Clean Harbors overhauls $150 million deal, now eight-year issue; talk stays 10¾%

By Paul A. Harris

St. Louis, May 20 - Clean Harbors Inc. substantially restructured its $150 million high-yield bond offering (Caa1/B) on Thursday, according to market sources.

The Braintree, Mass., environmental remediation and hazardous waste management company is now in the market with an offering of eight-year senior notes, which are non-callable for four years.

Previously the deal had been structured as 10-year senior subordinated notes that were non-callable for five years.

Price talk remains in the area of 10¾%, according to the sources, who added that the deal is expected to price on Friday.

Credit Suisse First Boston and Goldman Sachs & Co. are joint bookrunners for the Rule 144A offering.

Proceeds will be used to refinance the company's existing credit facility and subordinated notes and to retire preferred stock.

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