Stericycle to draw on revolver to fund redemption

Pittsburgh, Oct. 18 - Stericycle Inc. will draw on its revolving credit facility to fund the redemption of all $50.9 million of its 12 3/8% senior subordinated notes, according to a company news release.

The company will incur a cash redemption premium expense of $3.2 million in connection with the redemption, in addition to the payment of the accrued interest of $3.2 million, the release said. Stericycle will also incur $1.1 million in non-cash accelerated amortization of financing fees associated with the notes.

Stericycle is a Lake Forest, Ill., provider of medical waste collection, transportation, treatment and disposal services and safety and compliance programs to healthcare companies.

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