Clean Harbors Enters Material Definitive Agreement

Ticker: CLH · Form: 8-K · Filed: Jul 2, 2024 · CIK: 822818

Clean Harbors Inc 8-K Filing Summary
FieldDetail
CompanyClean Harbors Inc (CLH)
Form Type8-K
Filed DateJul 2, 2024
Risk Levelmedium
Pages5
Reading Time6 min
Key Dollar Amounts$0.01, $136.4 million, $600.0 million, $550.0 million, $250.0 million
Sentimentneutral

Sentiment: neutral

Topics: material-definitive-agreement, financial-obligation, 8-k

TL;DR

Clean Harbors just signed a big deal, likely involving debt or a new financial obligation.

AI Summary

Clean Harbors, Inc. entered into a material definitive agreement on June 28, 2024, related to a direct financial obligation. The company, incorporated in Massachusetts with its principal executive offices in Norwell, MA, filed this 8-K report on July 2, 2024.

Why It Matters

This filing indicates a significant new financial commitment or obligation for Clean Harbors, which could impact its financial structure and future operations.

Risk Assessment

Risk Level: medium — Material definitive agreements often involve significant financial commitments or obligations that can carry inherent risks.

Key Numbers

  • 001-34223 — SEC File Number (Identifies the specific SEC filing for Clean Harbors.)
  • 04-2997780 — IRS Employer Identification No. (Tax identification number for Clean Harbors.)

Key Players & Entities

  • Clean Harbors, Inc. (company) — Registrant
  • June 28, 2024 (date) — Date of earliest event reported
  • July 2, 2024 (date) — Filing Date
  • Massachusetts (jurisdiction) — State of Incorporation
  • Norwell, MA (location) — Principal Executive Offices

FAQ

What type of material definitive agreement did Clean Harbors, Inc. enter into?

The filing indicates the entry into a material definitive agreement that constitutes a direct financial obligation or an obligation under an off-balance sheet arrangement of a registrant.

On what date was the earliest event reported in this 8-K filing?

The earliest event reported was on June 28, 2024.

When was this 8-K filing submitted to the SEC?

The filing was submitted on July 2, 2024.

Where are Clean Harbors, Inc.'s principal executive offices located?

The principal executive offices are located at 42 Longwater Drive, Norwell, MA 02061-9149.

What is the SIC code for Clean Harbors, Inc.?

The Standard Industrial Classification (SIC) code for Clean Harbors, Inc. is 4955, which corresponds to Hazardous Waste Management.

Filing Stats: 1,564 words · 6 min read · ~5 pages · Grade level 10.7 · Accepted 2024-07-02 14:59:46

Key Financial Figures

  • $0.01 — nge on which registered Common Stock, $0.01 par value CLH New York Stock Exchange
  • $136.4 million — Prior Credit Agreement, but there were $136.4 million of outstanding letters of credit which
  • $600.0 million — credit facility in a maximum amount of $600.0 million. Under the facility the Company has the
  • $550.0 million — credit for a combined maximum of up to $550.0 million (with a sub-limit of $250.0 million for
  • $250.0 million — to $550.0 million (with a sub-limit of $250.0 million for letters of credit) and the Canadian
  • $50.0 million — credit for a combined maximum of up to $50.0 million (with a sub-limit for letters of credit
  • $75.0 million — etters of credit equal to lesser of (i) $75.0 million and (ii) the then combined maximum for
  • $45.0 million — ve days is less than the greater of (i) $45.0 million and (ii) 10.0% of the Line Cap. "Liquid

Filing Documents

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On June 28, 2024, Clean Harbors, Inc. (the "Company") and one of the Company's Canadian subsidiaries (the "Canadian Borrower") entered into a seventh amended and restated credit agreement ( the "Amended Credit Agreement") with Bank of America, N.A. ("BofA"), as administrative agent (the "Agent"), and the lenders party to the Amended Credit Agreement. The Amended Credit Agreement amends and restates the sixth amended and restated credit agreement dated as of October 28, 2020, as previously amended (the "Prior Credit Agreement"), among the Company, the Canadian Borrower, BofA, as Agent, and the lenders party thereto. Upon the closing of the Amended Credit Agreement, there were no loans outstanding under the Prior Credit Agreement, but there were $136.4 million of outstanding letters of credit which will continue to remain outstanding under the Amended Credit Agreement. The Amended Credit Agreement provides for an increased revolving credit facility in a maximum amount of $600.0 million. Under the facility the Company has the right to obtain revolving loans and letters of credit for a combined maximum of up to $550.0 million (with a sub-limit of $250.0 million for letters of credit) and the Canadian Borrower has the right to obtain revolving loans and letters of credit for a combined maximum of up to $50.0 million (with a sub-limit for letters of credit equal to lesser of (i) $75.0 million and (ii) the then combined maximum for loans and letters of credit available to the Canadian Borrower). Availability under the U.S. line is subject to a borrowing base basically comprised of 85% of the eligible accounts receivable of the Company and its U.S. subsidiaries plus 100% of cash deposited in a controlled account with the Agent, and availability under the Canadian line is subject to a borrowing base basically comprised of 85% of the eligible accounts receivable of the Company's Canadian subsidiaries plus 100% of cash d

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits 4.34.3 *Seventh Amended and Restated Credit Agreement dated as of June 28, 2024 among Clean Harbors, Inc., as the U.S. Borrower, Clean Harbors Industrial Services Canada, Inc., as the Canadian Borrower, Bank of America, N.A., as Administrative Agent, and the Lenders party thereto 4.34I *Second Amended and Restated Confirmation and Ratification of Ancillary Loan Documents dated as of June 28, 2024 among Clean Harbors, Inc., as the U.S. Borrower, Clean Harbors Industrial Services Canada, Inc., as the Canadian Borrower, the subsidiaries of Clean Harbors, Inc. listed on Annex A thereto or that thereafter become a party thereto as Grantors, and Bank of America, N.A., as Agent for its own benefit and the benefit of the other Lenders and Credit Parties 104 The cover page from this Current Report on Form 8-K, formatted in iXBRL (Inline eXtensible Business Reporting Language) *Pursuant to Item 601(b)(2) of Regulation S-K, certain exhibits and schedules to these agreements have been omitted from this Report and will be furnished supplementally to the SEC upon request; provided, however, that the Company may request confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934 for any exhibits or schedules so furnished. 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Clean Harbors, Inc. (Registrant) July 2, 2024 /s/ Eric J. Dugas Executive Vice President and Chief Financial Officer 3

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