|
|
170.1 |
|
|
|
175.0 |
|
|
|
148.2 |
|
|
|
156.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before cumulative effect of changes in accounting principles
|
|
$ |
1.53 |
|
|
$ |
1.33 |
|
|
$ |
1.44 |
|
|
$ |
.73 |
|
|
$ |
1.26 |
|
|
$ |
.43 |
|
|
$ |
.36 |
|
|
Cumulative effect of changes in accounting principles
|
|
|
|
|
|
|
(.23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
$ |
1.53 |
|
|
$ |
1.10 |
|
|
$ |
1.44 |
|
|
$ |
.73 |
|
|
$ |
1.26 |
|
|
$ |
.43 |
|
|
$ |
.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common and common equivalent shares outstanding
|
|
|
155.3 |
|
|
|
162.1 |
|
|
|
166.7 |
|
|
|
171.1 |
|
|
|
175.0 |
|
|
|
151.0 |
|
|
|
158.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends per common share
|
|
$ |
.36 |
|
|
$ |
.12 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
.12 |
|
|
$ |
.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended | |
|
|
Years Ended December 31, | |
|
March 31, | |
|
|
| |
|
| |
|
|
2004 | |
|
2003 | |
|
2002 | |
|
2001 | |
|
2000 | |
|
2005 | |
|
2004 | |
|
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
Other Operating Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities
|
|
$ |
666.3 |
|
|
$ |
600.5 |
|
|
$ |
569.7 |
|
|
$ |
459.2 |
|
|
$ |
461.8 |
|
|
$ |
167.6 |
|
|
$ |
190.3 |
|
Capital expenditures(a)
|
|
|
283.8 |
|
|
|
273.2 |
|
|
|
258.6 |
|
|
|
249.3 |
|
|
|
208.0 |
|
|
|
50.2 |
|
|
|
38.8 |
|
Proceeds from the sale of property and equipment
|
|
|
5.7 |
|
|
|
9.1 |
|
|
|
14.6 |
|
|
|
8.7 |
|
|
|
12.6 |
|
|
|
.5 |
|
|
|
1.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, | |
|
As of March 31, | |
|
|
| |
|
| |
|
|
2004 | |
|
2003 | |
|
2002 | |
|
2001 | |
|
2000 | |
|
2005 | |
|
2004 | |
|
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
141.5 |
|
|
$ |
119.2 |
|
|
$ |
141.5 |
|
|
$ |
16.1 |
|
|
$ |
2.0 |
|
|
$ |
71.8 |
|
|
$ |
174.2 |
|
Restricted cash and marketable securities
|
|
|
275.7 |
|
|
|
397.4 |
|
|
|
175.0 |
|
|
|
142.3 |
|
|
|
84.3 |
|
|
|
263.0 |
|
|
|
402.7 |
|
Total assets
|
|
|
4,464.6 |
|
|
|
4,554.1 |
|
|
|
4,209.1 |
|
|
|
3,856.3 |
|
|
|
3,561.5 |
|
|
|
4,381.0 |
|
|
|
4,545.3 |
|
Total debt
|
|
|
1,354.3 |
|
|
|
1,520.3 |
|
|
|
1,442.1 |
|
|
|
1,367.7 |
|
|
|
1,256.7 |
|
|
|
1,371.4 |
|
|
|
1,522.3 |
|
Total stockholders equity
|
|
|
1,872.5 |
|
|
|
1,904.5 |
|
|
|
1,881.1 |
|
|
|
1,755.9 |
|
|
|
1,674.9 |
|
|
|
1,745.8 |
|
|
|
1,874.3 |
|
|
|
(a) |
During 2002, we also paid $72.6 million to purchase
equipment originally placed into service pursuant to an
operating lease. |
7
RISK FACTORS
You should consider carefully the following risks and all of
the information set forth in this prospectus or incorporated by
reference herein, including the risk factors related to our
business identified in our Form 10-K and other Commission
filings, before tendering your notes for exchange in the
exchange offer.
Risks Related to the New Notes
|
|
|
An active trading market for the new notes may not
develop. |
There is no existing trading market for the new notes. We do not
intend to apply for listing of the new notes on any securities
exchange or for quotation through any automated dealer quotation
system. Although Merrill Lynch & Co., Banc of America
Securities LLC, Barclays Capital Inc., Citigroup Global Markets
Inc. and Allen & Company LLC, the dealer managers in
the exchange offer pursuant to which the old notes were issued,
may make a market in the new notes after the completion of the
exchange offer, they are not obligated to do so and may
discontinue any such market making activities at any time
without notice. Accordingly, no assurance can be given as to the
liquidity of, or adequate trading markets for, the new notes.
|
|
|
The new notes are unsecured and will be effectively
subordinated to all of our existing and future secured
obligations to the extent of the collateral securing such
obligations. |
The new notes are unsecured and will be effectively subordinated
to all of our existing and future secured obligations to the
extent of the collateral securing such obligations. Our
$750.0 million revolving credit facility is unsecured. As
of March 31, 2005, we had $55.3 million of other
notes, some of which are secured by real property, equipment and
other assets. However, the indenture governing the new notes
generally will allow us to incur liens in an amount up to 20% of
the amount of our tangible assets. As of March 31, 2005, we
had approximately $2.0 billion in property and equipment,
net.
|
|
|
Because we are a holding company, your rights under the
new notes will be effectively subordinated to the liabilities of
our subsidiaries. |
As we are a holding company, our cash flow and ability to
service debt, including the new notes, depend upon the
distribution of earnings, loans or other payments made by our
subsidiaries to us. Our subsidiaries are separate legal entities
and have no obligation with respect to the old notes or the new
notes. In addition, payment of dividends, distributions, loans
or advances by our subsidiaries to us could be subject to
statutory or contractual restrictions. The old notes are and the
new notes will be effectively subordinated to all of the
existing and future obligations of our subsidiaries. As of
March 31, 2005, our subsidiaries had approximately
$117.5 million of indebtedness and significant other
operating liabilities.
Consequences of Failure to Exchange
|
|
|
The trading market for unexchanged old notes could be
limited. |
The trading market for unexchanged old notes could become
significantly more limited after the exchange offer due to the
reduction in the amount of old notes outstanding upon
consummation of the exchange offer. Therefore, if your old notes
are not exchanged for new notes in the exchange offer, because
you do not participate in the exchange offer, it may become more
difficult for you to sell or otherwise transfer your old notes.
This reduction in liquidity may in turn reduce the market price,
and increase the price volatility, of the old notes. There is a
risk that an active trading market in the unexchanged old notes
will not exist, develop or be maintained and we cannot give you
any assurances regarding the prices at which the unexchanged old
notes may trade in the future.
As a result of making the exchange offer, we have fulfilled our
obligations under the registration rights agreement relating to
the old notes. Holders who do not tender their old notes
generally will not have any further registration rights.
8
Any old notes that are not exchanged for new notes will remain
restricted securities. Accordingly, the old notes may be resold
only:
|
|
|
|
|
to us or one of our subsidiaries; |
|
|
|
to a qualified institutional buyer; |
|
|
|
to an institutional accredited investor; |
|
|
|
to a party outside the United States under Regulation S
under the Securities Act; |
|
|
|
under an exemption from registration provided by Rule 144
under the Securities Act; or |
|
|
|
under an effective registration statement. |
FORWARD-LOOKING STATEMENTS
We make forward-looking statements in this prospectus, including
the section entitled Summary, and in the documents
incorporated by reference herein. These statements may be
accompanied by words such as believe,
estimate, project, expect,
anticipate or predict, that convey the
uncertainty of future events or outcomes. Such forward-looking
statements involve known and unknown risks, uncertainties and
other factors which may cause our actual results, performance,
or achievements to be materially different from any future
results, performance, or achievements expressed or implied in or
by such forward-looking statements. In addition to the factors
described in this prospectus under Risk Factors,
important factors that could cause our actual results to differ
materially from those in forward-looking statements include,
among others:
|
|
|
|
|
whether our estimates and assumptions concerning our selected
balance sheet accounts, final capping, closure, post-closure and
remediation costs, available airspace, and projected costs and
expenses related to our landfills and property and equipment,
and labor, fuel rates and economic and inflationary trends, turn
out to be correct or appropriate; |
|
|
|
the impact of competition and demand for services in the solid
waste industry; |
|
|
|
our ability to manage growth; |
|
|
|
our compliance with, and future changes in, environmental
regulations; |
|
|
|
our ability to obtain approvals in connection with expansions at
our landfills; |
|
|
|
our ability to obtain financing on acceptable terms to finance
our operations and growth strategy and for our company to
operate within the limitations imposed by financing arrangements; |
|
|
|
our ability to repurchase common stock at prices that are
accretive to earnings per share; |
|
|
|
our dependence on key personnel; |
|
|
|
the impact of general economic and market conditions including,
but not limited to, inflation and changes in commodity pricing,
fuel, labor, risk and health insurance, and other variable costs
that are generally not within our control; |
|
|
|
our dependence on large, long-term collection, transfer and
disposal contracts; |
|
|
|
our dependence on acquisitions for growth; |
|
|
|
our expectations regarding the risks associated with undisclosed
liabilities of acquired businesses; |
|
|
|
our expectations regarding the risks associated with pending
legal proceedings; and |
|
|
|
other factors contained in our filings with the Commission. |
9
USE OF PROCEEDS
We will not receive any cash proceeds from the issuance of the
new notes in exchange for the old notes. Any old notes that are
properly tendered and exchanged pursuant to this exchange offer
will be retired and cancelled. Accordingly, issuance of the new
notes will not result in any increase in our indebtedness.
CAPITALIZATION
The following information sets forth our consolidated
capitalization as of March 31, 2005. You should read this
along with the historical financial statements and accompanying
notes that we included in our Annual Report on
Form 10-K for the year ended December 31, 2004
and in our quarterly report on Form 10-Q for the
period ended March 31, 2005, which are incorporated by
reference into this prospectus. See Where You Can Find
More Information.
|
|
|
|
|
|
|
|
March 31, 2005 | |
|
|
| |
|
|
(Dollars in millions) | |
Long-term debt, including current maturities
|
|
$ |
1,371.4 |
|
Total stockholders equity
|
|
|
1,745.8 |
|
|
|
|
|
|
Total capitalization
|
|
$ |
3,117.2 |
|
|
|
|
|
|
Total debt to total capitalization
|
|
|
44.0 |
% |
|
|
|
|
RATIO OF EARNINGS TO FIXED CHARGES
Our ratio of earnings to fixed charges for each of the years
ended December 31, 2000 through 2004 and for the three
months ended March 31, 2005 appears below. We compute the
ratio of earnings to fixed charges by dividing the sum of income
before income taxes, interest expense and a portion of rent
expense representative of the interest component, by the sum of
interest expense, capitalized interest and the portion of rent
expense representative of the interest component.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, | |
|
|
Three Months Ended | |
|
| |
|
|
March 31, 2005 | |
|
2004 | |
|
2003 | |
|
2002 | |
|
2001 | |
|
2000 | |
|
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
Ratio of earnings to fixed charges
|
|
|
6.1 |
|
|
|
5.7 |
|
|
|
5.1 |
|
|
|
5.5 |
|
|
|
3.2 |
|
|
|
4.8 |
|
THE EXCHANGE OFFER
Purpose and Effect of the Exchange Offer
On March 21, 2005 we issued $275,674,000 aggregate
principal amount of old notes in exchange for an equal aggregate
principal amount of our
71/8% Notes
due May 15, 2009. In connection with the issuance of the
old notes we entered into a registration rights agreement, dated
as of March 21, 2005. Under that agreement, we must, among
other things, file with the Commission a registration statement
under the Securities Act covering the exchange offer and use our
commercially reasonable efforts to cause that registration
statement to become effective under the Securities Act. Upon the
effectiveness of that registration statement, we must offer each
holder of the old notes the opportunity to exchange its old
notes for an equal principal amount of new notes. You are a
holder with respect to the exchange offer if you are a person in
whose name any old notes are registered on our books or any
other person who has obtained a properly completed assignment of
old notes from the registered holder.
We are making the exchange offer to comply with our obligations
under the registration rights agreement. A copy of the
registration rights agreement is filed as an exhibit to the
registration statement of which this prospectus is a part.
10
In order to participate in the exchange offer, you must
represent to us, among other things, that:
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you are acquiring the new notes under the exchange offer in the
ordinary course of your business; |
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you are not engaged in, and do not intend to engage in, a
distribution of the new notes; |
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you do not have any arrangement or understanding with any person
to participate in the distribution of the new notes; |
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you are not a broker-dealer tendering old notes acquired
directly from us for your own account; |
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you are not one of our affiliates, as defined in
Rule 405 of the Securities Act; and |
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you are not prohibited by law or any policy of the Commission
from participating in the exchange offer. |
The exchange offer is not being made to, nor will we accept
surrenders for exchange from, holders of old notes in any
jurisdiction in which the exchange offer or the acceptance
thereof would not be in compliance with the securities or blue
sky laws of the particular jurisdiction. Each broker-dealer that
receives exchange notes for its own account in exchange for old
notes, where the old notes were acquired by that broker-dealer
as a result of market-making activities or other trading
activities, must acknowledge that it will deliver a prospectus
in connection with any resale of the new notes. For additional
information, see Plan of Distribution.
Terms of the Exchange Offer
Upon the terms and subject to the conditions set forth in this
prospectus and in the letter of transmittal, we will accept any
and all old notes validly tendered and not withdrawn prior to
5:00 p.m., New York City time, on the day the exchange
offer expires.
As of the date of this prospectus, $275,674,000 aggregate
principal amount of the old notes is outstanding. This
prospectus, together with the letter of transmittal, is being
sent to all registered holders of the old notes on this date.
There will be no fixed date for determining registered holders
of the old notes entitled to participate in the exchange offer;
however, holders of the old notes must tender their certificates
therefor or cause their old notes to be tendered by book-entry
transfer before the expiration date of the exchange offer to
participate.
The form and terms of the new notes will be the same as the form
and terms of the old notes except that the new notes will be
registered under the Securities Act and therefore will not bear
legends restricting their transfer. Following consummation of
the exchange offer, all rights under the registration rights
agreement accorded to holders of old notes, including the right
to receive additional interest on the old notes, to the extent
and in the circumstances specified in the registration rights
agreement, will terminate.
We intend to conduct the exchange offer in accordance with the
provisions of the registration rights agreement and applicable
federal securities laws. Old notes that are not tendered for
exchange under the exchange offer will remain outstanding and
will be entitled to the rights under the related indenture. Any
old notes not tendered for exchange will not retain any rights
under the registration rights agreement and will remain subject
to transfer restrictions. For additional information, see
Consequences of Failure to Exchange Old
Notes.
We will be deemed to have accepted validly tendered old notes
when, as and if we will have given oral or written notice of our
acceptance to the exchange agent. The exchange agent will act as
agent for the tendering holders for the purposes of receiving
the old notes from us. If any tendered old notes are not
accepted for exchange because of an invalid tender, the
occurrence of other events set forth in this prospectus, or
otherwise, certificates for any unaccepted old notes will be
promptly returned, or, in the case of old notes tendered by
book-entry transfer, those unaccepted old notes will be credited
to an account maintained with The Depository Trust Company
(DTC) without expense to the tendering holder of
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those old notes promptly after the expiration date of the
exchange offer. For additional information, see
Procedures for Tendering Old Notes.
Expiration Date; Extensions; Amendments
The expiration date is 5:00 p.m., New York City time, 21
business days after commencement of the exchange offer, unless
we, in our sole discretion, extend the exchange offer, in which
case, the expiration date will be the latest date and time to
which the exchange offer is extended. We may, in our sole
discretion, extend the expiration date of the exchange offer or,
upon the occurrence of particular events, terminate the exchange
offer. The events that would cause us to terminate the exchange
offer are set forth under Conditions.
To extend the exchange offer, we must notify the exchange agent
by oral or written notice before 5:00 p.m., New York City
time, on the next business day after the previously scheduled
expiration date and make a public announcement of the extension.
We reserve the right:
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to extend the exchange offer or to terminate the exchange offer
if any of the conditions set forth below under
Conditions are not satisfied by giving
oral or written notice of the delay, extension or termination to
the exchange agent; or |
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to amend the terms of the exchange offer in any manner
consistent with the registration rights agreement. |
Any delay in acceptances, extension, termination or amendment
will be followed as promptly as practicable by notice of the
delay to the registered holders of the old notes. If we amend
the exchange offer in a manner that constitutes a material
change, we will promptly disclose the amendment by means of a
prospectus supplement that will be distributed to the registered
holders of the old notes, and we will extend the exchange offer
for a period of up to ten business days, depending on the
significance of the amendment and the manner of disclosure of
the registered holders of the old notes, if the exchange offer
would otherwise expire during that extension period.
Without limiting the manner in which we may choose to make a
public announcement of any delay, extension, amendment or
termination of the exchange offer, we will have no obligation to
publish, advertise or otherwise communicate that public
announcement, other than by making a timely release to an
appropriate news agency.
When all the conditions to the exchange offer have been
satisfied or waived, we will accept, promptly after the
expiration date of the exchange offer, all old notes properly
tendered and will issue the new notes promptly after the
expiration date of the exchange offer. For additional
information, see Conditions below. For
purposes of the exchange offer, we will be deemed to have
accepted properly tendered old notes for exchange when, as and
if we will have given oral or written notice of our acceptance
to the exchange agent.
In all cases, issuance of the new notes for old notes that are
accepted for exchange under the exchange offer will be made only
after timely receipt by the exchange agent of certificates for
those old notes or a timely confirmation of book-entry transfer
of the old notes into the exchange agents account at DTC,
a properly completed and duly executed letter of transmittal,
and all other required documents; provided, however, that we
reserve the absolute right to waive any defects or
irregularities in the tender of old notes or in the satisfaction
of conditions of the exchange offer by holders of the old notes.
If any tendered old notes are not accepted for any reason set
forth in the terms and conditions of the exchange offer, if the
holder withdraws any previously tendered old notes, or if old
notes are submitted by a greater principal amount of old notes
than the holder desires to exchange, then the unaccepted,
withdrawn or portion of non-exchanged old notes, as appropriate,
will be returned promptly after the expiration or termination of
the exchange offer, or, in the case of the old notes tendered by
book-entry transfer, those
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unaccepted, withdrawn or portion of non-exchanged old notes, as
appropriate, will be credited to an account maintained with DTC,
without expense to the tendering holder.
Conditions
Without regard to other terms of the exchange offer, we will not
be required to exchange any new notes for any old notes and may
terminate the exchange offer before the acceptance of any old
notes for exchange and before the expiration of the exchange
offer, if:
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the exchange offer, or the making of any exchange by a holder of
old notes, violates applicable law or any applicable
interpretation of the Staff of the Commission; or |
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an action or proceeding shall have been instituted or threatened
in any court or by or before any governmental agency with
respect to the exchange offer which, in our judgment, would
reasonably be expected to impair our ability to proceed with the
exchange offer. |
If we determine that any of the conditions are not satisfied, we
may:
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refuse to accept any old notes and return all tendered old notes
to the tendering holders, or, in the case of old notes tendered
by book-entry transfer, credit those old notes to an account
maintained with DTC; |
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extend the exchange offer and retain all old notes tendered
before the expiration of the exchange offer, subject, however,
to the rights of holders who tendered the old notes to withdraw
their old notes; or |
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waive unsatisfied conditions with respect to the exchange offer
and accept all properly tendered old notes that have not been
withdrawn. If the waiver constitutes a material change to the
exchange offer, we will promptly disclose the waiver by means of
a prospectus supplement that will be distributed to the
registered holders of the old notes, and we will extend the
exchange offer for a period of up to ten business days,
depending on the significance of the waiver and the manner of
disclosure of the registered holders of the old notes, if the
exchange offer would otherwise expire during this period. |
These conditions are for our sole benefit and may be asserted by
us regardless of the circumstances giving rise to any conditions
or may be waived by us in whole or in part at any time in our
reasonable discretion. Our failure at any time to exercise any
of the foregoing rights shall not be deemed a waiver of any such
right and each such right shall be deemed an ongoing right which
may be asserted at any time.
Settlement Date
We will deliver the new notes on the settlement date, which will
be the third business day following the expiration date or as
soon as practicable thereafter. We will not be obligated to
deliver new notes unless the exchange offer is consummated.
Procedures for Tendering Old Notes
The tender to us of old notes by you as set forth below and our
acceptance of the old notes will constitute a binding agreement
between us and you upon the terms and subject to the conditions
set forth in this prospectus and in the accompanying letter of
transmittal. Except as set forth below, to tender old notes for
exchange pursuant to the exchange offer, you must transmit a
properly completed and duly executed letter of transmittal,
including all other documents required by such letter of
transmittal or, in the case of a book-entry transfer, an
agents message in lieu of such letter of transmittal, to
Global Bondholder Services Corporation, as exchange agent, at
the address set forth below under Exchange
Agent on or prior to the expiration date. In addition,
either:
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a timely confirmation of a book-entry transfer (a
book-entry confirmation) of such old notes, if such
procedure is available, into the exchange agents account
at DTC pursuant to the procedure |
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for book-entry transfer, as described below under
Book-Entry Transfers, must be received
by the exchange agent, on or prior to the expiration date, with
the letter of transmittal or an agents message in lieu of
such letter of transmittal, or |
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certificates for such old notes must be received by the exchange
agent along with the letter of transmittal. |
The term agents message means a message,
transmitted by DTC to and received by the exchange agent and
forming a part of a book-entry confirmation, which states that
DTC has received an express acknowledgment from the tendering
participant stating that such participant has received and
agrees to be bound by the letter of transmittal and that we may
enforce such letter of transmittal against such participant.
The method of delivery of old notes, letters of transmittal and
all other required documents is at your election and risk. If
such delivery is by regular U.S. mail, it is recommended
that you use registered mail, properly insured, with return
receipt requested. In all cases, you should allow sufficient
time to assure timely delivery. No letter of transmittal or old
notes should be sent to us.
Signatures on a letter of transmittal or a notice of withdrawal,
as the case may be, must be guaranteed unless the old notes
surrendered for exchange are tendered:
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by a holder of the old notes who has not completed the box
entitled Special Issuance Instructions or
Special Delivery Instructions on the letter of
transmittal; or |
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for the account of an Eligible Institution (as defined below). |
In the event that signatures on a letter of transmittal or a
notice of withdrawal are required to be guaranteed, such
guarantees must be by a firm which is a member of the Securities
Transfer Agents Medallion Program, the Stock Exchanges Medallion
Program or the New York Stock Exchange Medallion Program (each
such entity being hereinafter referred to as an Eligible
Institution). If old notes are registered in the name of a
person other than the signer of the letter of transmittal, the
old notes surrendered for exchange must be endorsed by, or be
accompanied by a written instrument or instruments of transfer
or exchange, in satisfactory form as we or the exchange agent
determine in our sole discretion, duly executed by the
registered holder with the signature thereon guaranteed by an
Eligible Institution.
We or the exchange agent in our sole discretion will make a
final and binding determination on all questions as to the
validity, form, eligibility (including time of receipt) and
acceptance of old notes tendered for exchange. We reserve the
absolute right to reject any and all tenders of any particular
old note not properly tendered or to not accept any particular
old note which acceptance might, in our judgment or our
counsels, be unlawful. We also reserve the absolute right
to waive any defects or irregularities or conditions of the
exchange offer as to any particular old note either before or
after the expiration date (including the right to waive the
ineligibility of any holder who seeks to tender old notes in the
exchange offer). Our or the exchange agents interpretation
of the terms and conditions of the exchange offer as to any
particular old note either before or after the expiration date
(including the letter of transmittal and the instructions
thereto) will be final and binding on all parties. Unless
waived, any defects or irregularities in connection with tenders
of old notes for exchange must be cured within a reasonable
period of time, as we determine. We are not, nor is the exchange
agent or any other person, under any duty to notify you of any
defect or irregularity with respect to your tender of old notes
for exchange, and no one will be liable for failing to provide
such notification.
If the letter of transmittal is signed by a person or persons
other than the registered holder or holders of old notes, such
old notes must be endorsed or accompanied by powers of attorney
signed exactly as the name(s) of the registered holder(s) that
appear on the old notes.
If the letter of transmittal or any old notes or powers of
attorneys are signed by trustees, executors, administrators,
guardians, attorneys-in-fact, officers of corporations or others
acting in a fiduciary or representative capacity, such persons
should so indicate when signing. Unless waived by us or the
exchange
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agent, proper evidence satisfactory to us of their authority to
so act must be submitted with the letter of transmittal.
Absence of Dissenters Rights
Holders of the old notes do not have any appraisal or
dissenters rights in connection with the exchange offer.
Acceptance of Old Notes for Exchange; Delivery of New
Notes
Upon satisfaction or waiver of all of the conditions to the
exchange offer, we will accept, promptly after the expiration
date, all of the old notes validly tendered and not withdrawn
and will issue the new notes promptly after acceptance of the
old notes. See Conditions. For purposes
of the exchange offer, we shall be deemed to have accepted
properly tendered old notes for exchange if and when we give
oral (confirmed in writing) or written notice to the exchange
agent.
In all cases, issuance of new notes for old notes that are
accepted for exchange will be made only after timely receipt by
the exchange agent of:
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certificates for such old notes or a timely book-entry
confirmation of such old notes into the exchange agents
account at DTC; |
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a properly completed and duly executed letter of transmittal or
an agents message in lieu thereof; and |
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all other required documents. |
Holders may submit all or part of their old notes currently held.
Book-Entry Transfers
For purposes of the exchange offer, the exchange agent will
request that an account be established with respect to the old
notes at DTC within two business days after the date of this
prospectus, unless the exchange agent already has established an
account with DTC suitable for the exchange offer. Any financial
institution that is a participant in DTC may make book-entry
delivery of old notes by causing DTC to transfer such old notes
into the exchange agents account at DTC in accordance with
DTCs procedures for transfer. Although delivery of old
notes may be effected through book-entry transfer at DTC, the
letter of transmittal or facsimile thereof or an agents
message in lieu thereof, with any required signature guarantees
and any other required documents, must, in any case, be
transmitted to and received by the exchange agent at the address
set forth below under Exchange Agent on
or prior to the expiration date.
Withdrawal Rights
Any old notes that are tendered may be withdrawn at any time
prior to the expiration date. To be effective, a written notice
of withdrawal must be received by the exchange agent at the
address set forth below under Exchange
Agent. This notice must specify:
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the name of the person having tendered the old notes to be
withdrawn; |
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the old notes to be withdrawn (including the principal amount of
such old notes); and |
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where certificates for old notes have been transmitted, the name
in which such old notes are registered, if different from that
of the withdrawing holder. |
If certificates for old notes have been delivered or otherwise
identified to the exchange agent, then, prior to the release of
such certificates, the withdrawing holder must also submit the
serial numbers of the particular certificates to be withdrawn
and a signed notice of withdrawal with signatures guaranteed by
an Eligible Institution, unless such holder is an Eligible
Institution. If old notes have been tendered pursuant
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to the procedure for book-entry transfer described above, any
notice of withdrawal must specify the name and number of the
account at DTC to be credited with the withdrawn old notes and
otherwise comply with the procedures of DTC.
We or the exchange agent will make a final and binding
determination on all questions as to the validity, form and
eligibility (including time of receipt) of such notices. Any old
notes so withdrawn will be deemed not to have been validly
tendered for exchange for purposes of the exchange offer. Any
old notes tendered for exchange but not exchanged for any reason
will be returned to the holder without cost to such holder (or,
in the case of old notes tendered by book-entry transfer into
the exchange agents account at DTC pursuant to the
book-entry transfer procedures described above, such old notes
will be credited to an account maintained with DTC for the old
notes) promptly after withdrawal, rejection of tender or
termination of the exchange offer. Properly withdrawn old notes
may be retendered by following one of the procedures described
under Procedures for Tendering Old Notes
above at any time on or prior to the expiration date.
Exchange Agent
The Bank of New York has been appointed as the exchange agent
for the exchange offer. Letters of transmittal and all
correspondence in connection with the exchange offer should be
sent or delivered by each holder of old notes, or a beneficial
owners commercial bank, broker, dealer, trust company or
other nominee, to the exchange agent at the address set forth
below:
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By mail or by hand:
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The Bank of New York
Corporate Trust Operations
Reorganization Unit
101 Barclay Street 7 East
New York, New York 10286 |
By facsimile:
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(212) 298-1915 |
Confirm facsimile by telephone:
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(212) 815-5920 |
Delivery of the letter of transmittal to an address other
than as set forth above or transmission of such letter of
transmittal via facsimile other than as set forth above does not
constitute a valid delivery of the letter of transmittal.
Questions concerning tender procedures and requests for
additional copies of this prospectus or the letter of
transmittal should be directed to the exchange agent. Holders of
old notes may also contact their commercial bank, broker,
dealer, trust company or other nominee for assistance concerning
the exchange offer. We will pay the exchange agent reasonable
and customary fees for its services and will reimburse it for
its reasonable out-of-pocket expenses in connection therewith.
Other Fees and Expenses
We will not make any payment to brokers, dealers or others for
soliciting acceptances of the exchange offer.
Tendering holders of old notes will not be required to pay any
fee or commission to the exchange agent. If, however, a
tendering holder handles the transaction through its broker,
dealer, commercial bank, trust company or other institution,
that holder may be required to pay brokerage fees or commissions.
Transfer Taxes
You will not be obligated to pay any transfer taxes in
connection with the tender of old notes in the exchange offer
unless you instruct us to register new notes in the name of, or
request that old notes not tendered or accepted in the exchange
offer be returned to, a person other than the registered
tendering holder. In those cases, you will be responsible for
the payment of any applicable transfer taxes.
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Accounting Treatment
The new notes will be recorded at the same carrying value as the
old notes. This is the aggregate principal amount of the old
notes, as reflected in our accounting records on the date of
exchange.
Consequences of Failing to Exchange Old Notes
The trading market for outstanding notes not exchanged in the
exchange offer may be more limited than it is at present.
Therefore, if your old notes are not tendered and accepted in
the exchange offer, it may become more difficult for you to sell
or transfer your unexchanged old notes. See Risk
Factors Consequences of Failure to Exchange.
DESCRIPTION OF THE NEW NOTES
General
The old notes were, and the new notes will be, issued under the
second supplemental indenture dated as of March 21, 2005 to
the Indenture dated August 15, 2001 between Republic
Services, Inc. and The Bank of New York as Trustee (as
supplemented from time to time, the Indenture).
The following summary of certain provisions of the new notes and
the Indenture is not complete and is subject to the detailed
provisions of the Indenture. Whenever particular provisions or
defined terms in the Indenture are referred to in this
prospectus, such provisions or defined terms are incorporated by
reference in this prospectus. Section references used in this
prospectus are references to the Indenture. References, in this
Section only, to Republic Services, Inc. refer to
Republic Services, Inc. exclusive of its subsidiaries. We urge
you to read the Indenture because it, and not this description,
defines your rights as a holder of the new notes. Copies of the
Indenture are available upon request to us at the address
indicated under Incorporation of Documents by
Reference.
Terms
The new notes issued under the Indenture will:
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initially be limited to $275,674,000 aggregate principal
amount; and |
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mature on March 15, 2035. |
The new notes will be unsecured obligations of Republic
Services, Inc. and will rank pari passu with all of our
other unsecured and unsubordinated indebtedness. The new notes
will be effectively subordinated to any indebtedness of our
subsidiaries, and will be junior to our secured debt to the
extent of the collateral securing such debt.
The new notes will bear interest from March 21, 2005,
payable semi-annually on each March 15 and September 15 to the
persons in whose name they are registered at the close of
business on March 1 or September 1 preceding the
interest payment date.
The first interest payment on the new notes will be made on
September 15, 2005.
The new notes may be redeemed before their maturity as described
below, but are not entitled to the benefit of any sinking fund.
They will be issued in book-entry form only. See
Book-Entry; Delivery and Form. At March 31,
2005, Republic Services, Inc. had approximately
$1,371.4 million of senior indebtedness outstanding
(substantially all of which was unsecured).
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Optional Redemption
The new notes will be redeemable, as a whole or in part, at our
option, at any time or from time to time, at a redemption price
equal to the greater of:
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(1) 100% of the principal amount of the new notes to be
redeemed, and |
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(2) the sum of the present values of the remaining
scheduled payments of principal and interest on the new notes to
be redeemed discounted to the date of redemption on a
semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the applicable Treasury Rate, plus
25 basis points. In the case of each of clause (1) and
(2), accrued interest will be payable to the redemption date. |
Holders of new notes to be redeemed will receive notice thereof
by first-class mail at least 30 and not more than 60 days
prior to the date fixed for redemption. If fewer than all of the
new notes are to be redeemed, the Trustee will select, not more
than 60 nor less than 30 days prior to the redemption date,
the particular notes or portions thereof for redemption from the
outstanding new notes not previously called by such method as
the Trustee deems fair and appropriate.
On and after the redemption date, interest will cease to accrue
on the new notes or any portion of the new notes called for
redemption unless we default in the payment of the redemption
price and accrued interest. On or before the redemption date, we
will deposit with a paying agent (or the Trustee) money
sufficient to pay the redemption price of and accrued interest
on the new notes to be redeemed on such date.
Certain Definitions
Set forth below are certain defined terms used in the Indenture.
Reference is made to the Indenture for a full disclosure of all
such terms, as well as any other capitalized terms used herein
for which no definition is provided.
Attributable Debt means, when used in connection
with a sale and leaseback transaction, at any date of
determination, the product of (1) the net proceeds from
such sale and leaseback transaction multiplied by (2) a
fraction, the numerator of which is the number of full years of
the term of the lease relating to the property involved in such
sale and leaseback transaction (without regard to any options to
renew or extend such term) remaining at the date of the making
of such computation and the denominator of which is the number
of full years of the term of such lease measured from the first
day of such term.
Capital Stock means, with respect to any Person, any
and all shares, interests, rights to purchase, warrants,
options, participations or other equivalents of or interests
(including partnership interests) in (however designated) the
equity of such Person, including any preferred stock, but
excluding any debt securities convertible into such equity.
Comparable Treasury Issue means the
U.S. Treasury security selected by an Independent
Investment Banker as having a maturity comparable to the
remaining term (Remaining Life) of the new notes to
be redeemed that would be utilized, at the time of selection and
in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to
the remaining term of such new notes.
Comparable Treasury Price means, with respect to any
redemption date, (1) the average of five Reference Treasury
Dealer Quotations for such redemption date, after excluding the
highest and lowest Reference Treasury Dealer Quotations, or
(2) if the Independent Investment Banker obtains fewer than
five such Reference Treasury Dealer Quotations, the average of
all such quotations.
Consolidated Net Tangible Assets means, as of any
date, the total amount of assets of Republic Services, Inc. and
its Restricted Subsidiaries on a consolidated basis (less
applicable reserves and other properly deductible items) after
deducting therefrom (1) all current liabilities (excluding
any current
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liabilities which are by their terms extendible or renewable at
the option of the obligor thereon to a time more than
12 months after the time as of which the amount thereof is
being computed or which is supported by other borrowings with a
maturity of more than 12 months from the date of
calculation), (2) all goodwill, trade names, trademarks,
patents, unamortized debt discount and expense and other like
intangibles and (3) appropriate adjustments on account of
minority interests of other Persons holding stock of Republic
Services, Inc.s Subsidiaries, all as set forth on the most
recent balance sheet of Republic Services, Inc. and its
consolidated Subsidiaries (but, in any event, as of a date
within 120 days of the date of determination) in each case
excluding intercompany items and computed in accordance with
generally accepted accounting principles as in effect from time
to time.
Exempted Debt means the sum, without duplication, of
the following items outstanding as of the date Exempted Debt is
being determined: (1) Indebtedness of Republic Services,
Inc. and the Restricted Subsidiaries Incurred after the date of
the Indenture and secured by Liens created, assumed or otherwise
Incurred or permitted to exist pursuant to the covenant
described under Certain Covenants Restrictions
on Liens and (2) Attributable Debt of Republic
Services, Inc. and the Restricted Subsidiaries in respect of all
sale and leaseback transactions with regard to any Principal
Property entered into pursuant to the Indenture covenant
described under Certain Covenants Limitation
on Sale and Leaseback Transactions.
Funded Debt means all Indebtedness for money
borrowed, including purchase money indebtedness, having a
maturity of more than one year from the date of its creation or
having a maturity of less than one year but by its terms being
renewable or extendible, at the option of the obligor in respect
thereof, beyond one year from its creation.
Guarantee means any obligation, contingent or
otherwise, of any Person directly or indirectly guaranteeing any
Indebtedness of any other Person and any obligation, direct or
indirect, contingent or otherwise, of such Person (1) to
purchase or pay (or advance or supply funds for the purchase or
payment of) such Indebtedness of such other Person (whether
arising by virtue of partnership arrangements, or by agreement
to keep-well, to purchase assets, goods, securities or services,
to take-or-pay, or to maintain financial statement conditions or
otherwise) or (2) entered into for purposes of assuring in
any other manner the obligee of such Indebtedness of the payment
thereof or to protect such obligee against loss in respect
thereof (in whole or in part); provided, however, that the term
guarantee will not include endorsements for
collection or deposit in the ordinary course of business. The
term guarantee used as a verb has a corresponding
meaning.
Incur means issue, assume, guarantee, incur or
otherwise become liable for. The terms Incurred,
Incurrence and Incurring shall each have
a correlative meaning.
Indebtedness means with respect to any Person at any
date of determination (without duplication), indebtedness for
borrowed money or indebtedness evidenced by bonds, notes,
debentures or other similar instruments given to finance the
acquisition of any businesses, properties or assets of any kind
(including, without limitation, Capital Stock or other equity
interests in any Person).
Independent Investment Banker means Merrill Lynch,
Pierce, Fenner & Smith Incorporated, Banc of America
Securities LLC, Barclays Capital Inc., Citigroup Global Markets
Inc. or Allen & Company LLC, and their respective
successors, or, if such firms are unwilling or unable to select
the Comparable Treasury Issue, an independent investment banking
institution of national standing appointed by the Trustee after
consultation with Republic Services, Inc.
Lien with respect to any property or assets, means
any mortgage or deed of trust, pledge, hypothecation,
assignment, deposit arrangement, security interest, lien,
charge, easement (other than any easement not materially
impairing usefulness or marketability), encumbrance, preference,
priority or other security agreement or preferential arrangement
of any kind or nature whatsoever on or with respect to such
property or assets (including, without limitation, any
conditional sale or other title retention agreement having
substantially the same economic effect as any of the foregoing),
but not including the interest of a lessor under a lease that is
an operating lease under generally accepted accounting
principles.
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Person means any individual, corporation,
partnership, limited liability company, joint venture,
association, joint-stock company, trusts, unincorporated
organization or government or any agency or political
subdivision thereof.
Principal Property means any land, land improvements
or building, together with the land upon which it is erected and
fixtures comprising a part thereof, in each case, owned or
leased by Republic Services, Inc. or any Restricted Subsidiary
and located in the United States, the gross book value (without
deduction of any reserve for depreciation) of which on the date
as of which the determination is being made is an amount which
exceeds 2% of Consolidated Net Tangible Assets but not including
such land, land improvements, buildings or portions thereof
which is financed through the issuance of tax exempt
governmental obligations, or any such property that has been
determined by board resolution of Republic Services, Inc. not to
be of material importance to the respective businesses conducted
by Republic Services, Inc. or such Restricted Subsidiary
effective as of the date such resolution is adopted.
Reference Treasury Dealer means (1) each of
Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Banc of America Securities LLC, Barclays Capital Inc., Citigroup
Global Markets Inc. or Allen & Company LLC, and their
respective successors, provided, however, that if any of the
foregoing shall cease to be a primary U.S. Government
securities dealer in New York City (a Primary Treasury
Dealer), we will substitute another Primary Treasury
Dealer and (2) any other Primary Treasury Dealer selected
by the Independent Investment Banker after consultation with
Republic Services, Inc.
Reference Treasury Dealer Quotations means, with
respect to each Reference Treasury Dealer and any redemption
date, the average, as determined by the Independent Investment
Banker, of the bid and asked prices for the Comparable Treasury
Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Independent Investment Banker
at 5:00 p.m., New York City time, on the third Business Day
preceding such redemption date.
Restricted Subsidiary means any Subsidiary which, at
the time of determination, owns or is a lessee pursuant to a
capital lease of any Principal Property.
Subsidiary of a Person means, with respect to any
Person, any corporation, association, partnership or other
business entity of which at least a majority the total voting
power of the Capital Stock entitled (without regard to the
occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time owned or
controlled, directly or indirectly, by (1) such Person,
(2) such Person and one or more Subsidiaries of such Person
or (3) one or more Subsidiaries of such Person.
Treasury Rate means, with respect to any redemption
date, (1) the yield, under the heading which represents the
average for the immediately preceding week, appearing in the
most recently published statistical release designated
H.15(519) or any successor publication which is
published weekly by the Board of Governors of the Federal
Reserve System and which establishes yields on actively traded
U.S. Treasury securities adjusted to constant maturity
under the caption Treasury Constant Maturities, for
the maturity corresponding to the comparable Treasury Issue (if
no maturity is within three months before or after the Remaining
Life, yields for the two published maturities most closely
corresponding to the Comparable Treasury Issue will be
determined and the Treasury Rate will be interpolated or
extrapolated from such yields on a straight line basis, rounding
to the nearest month) or (2) if such release (or any
successor release) is not published during the week preceding
the calculation date or does not contain such yields, the rate
per annum equal to the semi-annual equivalent yield to maturity
of the Comparable Treasury Issue, calculated using a price for
the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for
such redemption date. The Treasury Rate will be calculated on
the third Business Day preceding the redemption date.
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Certain Covenants
The following restrictions apply to each series of notes under
the Indenture.
We will not, and will not permit any Restricted Subsidiary to,
Incur any Lien on any shares of stock, Indebtedness or other
obligations of a Subsidiary or any Principal Property of
Republic Services, Inc. or a Restricted Subsidiary, whether such
shares of stock, Indebtedness or other obligations of a
Subsidiary or Principal Property is owned at the date of the
Indenture or thereafter acquired, without in any such case
effectively providing that all the notes will be directly
secured equally and ratably with such Lien. These restrictions
do not apply to:
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(1) the Incurrence of any Lien on any shares of stock,
Indebtedness or other obligations of a Subsidiary or any
Principal Property acquired after the date of the Indenture
(including acquisitions by way of merger or consolidation) by
Republic Services, Inc. or a Restricted Subsidiary
contemporaneously with such acquisition, or within 120 days
thereafter, to secure or provide for the payment or financing of
any part of the purchase price thereof, or the assumption of any
Lien upon any shares of stock, Indebtedness or other obligations
of a Subsidiary or any Principal Property acquired after the
date of the Indenture existing at the time of such acquisition,
or the acquisition of any shares of stock, Indebtedness or other
obligations of a Subsidiary or any Principal Property subject to
any Lien without the assumption thereof, provided that every
such Lien referred to in this clause (1) shall attach only
to the shares of stock, Indebtedness or other obligations of a
Subsidiary or any Principal Property so acquired and fixed
improvements thereon; |
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(2) any Lien on any shares of stock, Indebtedness or other
obligations of a Subsidiary or any Principal Property existing
at the date of the Indenture; |
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(3) any Lien on any shares of stock, Indebtedness or other
obligations of a Subsidiary or any Principal Property in favor
of Republic Services, Inc. or any Restricted Subsidiary; |
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(4) any Lien on Principal Property being constructed or
improved securing loans to finance such construction or
improvements; |
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(5) any Lien on shares of stock, Indebtedness or other
obligations of a Subsidiary or any Principal Property Incurred
in connection with the issuance of tax exempt government
obligations; and |
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(6) any renewal of or substitution for any Lien permitted
by any of the preceding clauses (1) through (5), provided,
in the case of a Lien permitted under clause (1),
(2) or (4), the debt secured is not increased nor the Lien
extended to any additional assets. |
Notwithstanding the foregoing, Republic Services, Inc. or any
Restricted Subsidiary may create or assume Liens in addition to
those permitted by clauses (1) through (6), and renew,
extend or replace such Liens, provided that at the time of such
creation, assumption, renewal, extension or replacement of such
Lien, and after giving effect thereto, together with any sale
and leaseback transactions in addition to those permitted under
the covenant entitled Limitation on Sale and Leaseback
Transactions, Exempted Debt (including the Indebtedness to
be secured by Liens created or assumed under this paragraph)
does not exceed 20% of Consolidated Net Tangible Assets.
(Section 1005)
For the purposes of this Restrictions on Liens
covenant and the Limitation on Sale and Leaseback
Transactions covenant, the giving of a guarantee which is
secured by a Lien on any shares of stock, Indebtedness or other
obligations of a Subsidiary or any Principal Property, and the
creation of a Lien on any shares of stock, Indebtedness or other
obligations of a Subsidiary or any Principal Property to secure
Indebtedness that existed prior to the creation of such Lien,
shall be deemed to involve the creation of Indebtedness in an
amount equal to the principal amount guaranteed or secured by
such Lien.
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Limitation on sale and leaseback transactions. |
The Indenture provides that Republic Services, Inc. will not,
and will not permit any Restricted Subsidiary to, sell or
transfer, directly or indirectly, except to Republic Services,
Inc. or a Restricted Subsidiary, any Principal Property as an
entirety, or any substantial portion thereof, with the intention
of taking back a lease of such property, except a lease for a
period of two years or less at the end of which it is intended
that the use of such property by the lessee will be
discontinued; provided that, notwithstanding the foregoing,
Republic Services, Inc. or any Restricted Subsidiary may sell
any such Principal Property and lease it back for a longer
period:
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(1) if Republic Services, Inc. or such Restricted
Subsidiary would be entitled, pursuant to the provisions of the
Indenture described above under Certain
Covenants Restrictions on Liens, to create a
mortgage on the property to be leased securing Funded Debt in an
amount equal to the Attributable Debt with respect to such sale
and leaseback transaction without equally and ratably securing
the outstanding notes; or |
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(2) if Republic Services, Inc. promptly informs the Trustee
of such transaction, the net proceeds of such transaction are at
least equal to the fair value (as determined by board resolution
of Republic Services, Inc.) of such property, and Republic
Services, Inc. causes an amount equal to the net proceeds of the
sale to be applied to the retirement, within 180 days after
receipt of such proceeds, of Funded Debt Incurred or assumed by
Republic Services, Inc. or a Restricted Subsidiary (including
the notes); provided further that, in lieu of applying all or
any part of such net proceeds to such retirement, Republic
Services, Inc. may, within 75 days after such sale or
transfer, deliver or cause to be delivered to the applicable
trustee for cancellation either debentures or notes evidencing
Funded Debt of Republic Services, Inc. (which may include the
new notes offered in this prospectus) or of a Restricted
Subsidiary previously authenticated and delivered by the
applicable trustee, and not theretofore tendered for sinking
fund purposes or called for a sinking fund or otherwise applied
as a credit against an obligation to redeem or retire such notes
or debentures. If Republic Services, Inc. so delivers debentures
or notes to the applicable trustee with an Officers
Certificate, the amount of cash that Republic Services, Inc.
will be required to apply to the retirement of Funded Debt will
be reduced by an amount equal to the aggregate of the then
applicable optional redemption prices (not including any
optional sinking fund redemption prices) of such debentures or
notes, or if there are no such redemption prices, the principal
amount of such debentures or notes, provided, that in the case
of debentures or notes which provide for an amount less than the
principal amount thereof to be due and payable upon a
declaration of the maturity thereof, such amount of cash shall
be reduced by the amount of principal of such debentures or
notes that would be due and payable as of the date of such
application upon a declaration of acceleration of the maturity
thereof pursuant to the terms of the indenture pursuant to which
such debentures or notes were issued; or |
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(3) if Republic Services, Inc., within 180 days after
the sale or transfer, applies or causes a Restricted Subsidiary
to apply an amount equal to the greater of the net proceeds of
such sale or transfer or fair market value of the Principal
Property so sold and leased back at the time of entering into
such sale and leaseback transaction (in either case as
determined by board resolution of Republic Services, Inc.) to
purchase other Principal Property having a fair market value at
least equal to the fair market value of the Principal Property
(or portion thereof) sold or transferred in such sale and
leaseback transaction. |
Notwithstanding the foregoing, Republic Services, Inc. or any
Restricted Subsidiary may enter into sale and leaseback
transactions in addition to those permitted in this paragraph
and without any obligation to retire any outstanding notes or
other Funded Debt, provided that at the time of entering into
such sale and leaseback transactions and after giving effect
thereto, together with any Liens in addition to those permitted
under the covenant entitled Restrictions on Liens,
Exempted Debt does not exceed 20% of Consolidated Net Tangible
Assets. (Section 1006)
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Consolidation, Merger or Sale of Substantially All Assets
We may consolidate or merge with, or sell all or substantially
all of our assets to, another corporation as long as we are not
in default under the Indenture and the consolidation, merger or
sale does not create a default under the Indenture. The
remaining or acquiring corporation must be a corporation duly
organized and validly existing under the laws of the United
States of America and any state thereof or the District of
Columbia, and must assume all of our obligations under the
Indenture, including the payment of all amounts due on the notes
and performance of the covenants. Under these circumstances, if
our properties or assets become subject to a Lien not permitted
by the Indenture, we will equally and ratably secure the notes.
(Section 801)
Filing of Financial Statements
The Indenture requires us to file quarterly and annual financial
statements with the Commission. (Section 1007)
Events of Default
An event of default under the Indenture with respect to a series
of notes includes the following:
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failure to pay interest on the notes of such series for
30 days; |
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failure to pay principal on the notes of such series when due; |
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failure to perform any of the other covenants or agreements in
the Indenture relating to the notes of such series that
continues for 60 days after notice to us by the Trustee or
holders of at least 25% in principal amount of the notes of each
affected series then outstanding (voting as one class); |
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failure to pay when due any obligation of ours or any principal
subsidiary having an aggregate principal amount outstanding of
at least $25 million that continues for 25 days after
notice to us by the Trustee or holders of at least 25% in
principal amount of the notes of each affected series then
outstanding (voting as one class); or |
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certain events of bankruptcy, insolvency or reorganization
relating to us or any Subsidiary. (Section 501) |
The Indenture provides that the Trustee will, with certain
exceptions, notify the holders of the notes of any default known
to it within 90 days after the occurrence of such event.
(Section 602)
If an event of default (other than with respect to certain
events of bankruptcy, insolvency or reorganization) occurs and
is continuing for the notes of a series, the Trustee or the
holders of not less than 25% in principal amount of the notes of
each affected series then outstanding (voting as one class) may
declare the principal amount to be due and payable. In such a
case, subject to certain conditions, the holders of a majority
in principal amount of the notes of each affected series then
outstanding (voting as one class) can rescind and annul such
declaration and its consequences. (Section 502)
In the event of a declaration of acceleration because an event
of default related to the failure to pay when due any obligation
which has an aggregate principal amount of at least
$25 million has occurred and is continuing, such
declaration of acceleration shall be automatically rescinded and
annulled if the default triggering such event of default shall
be remedied or cured by Republic Services, Inc. or the relevant
Subsidiary or waived by the holders of the relevant Indebtedness
within 60 days after the declaration of acceleration with
respect thereto. (Section 502)
We are required to file an annual officers certificate
with the Trustee concerning our compliance with the Indenture.
(Section 705) Subject to the provisions of the Indenture
relating to the duties of the Trustee, the Trustee is not
obligated to exercise any of its rights or powers at the request
or direction of any of the holders unless they have offered the
Trustee security or indemnity. (Section 603) If the holders
provide security or indemnity satisfactory to the Trustee, the
holders of a majority in principal amount of the outstanding
notes of the applicable series during an event of default may
direct the time, method and
23
place of conducting any proceeding for any remedy available to
the Trustee under the Indenture or exercising any of the
Trustees trusts or powers with respect to the notes of
such series. (Section 512)
Modification and Amendment of the Indenture
We may enter into supplemental indentures with the Trustee
without the consent of the holders of the notes to, among other
things:
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evidence the assumption by a successor corporation of our
obligations; |
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appoint additional, separate or successor trustees to act under
the Indenture; |
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add covenants for the protection of the holders of one or more
series of the notes or to surrender any right or power of the
Company under the Indenture; |
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cure any ambiguity or correct any inconsistency in the Indenture; |
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add guarantees or security; and |
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make any change that does not adversely affect the rights of
holders of the notes of such series. (Section 901) |
With the consent of the holders of a majority in principal
amount of the notes of all series then outstanding and affected
(voting as one class) we may execute supplemental indentures
with the Trustee to add provisions or change or eliminate any
provision of the Indenture or any supplemental indenture or to
modify the rights of the holders of the notes of each series so
affected.
Without the consent of the holders of each outstanding note
affected, no such supplemental indenture will, with respect to
the notes:
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change their stated maturity; |
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reduce their principal amount or their interest rate or the
amount of any payment of interest, or extend the time for
payment of interest; |
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reduce the principal amount payable upon their acceleration; |
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change the place or currency in which they are payable; |
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impair the right to institute suit for their enforcement; |
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reduce the premium payable upon redemption or change the time at
which the new notes may or shall be redeemed; |
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reduce the percentage in principal amount of notes, the consent
of the holders of which is required for any such supplemental
indenture; |
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reduce the percentage in principal amount of notes required for
waiver of compliance with certain provisions of the Indenture or
certain defaults; |
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amend or modify any provisions in any way which subordinates the
new notes in right of payment to any other indebtedness of
Republic Services, Inc.; or |
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modify provisions with respect to modification and waiver.
(Section 902) |
Discharge of Indenture
At our option, we (1) will be discharged from all
obligations under the Indenture in respect of the notes of a
particular series (except for certain obligations to exchange or
register the transfer of the notes of such series, replace
stolen, lost or mutilated notes of such series, maintain paying
agencies and hold monies for payment in trust) or (2) need
not comply with certain restrictive covenants of the Indenture
(including the restrictions on Liens) with respect to the notes
of such series, in each case if we deposit with the Trustee, in
trust, money or U.S. government obligations (or a
combination thereof) sufficient to
24
pay the principal of and any premium or interest on the notes of
such series when due. In order to select either option, we must
provide the Trustee with an opinion of counsel or a ruling from,
or published by, the Internal Revenue Service, to the effect
that holders of the notes of such series will not recognize gain
or loss for Federal income tax purposes, as if we had not
exercised either option. (Section 404)
In the event we exercise our option under (2) above with
respect to the notes of a particular series and the notes of
such series are declared due and payable because of the
occurrence of any event of default other than default with
respect to such obligations, the amount of money and
U.S. government obligations on deposit with the Trustee
will be sufficient to pay amounts due on the notes at the time
of their stated maturity but may not be sufficient to pay
amounts due on the notes of such series at the time of the
acceleration resulting from such event of default. We would
remain liable, however, for such amounts. (Sections 403 and
404)
Governing Law
The Indenture will be governed by, and construed in accordance
with, the laws of the State of New York.
Concerning the Trustee
The Bank of New York, Trustee under the Indenture, is a member
of the syndicate of lenders for our credit facility.
Resales of the New Notes
The new notes are being offered to comply with our obligations
under the registration rights agreement.
Under existing interpretations of the Staff of the Commission,
the new notes will in general be freely tradable after the
completion of the exchange offer without further compliance with
the registration and prospectus delivery requirements of the
Securities Act. However, any participant in the exchange offer
who is our affiliate or who intends to participate in the
exchange offer for the purpose of distributing the new notes:
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(1) will not be able to rely on the interpretations of the
Staff; |
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(2) will not be entitled to participate in the exchange
offer; and |
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(3) must comply with the registration and prospectus
delivery requirements of the Securities Act in connection with
any sale or transfer of the new notes unless such sale or
transfer is made pursuant to an exemption from such requirements. |
Each holder of old notes who wishes to exchange old notes for
new notes pursuant to the exchange offer will be required to
represent that:
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(1) it is not our affiliate; |
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(2) the new notes to be received by it will be acquired in
the ordinary course of its business; and |
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(3) at the time of the exchange offer, it has no
arrangement or understanding with any person to participate in a
distribution (within the meaning of the Securities Act) of old
notes or new notes. |
In addition, in connection with any resales of new notes, any
broker-dealer that acquired old notes for its own account as a
result of market-making or other trading activities, who we
refer to as exchanging broker-dealers, must deliver a prospectus
meeting the requirements of the Securities Act. The Commission
has taken the position that exchanging broker-dealers may
fulfill their prospectus delivery requirements with respect to
the new notes with this prospectus. Under the registration
rights agreement, we are required for a period of one year after
the expiration of the exchange offer, to allow exchanging
broker-dealers and other persons, if any, subject to similar
prospectus delivery requirements, to use the prospectus
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contained in the this registration statement, as amended or
supplemented, in connection with the resale of new notes. See
Plan of Distribution.
BOOK-ENTRY; DELIVERY AND FORM
Except as set forth below, new notes will be issued in
registered global form in minimum denominations of $1,000. New
notes will be issued at the settlement of the exchange offer
only pursuant to valid tenders of old notes.
The new notes initially will be represented by one or more notes
in registered global form without interest coupons (the
Global Notes). The Global Notes will be deposited
upon issuance with the Trustee as custodian for DTC in New York,
New York, and registered in the name of DTC or its nominee, in
each case for credit to an account of a direct or indirect
participant in DTC as described below.
The following are summaries of certain rules and operating
procedures of DTC that affect the payment of principal and
interest and the transfers of interests in the Global Notes.
Upon issuance, the new notes will be issued only in the form of
one or more definitive global securities which will be deposited
with, or on behalf of, DTC and registered in the name of
Cede & Co., as nominee of DTC. Unless and until it is
exchanged in whole or in part for notes in definitive form, a
Global Note may not be transferred except as a whole (1) by
DTC to a nominee, (2) by a nominee of DTC to DTC or another
nominee of DTC or (3) by DTC or any such nominee to a
successor of DTC or a nominee of such successor.
Ownership of beneficial interests in a Global Note will be
limited to persons that have accounts with DTC for such Global
Note (participants) or persons that may hold
interests through participants. Upon the issuance of a Global
Note, DTC will credit, on its book-entry registration and
transfer system, the participants accounts with the
respective principal amounts of the new notes represented by
such Global Note beneficially owned by such participants.
Ownership of beneficial interests in the Global Notes will be
shown on, and the transfer of such ownership interests will be
effected only through, records maintained by DTC (with respect
to interests of participants). The laws of some states may
require that certain purchasers of securities take physical
delivery of such securities in definitive form. Such laws may
limit or impair the ability to own, transfer or pledge
beneficial interests in the Global Notes.
So long as DTC or its nominee is the registered owner of a
Global Note, DTC or its nominee, as the case may be, will be
considered the sole owner or holder of the new notes represented
by such Global Note for all purposes under the Indenture. Unless
owners of beneficial interests in a Global Note have new notes
represented by such Global Note registered in their names, they
will not receive or be entitled to receive physical delivery of
such new notes in certificated form and will not be considered
the registered owners or holders thereof under the Indenture.
Accordingly, each person owning a beneficial interest in a
Global Note must rely on the procedures of DTC and, if such
person is not a participant, on the procedures of the
participant through which such person owns its interest, to
exercise any rights of a holder under the Indenture. We
understand that under existing industry practices, if we request
any action of holders or if an owner of a beneficial interest in
a Global Note desires to give or take any action that a holder
is entitled to give or take under the Indenture, DTC would
authorize the participants holding the relevant beneficial
interests to give or take such action, and such participants
would authorize beneficial owners owning through such
participants to give or to take such action or would otherwise
act upon the instructions of beneficial owners holding through
them.
Principal and interest payments on interests represented by a
Global Note will be made to DTC or its nominee, as the case may
be, as the registered owner of such Global Note. None of
Republic Services, the Trustee or any other agent of Republic
Services or agent of the Trustee will have any responsibility or
liability for any facet of the records relating to or payments
made on account of beneficial ownership of interests. We expect
that DTC, upon receipt of any payment of principal or interest
in respect of a Global Note, will immediately credit
participants accounts with payments in amounts
proportionate to their
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respective beneficial interests in such Global Note as shown on
the records of DTC. We also expect that payments by participants
to owners of beneficial interests in the Global Notes held
through such participants will be governed by standing customer
instructions and customary practice, as is now the case with
securities held for the accounts of customers in bearer form or
registered in street name, and will be the
responsibility of such participants.
If DTC is at any time unwilling or unable to continue as
depository for the new notes, and we fail to appoint a successor
depository registered as a clearing agency under the Securities
Exchange Act of 1934 (the Exchange Act) within
90 days, we will issue new notes in definitive form in
exchange for the respective Global Notes. Any new notes issued
in definitive form in exchange for the Global Notes will be
registered in such name or names, and will be issued in
denominations of $1,000 and integral multiples of $1,000 as DTC
shall instruct the Trustee. It is expected that such
instructions will be based upon directions received by DTC from
participants with respect to ownership of beneficial interests
in the Global Notes.
DTC is a limited purpose trust company organized under the
Banking Law of the State of New York, a member of the Federal
Reserve System, a clearing corporation within the
meaning of the New York Uniform Commercial Code and a
clearing agency registered pursuant to the
provisions of Section 17A of the Exchange Act. DTC was
created to hold the securities of its participants and to
facilitate the clearance and settlement of transactions among
its participants in such securities through electronic
book-entry changes in accounts of the participants, thereby
eliminating the need for physical movement of securities
certificates. DTCs participants include securities brokers
and dealers, banks, trust companies, clearing corporations and
certain other organizations, some of which (and/or their
representatives) own DTC. Access to the DTC book-entry system is
also available to others, such as banks, brokers and dealers and
trust companies that clear through or maintain a custodial
relationship with a participant, either directly or indirectly.
CERTAIN U.S. FEDERAL INCOME TAX CONSEQUENCES
The following is a general discussion of the material
U.S. federal income tax consequences and, in the case of a
non-U.S. holder (as defined below), the material
U.S. federal estate tax consequences, to beneficial owners
of old notes whose old notes are tendered and accepted in the
exchange offer. This summary is based on the U.S. federal
income tax laws, regulations, rulings and judicial decisions now
in effect, all of which are subject to change or differing
interpretation, possibly with retroactive effect. This summary
does not discuss all aspects of U.S. federal income
taxation that may be relevant to a particular beneficial owner
of old notes or to certain types of beneficial owners of old
notes that may be subject to special tax rules (such as banks,
tax-exempt entities, insurance companies, S corporations,
dealers in securities or currencies, traders in securities
electing to mark to market, pass-through entities (including
partnerships and entities and arrangements classified as
partnerships for U.S. federal income tax purposes) and
beneficial owners of pass-through entities, beneficial owners
that incurred indebtedness to purchase or carry the old notes,
beneficial owners that hold the old notes or will hold the new
notes as a position in a straddle or conversion
transaction, or as part of a synthetic security or
other integrated financial transaction or beneficial owners that
have a functional currency other than the
U.S. dollar). The discussion is limited to exchanging
beneficial owners of old notes that have held the old notes, and
will hold the new notes, as capital assets within
the meaning of section 1221 of the Internal Revenue Code of
1986, as amended (the Code). Because the law with
respect to certain U.S. federal income tax consequences of
the exchange offer is uncertain and no ruling has been or will
be requested from the Internal Revenue Service (the
Service) on any U.S. federal income tax matter
concerning the exchange offer, no assurances can be given that
the Service or a court considering these issues will agree with
the positions or conclusions discussed below.
ALL BENEFICIAL OWNERS OF THE OLD NOTES ARE URGED TO
CONSULT THEIR TAX ADVISORS AS TO THE CONSEQUENCES TO THEM OF THE
EXCHANGE, INCLUDING
27
THE APPLICABILITY AND EFFECT OF FEDERAL, STATE, LOCAL AND
FOREIGN INCOME AND OTHER TAX LAWS.
Federal Income Tax Treatment of the Exchange of Old Notes for
New Notes
We believe that the exchange of old notes for new notes under
the exchange offer will not be an exchange or otherwise a
taxable event to any holder for United States federal income tax
purposes. Accordingly, a holder will have the same adjusted
issue price, adjusted basis, holding period, bond premium and
market discount in the new notes as it had in the old notes
immediately before the exchange.
U.S. Holders
The discussion below applies to you only if you are a
U.S. holder. A U.S. holder is a beneficial
owner of old notes whose old notes are tendered and accepted in
the exchange offer that is, for U.S. federal income tax
purposes, (a) a citizen or resident of the United States,
(b) a corporation (or other entity classified as a
corporation for such purposes) created or organized in or under
the laws of the United States, or any State thereof or the
District of Columbia, (c) an estate, the income of which is
subject to U.S. federal income taxation regardless of the
source of that income, or (d) a trust if (i) a court
within the United States can exercise primary supervision over
its administration and one or more United States
persons (as defined in the Code) have the authority to
control all of the substantial decisions of the trust or
(ii) the trust has validly elected to be treated as a
United States person under applicable regulations.
Payments of Interest. Interest on an old note and
interest on a new note received by a U.S. holder will be
taxable to the U.S. holder as ordinary interest income in
accordance with the U.S. holders method of accounting
for U.S. federal income tax purposes.
Amortizable Bond Premium. Unamortized bond premium which
a U.S. holder may have on the old notes will carry over to
the new notes received in exchange therefor. It may be possible
for the U.S. holder to elect to amortize this premium using
a constant yield method over the term of the new note (or until
an earlier call date, as applicable). The amortized amount of
the premium for a taxable year generally will be treated first
as a reduction of interest on the new note included in such
taxable year to the extent thereof, then as a deduction allowed
in that taxable year to the extent of the beneficial
owners prior interest inclusions on the new note, and
finally as a carryforward allowable against the beneficial
owners future interest inclusions on the new note. A
U.S. holder must reduce its tax basis in such new note by
the amount of the premium so amortized. The election to amortize
premium on a constant yield method, once made, applies to all
debt obligations held or subsequently acquired by the electing
U.S. holder on or after the first day of the taxable year
to which the election applies and may not be revoked without the
consent of the Service. U.S. holders should consult their
own tax advisors concerning the computation and amortization of
any bond premium on their new notes.
Market Discount. Accrued market discount on old notes not
previously treated as ordinary income by a U.S. holder will
carry over to the new notes received in exchange therefor. A
U.S. holder will be required to treat any gain on the sale,
exchange, retirement or other taxable disposition (collectively,
a disposition) of a new note as ordinary income to
the extent of the accrued market discount on the new note at the
time of the disposition unless such market discount has been
previously included in income by the U.S. holder pursuant
to an election by the beneficial owner to include the market
discount in income as it accrues (under either a ratable or
constant yield method).
Disposition of a New Note. In general, subject to the
discussion above regarding market discount, a
U.S. holders disposition of a new note will result in
capital gain or loss equal to the difference between the amount
realized (except to the extent such amount is attributable to
accrued but unpaid interest on the new note, which amount will
be taxable as ordinary interest income in accordance with such
U.S. holders method of accounting for
U.S. federal income tax purposes) and the
U.S. holders adjusted tax basis in such new note
immediately before such disposition (which should reflect any
market discount
28
previously included in income). Capital gain or loss will be
long-term capital gain or loss if at the time of the disposition
the U.S. holder has held the new note for more than one
year. Subject to limited exceptions, capital losses cannot be
used to offset ordinary income. If you are a non-corporate
U.S. holder, your long-term capital gain generally will be
subject to a maximum tax rate of 15%, which maximum tax rate
will increase to 20% for dispositions occurring during taxable
years beginning on or after January 1, 2009.
Backup Withholding. Under the backup withholding rules,
payments of interest and payments of proceeds from any
disposition of a new note may be subject to backup withholding
tax unless the U.S. holder (i) is a corporation or
comes within certain other exempt categories and demonstrates
that fact when required or (ii) provides a correct taxpayer
identification number, certifies as to no loss of exemption from
backup withholding, and otherwise complies with applicable
requirements of the backup withholding rules. Any amounts
deducted and withheld should generally be allowed as a credit
against a U.S. holders U.S. federal income tax
liability, provided appropriate proof is provided under rules
established by the Service. Moreover, certain penalties may be
imposed by the Service on a U.S. holder that is required to
supply information but that does not do so in the proper manner.
U.S. holders should consult their tax advisors regarding
their qualification for exemption from backup withholding and
the procedures for obtaining such an exemption.
Non-U.S. Holders
The following discussion applies to you if you are a beneficial
owner of old notes whose old notes are exchanged for new notes
and you are not a U.S. holder (as defined above) and also
are not a partnership (or an entity or arrangement classified as
a partnership for U.S. federal tax purposes) (a
non-U.S. holder). An individual may, subject to
exceptions, be deemed to be a resident alien, as opposed to a
non-resident alien, by among other ways being present in the
United States:
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on at least 31 days in the calendar year, and |
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for an aggregate of at least 183 days during a three-year
period ending in the current calendar year, counting for such
purposes all of the days present in the current year, one-third
of the days present in the immediately preceding year, and
one-sixth of the days present in the second preceding year. |
Resident aliens are subject to United States federal income tax
as if they were United States citizens.
U.S. Federal Withholding Tax on the New Notes. Under
current U.S. federal income tax laws, and subject to the
discussion below, U.S. federal withholding tax will not
apply to payments by us or our paying agent (in its capacity as
such) of principal of and interest on your new notes under the
portfolio interest exception of the Code, provided
that in the case of interest:
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you do not, directly or indirectly, actually or constructively,
own ten percent or more of the total combined voting power of
all classes of our stock entitled to vote within the meaning of
section 871(h)(3) of the Code and the Treasury regulations
thereunder; |
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you are not a controlled foreign corporation for
U.S. federal income tax purposes that is related, directly
or indirectly, to us through sufficient stock ownership (as
provided in the Code); |
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you are not a bank receiving interest described in
section 881(c)(3)(A) of the Code; |
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such interest is not effectively connected with your conduct of
a U.S. trade or business; and |
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you provide a signed written statement, on an Internal Revenue
Service Form W-8BEN (or other applicable form) which can
reliably be related to you, certifying under penalties of
perjury that you |
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are not a United States person within the meaning of
the Code and providing your name and address to: |
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(A) us or our paying agent; or |
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(B) a securities clearing organization, bank or other
financial institution that holds customers securities in
the ordinary course of its trade or business and holds your new
notes on your behalf and that certifies to us or our paying
agent under penalties of perjury that it, or the bank or
financial institution between it and you, has received from you
your signed, written statement and provides us or our paying
agent with a copy of this statement. |
The applicable Treasury regulations provide alternative methods
for satisfying the certification requirement described in this
section. In addition, under these Treasury regulations, special
rules apply to pass-through entities and this certification
requirement may also apply to beneficial owners of pass-through
entities.
If you cannot satisfy the requirements of the portfolio
interest exception described above, payments of interest
made to you will be subject to 30% United States federal
withholding tax unless you provide us or our paying agent with a
properly executed (1) Internal Revenue Service
Form W-8ECI (or other applicable form) stating that
interest paid on your new notes is not subject to withholding
tax because it is effectively connected with your conduct of a
trade or business in the United States, or (2) Internal
Revenue Service Form W-8BEN (or other applicable form)
claiming an exemption from or reduction in this withholding tax
under an applicable income tax treaty.
U.S. Federal Income Tax on the New Notes. Except for
the possible application of U.S. federal withholding tax
(see U.S. Federal Withholding Tax on the New
Notes above) and backup withholding tax (see Backup
Withholding and Information Reporting below), you
generally will not have to pay U.S. federal income tax on
payments of principal of and interest on your new notes, or on
any gain or accrued interest realized from the sale, redemption,
retirement at maturity or other disposition of your new notes
unless:
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in the case of interest payments or disposition proceeds
representing accrued interest, you cannot satisfy the
requirements of the portfolio interest exception
described above; |
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in the case of gain, you are an individual who is present in the
United States for 183 days or more during the taxable year
of the sale or other disposition of your new notes and specific
other conditions are met (in which case, except as otherwise
provided by an applicable income tax treaty, the gain, which may
be offset by United States source capital losses, generally will
be subject to a flat 30% United States federal income tax, even
though you are not considered a resident alien under the
Code); or |
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the interest or gain is effectively connected with your conduct
of a U.S. trade or business and, if required by an
applicable income tax treaty, is attributable to a
U.S. permanent establishment maintained by you. |
If you are engaged in a trade or business in the U.S. and
interest or gain in respect of your new notes is effectively
connected with the conduct of your trade or business (and, if
required by an applicable income tax treaty, is attributable to
a U.S. permanent establishment maintained by
you), the interest or gain generally will be subject to
U.S. federal income tax on a net basis at the regular
graduated rates and in the manner applicable to a
U.S. holder (although the interest will be exempt from the
withholding tax discussed in the preceding paragraphs if you
provide a properly executed Internal Revenue Service W-8ECI (or
other applicable form) on or before any payment date to claim
the exemption). In addition, if you are a foreign corporation,
you may be subject to a branch profits tax equal to 30% of your
effectively connected earnings and profits for the taxable year,
as adjusted for certain items, unless a lower rate applies to
you under a U.S. income tax treaty with your country of
residence.
U.S. Federal Estate Tax with respect to the New
Notes. If you are an individual and are not a
U.S. citizen or a resident of the United States (as
specially defined for U.S. federal estate tax purposes) at
30
the time of your death, your new notes generally will not be
subject to the U.S. federal estate tax, unless, at the time
of your death:
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you directly or indirectly, actually or constructively, own ten
percent or more of the total combined voting power of all
classes of our stock entitled to vote within the meaning of
section 871(h)(3) of the Code and the Treasury regulations
thereunder; or |
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your interest in the new notes is effectively connected with
your conduct of a U.S. trade or business. |
Backup Withholding and Information Reporting. Under
current Treasury regulations, backup withholding and information
reporting will not apply to payments made by us or our paying
agent (in its capacity as such) to you if you have provided the
required certification that you are a non-U.S. holder as
described in U.S. Federal Withholding Tax on the New
Notes above, and provided that neither we nor our paying
agent has actual knowledge that you are a U.S. holder (as
described in U.S. Holders above). However, we
or our paying agent may be required to report to the Service and
you payments of interest on the old notes and the new notes and
the amount of tax, if any, withheld with respect to those
payments. Copies of the information returns reporting such
interest payments and any withholding may also be made available
to the tax authorities in the country in which you reside under
the provisions of a treaty or agreement.
The gross proceeds from the disposition of your old notes or new
notes may be subject to information reporting and backup
withholding tax currently at a rate of 28%. If you dispose of
your notes outside the United States through a
non-U.S. office of a non-U.S. broker and the sales
proceeds are paid to you outside the United States, then the
U.S. backup withholding and information reporting
requirements generally will not apply to that payment. However,
U.S. information reporting, but not backup withholding,
will apply to a payment of sales proceeds, even if that payment
is made outside the United States, if you dispose of your notes
through a non-U.S. office of a broker that:
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is a United States person (as defined in the Code); |
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derives 50% or more of its gross income in specific periods from
the conduct of a trade or business in the United States; |
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is a controlled foreign corporation for
U.S. federal income tax purposes; or |
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is a foreign partnership, if at any time during its tax year: |
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one or more of its partners are U.S. persons who in the
aggregate hold more than 50% of the income or capital interests
in the partnership; or |
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the foreign partnership is engaged in a U.S. trade or
business, |
unless the broker has documentary evidence in its files that you
are a non-U.S. person and certain other conditions are met
or you otherwise establish an exemption. If you receive payments
of the proceeds of a disposition of your notes to or through a
U.S. office of a broker, the payment is subject to both
U.S. backup withholding and information reporting unless
you provide a Form W-8BEN certifying that you are a
non-U.S. person or you otherwise establish an exemption.
You should consult your own tax advisor regarding application of
backup withholding in your particular circumstance and the
availability of and procedure for obtaining an exemption from
backup withholding under current Treasury regulations. Any
amounts withheld under the backup withholding rules from a
payment to you will be allowed as a refund or credit against
your U.S. federal income tax liability, provided the
required information is furnished to the Service.
31
PLAN OF DISTRIBUTION
Each broker-dealer that receives new notes for its own account
pursuant to the exchange offer must acknowledge that it will
deliver a prospectus in connection with any resale of new notes.
This prospectus, as it may be amended or supplemented from time
to time, may be used by a broker-dealer in connection with
resales of new notes received in exchange for old notes where
the old notes were acquired as a result of market-making
activities or other trading activities. We have agreed that for
a period of one year after the expiration of the exchange offer
to allow exchanging broker-dealers and other persons, if any,
subject to similar prospectus delivery requirements, to use this
prospectus, as amended or supplemented, in connection with any
resale. In addition, all dealers effecting transactions in new
notes may be required to deliver a prospectus.
We will receive no proceeds from the sale of new notes by
broker-dealers. New notes received by broker-dealers for their
own account in the exchange offer may be sold from time to time
in one or more transactions in the over-the-counter market, in
negotiated transactions, through the writing of options on the
new notes or a combination of these methods of resale, at market
prices prevailing at the time of resale, at prices related to
prevailing market prices or negotiated prices. Any resale may be
made directly to purchasers or to or through brokers or dealers
who may receive compensation in the form of commissions or
concessions from any broker-dealer and/or the purchasers of any
new notes.
Any broker-dealer that resells new notes that were received by
it for its own account pursuant to the exchange offer and any
broker or dealer that participates in a distribution of the new
notes may be deemed to be underwriters within the
meaning of the Securities Act and any profit on any resale of
the new notes and any commissions or concessions received by any
such persons may be deemed to be underwriting compensation under
the Securities Act. The letter of transmittal states that by
acknowledging that it will deliver and by delivering a
prospectus, a broker-dealer will not be deemed to admit that it
is an underwriter within the meaning of the
Securities Act.
We have agreed to pay all expenses incident to the exchange
offer (including the expenses of one counsel for the holders of
the old notes) other than commissions or concessions of any
broker-dealers and will indemnify the holders of the old notes
(including any broker-dealers) against certain liabilities,
including liabilities under the Securities Act.
We have agreed that we will promptly send additional copies of
this prospectus and any amendment or supplement to this
prospectus to any broker-dealer that requests such documents in
the letter of transmittal.
LEGAL MATTERS
Certain legal matters with respect to the validity of the
issuance of the new notes will be passed upon for us by Akerman
Senterfitt, Miami, Florida. Akerman Senterfitt has relied upon
the legal opinion of Fried, Frank, Harris, Shriver &
Jacobson LLP, New York, New York, with respect to certain
matters of New York law. Some attorneys employed by Akerman
Senterfitt own shares of our common stock.
EXPERTS
The consolidated financial statements of Republic Services, Inc.
appearing in Republic Services, Inc.s Annual Report
(Form 10-K) for the year ended December 31, 2004
(including schedules appearing therein), and Republic Services,
Inc. managements assessment of the effectiveness of
internal control over financial reporting as of
December 31, 2004 included therein, have been audited by
Ernst & Young LLP, independent registered public
accounting firm, as set forth in their reports thereon, included
therein, and incorporated herein by reference. Such consolidated
financial statements and managements assessment are
incorporated herein by reference in reliance upon such reports
given on the authority of such firm as experts in accounting and
auditing.
32
WHERE YOU CAN FIND MORE INFORMATION
We file annual, quarterly and special reports and other
information with the Securities and Exchange Commission. You may
read these filings over the Internet at the Commissions
website at http://www.sec.gov. You may also read and copy
documents at the Commissions Public Reference Room at
450 Fifth Street, N.W., Washington, D.C. 20549. Please
call the Commission at 1-800-SEC-0330 for further information on
the public reference rooms.
INCORPORATION OF DOCUMENTS BY REFERENCE
The Commission allows us to provide information about our
business and other important information to you by
incorporating by reference the information we file
with the Commission, which means that we can disclose the
information to you by referring in this prospectus to other
documents we file with the Commission. Under the
Commissions regulations, any statement contained in a
document incorporated by reference in this prospectus is
automatically updated and superseded by any information
contained in this prospectus, or in any subsequently filed
document of the types described below.
We incorporate into this prospectus by reference the following
documents filed by us with the Commission, each of which should
be considered an important part of this prospectus:
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SEC Filing (File No. 001-14267) |
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Period Covered or Date of Filing |
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Annual Report on Form 10-K
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Year ended December 31, 2004 |
Portions of our Definitive Proxy Statement on Schedule 14A
which are incorporated by reference into our Annual Report on
Form 10-K
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Filed April 1, 2005 |
Quarterly Report on Form 10-Q
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Quarter ended March 31, 2005 |
Current Report on Form 8-K, other than any information
furnished pursuant to Item 2.02 or Item 12 of
Form 8-K
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January 31, 2005, February 8, 2005, February 15,
2005, February 22, 2005 and April 28, 2005 |
All subsequent documents filed by us under Sections 13(a),
13(c), 14 or 15(d) of the Securities Exchange Act of 1934, other
than any information furnished pursuant to Item 2.02 of
Form 8-K or as otherwise permitted by Commission rules and
regulations
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After the date of this prospectus |
You may request a copy of each of our filings, as well as any
other document referred to in this prospectus, at no cost, by
writing or telephoning us at the following address or telephone
number:
Republic Services, Inc.
110 S.E. 6th Street
Fort Lauderdale, Florida 33301
Attention: Investor Relations
(954) 769-2400
Exhibits to a document will not be provided unless they are
specifically incorporated by reference in that document. The
information in this prospectus may not contain all of the
information that may be important to you. You should read the
entire prospectus, as well as the documents incorporated by
reference in this prospectus, before making an investment
decision.
33
Republic Services, Inc.
Exchange Offer for $275,674,000
6.086% Notes due 2035
PROSPECTUS
,
2005
Exchange Agent:
The Bank of New York
Corporate Trust Operations
Reorganization Unit
101 Barclay Street 7 East
New York, New York 10286
Part II
Information Not Required In Prospectus
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Item 20. |
Indemnification of Directors and Officers |
The Companys Amended and Restated Certificate of
Incorporation, as amended, provides that we shall indemnify, to
the fullest extent permitted by Section 145 of the Delaware
General Corporation Law, each person who is involved in any
litigation or other proceeding because such person is or was our
director or officer, against all expense, loss or liability
reasonably incurred or suffered in connection therewith. The
Amended and Restated Bylaws provide that a director or officer
may be paid expenses incurred in defending any proceeding in
advance of its final disposition upon receipt by us of an
undertaking, by or on behalf of the director or officer, to
repay all amounts so advanced if it is ultimately determined
that such director or officer is not entitled to indemnification.
Section 145 of the DGCL permits a corporation to indemnify
any director or officer of the corporation against expenses
(including attorneys fees), judgments, fines and amounts
paid in settlement actually and reasonably incurred in
connection with any action, suit or proceeding brought by reason
of the fact that such person is or was a director or officer of
the corporation, if such person acted in good faith and in a
manner that he reasonably believed to be in or not opposed to
the best interests of the corporation, and, with respect to any
criminal action or proceeding, if he had no reason to believe
his conduct was unlawful. In a derivative action (i.e., one
brought by or on behalf of the corporation), indemnification may
be made only for expenses, actually and reasonably incurred by
any director or officer in connection with the defense or
settlement of such action or suit, if such person acted in good
faith and in a manner that he reasonably believed to be in or
not opposed to the best interests of the corporation, except
that no indemnification shall be made if such person shall have
been adjudged to be liable to the corporation, unless and only
to the extent that the court in which the action or suit was
brought shall determine that the defendant is fairly and
reasonably entitled to indemnity for such expenses despite such
adjudication of liability.
Pursuant to Section 102(b)(7) of the DGCL, the Certificate
eliminates the liability of a director to the corporation or its
stockholders for monetary damages for such breach of fiduciary
duty as a director, except for liabilities arising (i) from
any breach of the directors duty of loyalty to the
corporation or its stockholders, (ii) from acts or
omissions not in good faith or which involve intentional
misconduct or a knowing violation of law, (iii) under
Section 174 of the DGCL, or (iv) from any transaction
from which the director derived an improper personal benefit.
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Item 21. |
Exhibits and Financial Statement Schedules |
The following is a list of all exhibits filed as part of this
registration statement on Form S-4, including those
incorporated by reference.
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Exhibit |
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Number |
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Description of Exhibit |
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3 |
.1 |
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Amended and Restated Certificate of Incorporation (incorporated
by reference to Exhibit 3.1 of the Companys Quarterly
Report on Form 10-Q for the period ended June 30, 1998). |
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3 |
.2 |
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Certificate of Amendment to Amended and Restated Certificate of
Incorporation of Republic Services, Inc. (incorporated by
reference to Exhibit 4.2 of the Companys Registration
Statement on Form S-8, Registration No. 333-81801,
filed with the Commission on June 29, 1999). |
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3 |
.3 |
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Amended and Restated Bylaws of Republic Services, Inc.
(incorporated by reference to Exhibit 3.2 of the
Companys Quarterly Report on Form 10-Q for the period
ended June 30, 1998). |
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4 |
.1 |
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Republic Services, Inc. Common Stock Certificate (incorporated
by reference to Exhibit 4.4 of the Companys
Registration Statement on Form S-8, Registration
No. 333-818081, filed with the Commission on June 29,
1999). |
II-1
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Exhibit |
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Number |
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Description of Exhibit |
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4 |
.2 |
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Long Term Credit Agreement dated July 3, 2002 among
Republic Services, Inc., Bank of America N.A as Administrative
Agent, and the several financial institutions party thereto
(incorporated by reference to Exhibit 4.2 of the
Companys Annual Report on Form 10-K for the year ended
December 31, 2002). |
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.3 |
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Indenture dated May 24, 1999 by Republic Services, Inc. to
The Bank of New York, as trustee (incorporated by reference on
Exhibit 4.3 of the Companys Annual Report on Form
10-K for the year ended December 31, 1999). |
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4 |
.4 |
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65/8% Note
due May 15, 2004 in the principal amount of $200,000,000
(incorporated by reference to Exhibit 4.4 of the
Companys Annual Report on Form 10-K for the year ended
December 31, 1999). |
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.5 |
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65/8% Note
due May 15, 2004 in the principal amount of $25,000,000
(incorporated by reference to Exhibit 4.5 of the
Companys Annual Report on Form 10-K for the year ended
December 31, 1999). |
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.6 |
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71/8% Note
due May 15, 2009 in the principal amount of $200,000,000
(incorporated by reference to Exhibit 4.6 of the
Companys Annual Report on Form 10-K for the year ended
December 31, 1999). |
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.7 |
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71/8% Note
due May 15, 2009 in the principal amount of $175,000,000
(incorporated by reference to Exhibit 4.7 of the
Companys Annual Report on Form 10-K for the year ended
December 31, 1999). |
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.8 |
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Indenture dated as of August 15, 2001 by Republic Services,
Inc. to The Bank of New York, as trustee (incorporated by
reference on Exhibit 4.1 of the Companys Current
Report on Form 8-K dated August 9, 2001). |
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4 |
.9 |
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First Supplemental Indenture, dated as of August 15, 2001
by Republic Services, Inc. to The Bank of New York, as trustee
(incorporated by reference to Exhibit 4.2 of the
Companys Current Report on Form 8-K dated August 9,
2001). |
|
4 |
.10 |
|
|
|
63/4% Senior
Note due 2011, in the principal amount of $400,000,000
(incorporated by reference to Exhibit 4.4 of the
Companys Current Report on Form 8-K dated August 9,
2001). |
|
4 |
.11 |
|
|
|
63/4% Senior
Note due 2011, in the principal amount of $50,000,000
(incorporated by reference to Exhibit 4.4 of the
Companys Current Report on Form 8-K dated August 9,
2001). |
|
4 |
.12 |
|
|
|
Second Supplemental Indenture, dated as of March 21, 2005
by Republic Services, Inc. to The Bank of New York, as trustee
(incorporated by reference to Exhibit 4.1 of the
Companys Quarterly Report on Form 10-Q for the period
ended March 31, 2005). |
|
4 |
.13 |
|
|
|
6.086% Note due March 15, 2035 in the principal amount
of $270,348,000 (incorporated by reference to Exhibit 4.2
of the Companys Quarterly Report on Form 10-Q for the
period ended March 31, 2005). |
|
4 |
.14 |
|
|
|
6.086% Note due March 15, 2035 in the principal amount
of $2,576,000 (incorporated by reference to Exhibit 4.3 of
the Companys Quarterly Report on Form 10-Q for the period
ended March 31, 2005). |
|
4 |
.15 |
|
|
|
6.086% Note due March 15, 2035 in the principal amount
of $2,750,000 (incorporated by reference to Exhibit 4.4 of
the Companys Quarterly Report on Form 10-Q for the period
ended March 31, 2005). |
|
4 |
.16 |
|
|
|
Registration Rights Agreement dated as of March 21, 2005
among Republic Services, Inc., Merrill Lynch & Co.,
Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Banc of America Securities LLC, Barclays Capital
Inc., Citigroup Global Markets Inc. and Allen & Company
LLC (filed herewith). |
|
5 |
.1 |
|
|
|
Opinion of Akerman Senterfitt (filed herewith). |
|
5 |
.2 |
|
|
|
Opinion of Fried, Frank, Harris, Shriver & Jacobson LLP
(filed herewith). |
|
10 |
.1 |
|
|
|
Separation and Distribution Agreement dated June 30, 1998
by and between Republic Services, Inc. and AutoNation, Inc.
(then known as Republic Industries, Inc.) (incorporated by
reference to Exhibit 10.1 of the Companys Quarterly
Report on Form 10-Q for the period ended June 30, 1998). |
II-2
|
|
|
|
|
|
|
Exhibit |
|
|
|
|
Number |
|
|
|
Description of Exhibit |
|
|
|
|
|
|
10 |
.2 |
|
|
|
Tax Indemnification and Allocation Agreement dated June 30,
1998 by and between Republic Services, Inc. and AutoNation, Inc.
(then known as Republic Industries, Inc.) (incorporated by
reference to Exhibit 10.4 of the Companys Quarterly
Report on Form 10-Q for the period ended June 30, 1998). |
|
10 |
.3 |
|
|
|
Republic Services, Inc. 1998 Stock Incentive Plan (as amended
and restated March 6, 2002) (incorporated by reference to
Exhibit 10.1 of the Companys Quarterly Report on Form
10-Q for the period ended March 31, 2002).* |
|
10 |
.4 |
|
|
|
Employment Agreement dated October 25, 2000 by and between
James E. OConnor and Republic Services, Inc. (incorporated
by reference to Exhibit 10.7 of the Companys Annual
Report on Form 10-K for the year ended December 31, 2000).* |
|
10 |
.5 |
|
|
|
Employment Agreement dated October 25, 2000 by and between
Tod C. Holmes and Republic Services, Inc. (incorporated by
reference to Exhibit 10.9 of the Companys Annual
Report on Form 10-K for the year ended December 31, 2000).* |
|
10 |
.6 |
|
|
|
Employment Agreement dated October 25, 2000 by and between
David A. Barclay and Republic Services, Inc. (incorporated by
reference to Exhibit 10.10 of the Companys Annual
Report on Form 10-K for the year ended December 31, 2000).* |
|
10 |
.7 |
|
|
|
Employment Agreement dated July 31, 2001 by and between
Harris W. Hudson and Republic Services, Inc. (incorporated by
reference to Exhibit 10.8 of the Companys Annual
Report on Form 10-K for the year ended December 31, 2000).* |
|
10 |
.8 |
|
|
|
Employment Agreement dated May 14, 2001 by and between
Michael Cordesman, who became an executive officer in March
2002, and Republic Services, Inc. (incorporated by reference to
Exhibit 10.1 of the Companys Quarterly Report on Form
10-Q for the period ended March 31, 2000).* |
|
12 |
.1 |
|
|
|
Statement Regarding Computation of Ratio of Earnings to Fixed
Charges (filed herewith). |
|
21 |
.1 |
|
|
|
Subsidiaries of the Company (incorporated by reference to
Exhibit 21.1 of the Companys Annual Report on Form
10-K for the year ended December 31, 2004). |
|
23 |
.1 |
|
|
|
Consent of Ernst & Young LLP (filed herewith). |
|
23 |
.2 |
|
|
|
Consent of Akerman Senterfitt (included in Exhibit 5.1). |
|
23 |
.3 |
|
|
|
Consent of Fried, Frank, Harris, Shriver & Jacobson LLP
(included in Exhibit 5.2). |
|
24 |
.1 |
|
|
|
Powers of Attorney (included as part of the signature page). |
|
25 |
.1 |
|
|
|
Statement of Eligibility and Qualification on Form T-1 of The
Bank of New York, as trustee of the 6.086% Notes due 2035
of the Company (filed herewith). |
|
99 |
.1 |
|
|
|
Form of Letter of Transmittal with respect to the Exchange Offer
(filed herewith). |
|
99 |
.2 |
|
|
|
Letter to the Clients (filed herewith). |
|
99 |
.3 |
|
|
|
Letter to Depository Trust Company Participants (filed herewith). |
|
|
* |
Indicates a management contract or compensatory plan, contract
or arrangement. |
(a) The undersigned registrant hereby undertakes:
|
|
|
(1) To file, during any period in which offers or sales are
being made, a post-effective amendment to this registration
statement: |
|
|
|
(i) To include any prospectus required by
Section 10(a)(3) of the Securities Act of 1933; |
|
|
(ii) To reflect in the prospectus any facts or events
arising after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change
in the information set forth in the registration statement.
Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of
securities offered would not exceed that which was |
II-3
|
|
|
registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to
Rule 424(b) if, in the aggregate, the changes in volume and
price represent no more than a 20% change in the maximum
aggregate offering price set forth in the Calculation of
Registration Fee table in the effective registration
statement; and |
|
|
(iii) To include any material information with respect to
the plan of distribution not previously disclosed in the
registration statement or any material change to such
information in the registration statement. |
|
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|
(2) That, for the purpose of determining any liability
under the Securities Act of 1933, each such post-effective
amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial
bona fide offering thereof. |
|
|
(3) To remove from registration by means of a
post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering. |
(b) The undersigned registrant hereby undertakes that, for
purposes of determining any liability under the Securities Act
of 1933, each filing of the registrants annual report
pursuant to Section 13(a) or 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plans annual report pursuant to
Section 15(d) of the Securities Exchange Act of 1934) that
is incorporated by reference in the registration statement shall
be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide
offering thereof.
(c) Insofar as indemnification for liabilities arising
under the Securities Act of 1933 may be permitted to directors,
officers and controlling persons of the registrant pursuant to
the foregoing provisions, or otherwise, the registrant has been
advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other
than the payment by the registrant of expenses incurred or paid
by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in
the Securities Act and will be governed by the final
adjudication of such issue.
(d) The undersigned registrant hereby undertakes to respond
to requests for information that is incorporated by reference
into the prospectus pursuant to Item 4, 10(b), 11, or
13 of this Form, within one business day of receipt of such
request, and to send the incorporated documents by first class
mail or other equally prompt means. This includes information
contained in documents filed subsequent to the effective date of
the registration statement through the date of responding to the
request.
(e) The undersigned registrant hereby undertakes to supply
by means of a post-effective amendment all information
concerning a transaction, and the company being acquired
involved therein, that was not the subject of and included in
the registration statement when it became effective.
II-4
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
Registrant has duly caused this Registration Statement to be
signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Fort Lauderdale, State of
Florida, on the 31st day of May, 2005.
|
|
|
|
By: |
/s/ James E. OConnor
|
|
|
|
|
|
James E. OConnor |
|
Chairman of the Board and |
|
Chief Executive Officer |
|
(principal executive officer) |
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose
signature appears below constitutes and appoints James E.
OConnor and Tod C. Holmes, and each of them, his true and
lawful attorney-in-fact and agent, with full power of
substitution and revocation, for him and in his name, place and
stead, in any and all capacities, to sign any and all amendments
(including post-effective amendments) to this Registration
Statement, and to sign any Registration Statement (and any and
all amendments thereto) related to this Registration Statement
and filed pursuant to Rule 462(b) promulgated by the
Securities and Exchange Commission, and to file the same with
all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, granting
unto said attorney-in-fact and agent full power and authority to
do and perform each and every act and thing requisite and
necessary to be done as fully to all intents and purposes as he
might or could do in person, hereby ratifying and confirming all
that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons
in the capacities and on the dates indicated:
|
|
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
|
|
|
|
|
/s/ James E.
OConnor
James
E. OConnor |
|
Chairman of the Board and
Chief Executive Officer
(principal executive officer) |
|
May 31, 2005 |
|
/s/ Harris W. Hudson
Harris
W. Hudson |
|
Vice Chairman and Director |
|
May 31, 2005 |
|
/s/ Tod C. Holmes
Tod
C. Holmes |
|
Senior Vice President and Chief Financial Officer (principal
financial officer) |
|
May 31, 2005 |
|
/s/ Charles F. Serianni
Charles
F. Serianni |
|
Vice President and Chief Accounting Officer (principal
accounting officer) |
|
May 31, 2005 |
|
/s/ John W. Croghan
John
W. Croghan |
|
Director |
|
May 26, 2005 |
II-5
|
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|
Signature |
|
Title |
|
Date |
|
|
|
|
|
|
/s/ W. Lee Nutter
W.
Lee Nutter |
|
Director |
|
May 29, 2005 |
|
/s/ Ramon A. Rodriguez
Ramon
A. Rodriguez |
|
Director |
|
May 31, 2005 |
|
/s/ Allan C. Sorensen
Allan
C. Sorensen |
|
Director |
|
May 26, 2005 |
|
/s/ Michael W. Wickham
Michael
W. Wickham |
|
Director |
|
May 26, 2005 |
II-6