UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): October 10, 2001
STERICYCLE, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-21229 36-3640402
(State or other juris- (Commission file (IRS employer
diction of incorporation) number) identification number)
28161 North Keith Drive
Lake Forest, Illinois 60045
(Address of principal executive offices)
Registrant's telephone number, including area code:
(847) 367-5910
ITEM 5. OTHER EVENTS
On October 10, 2001, Stericycle, Inc. (the "Company") completed the
refinancing of its senior secured credit facility to increase the Company's
revolving credit facility and extend its maturity, reallocate the term loan A
and B components of the facility and extend their maturities, and reduce the
interest rates that the Company is charged.
Pursuant to an amendment and restatement, dated as of October 5, 2001, of
the Company's existing credit agreement, the Company increased its revolving
credit facility from $50.0 million to $80.0 million and extended its maturity
from November 11, 2005 to September 30, 2006. The Company also reallocated the
term loan components of the credit facility, increasing the lower-interest Term
A component from $75.0 million to $100.0 million and extending its maturity from
November 11, 2005 to September 30, 2006, and reducing the higher-interest Term B
component from $150.0 million to $75.0 million and extending its maturity from
November 10, 2006 to September 30, 2007.
The refinancing of the Company's senior secured credit facility also
reduced the interest rates that the Company is charged by reducing the
applicable margin added to the relevant interest rate. The Company's borrowings
continue to bear interest at fluctuating interest rates determined, at the
Company's election in advance for any quarterly or other applicable interest
period, by reference to (i) a "base rate" (the higher of the reference rate at
Bank of America, N.A. or 0.5% above the rate on overnight federal funds
transactions) or (ii) the London Interbank Offered Rate, plus, in either case,
the applicable margin within the relevant range of margins provided in the
amended and restated credit agreement. The applicable margin is based upon the
Company's leverage ratio.
The Company entered into the amendment and restatement with various
financial institutions as the participating lenders and with Bank of America,
N.A., as the administrative agent for the lenders, Banc of America Securities
LLC, as the lead arranger and book manager, Credit Suisse First Boston and UBS
Warburg LLC, as the co-syndication agents, and Fleet National Bank, as the
documentation agent.
A copy of the amendment and restatement of the credit agreement is filed as
an exhibit to this Report. A copy of the Company's press release on October 10,
2001 announcing the transaction is also filed as exhibit to this Report.
(c) Exhibits
The following exhibits are filed with this Report:
Exhibit No. Description
10.1 Amended and Restated Credit Agreement, dated as of October
5, 2001, among Stericycle, Inc., as the borrower, Various
Financial Institutions and Other Persons from time to time
parties hereto, as the lenders, Bank of America, N.A., as
the administrative agent for the lenders, Banc of America
Securities LLC, as the lead arranger and the book manager,
Credit Suisse First Boston, as the co-syndication agent, UBS
Warburg LLC, as the co-syndication agent, and Fleet National
Bank, as the documentation agent (annexes, schedules and
exhibits omitted).
99 Press release dated October 10, 2001 issued by Stericycle, Inc.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: October 15, 2001.
STERICYCLE, INC.
By /s/ Frank J.M. ten Brink
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Frank J.M. ten Brink
Executive Vice President and
Chief Financial Officer