Greyhound Lines Announces Redemption of 8.5% Convertible Debentures Due 2007
DALLAS, Texas, June 30, 2005 — Greyhound Lines, Inc., a wholly owned subsidiary of Laidlaw International, Inc. (NYSE: LI), today announced that it intends to redeem in full any and all of its 8.5% convertible debentures due 2007 in conjunction with Laidlaw International’s comprehensive plan to recapitalize its balance sheet.
The debentures will be redeemed at 100% of their principal amount, with accrued interest to the redemption date. Greyhound expects to redeem the debentures at open of business on July 21, 2005. Holders may convert the debentures at a rate of $525.27 per $1,000 principal amount of debentures until the close of business on July 20, 2005, or one business day before the redemption date.
Holders may receive the redemption price on the debentures only by presenting and surrendering the debentures in the following manner:
If by Mail:
U.S. Bank N.A.
Corporate Trust Services
P. O. Box 64111
St. Paul, MN 55164-0111
1-800-924-6802
If by Hand or Overnight Delivery:
U.S. Bank N.A.
Corporate Trust Services
60 Livingston Avenue
1st Floor – Bond Drop Window
St. Paul, MN 55107
This announcement is not a notice of redemption for the Greyhound debentures or any other security.
Forward-looking statements
Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve certain risks and uncertainties, including statements regarding the intent, belief or current expectations of Greyhound Lines regarding the company’s prospects and future results. Certain factors may cause actual results to differ materially from those contained in the forward-looking statements and other risks discussed in Greyhound Lines’ and Laidlaw International’s filings with the Securities and Exchange Commission from time to time.
Greyhound is the largest North American provider of intercity bus transportation, providing 19,000 daily departures across the continent. The company also provides Greyhound PackageXpress in the United States and Greyhound Courier Service in Canada, as well as Greyhound Travel Services including: vacation packages, charters, sightseeing and shore services. In the U.S., for fare and schedule information and to buy tickets call 1-800-231-2222 or visit the Web site atwww.greyhound.com. In Canada, for fare and schedule information call 1-800-661-8747 or visit the Web site atwww.greyhound.ca.
Laidlaw International, Inc. is a holding company for North America’s largest providers of school and inter-city bus transport services, and a leading supplier of public transit services. The company’s businesses operate under the brands: Laidlaw Education Services, Greyhound Lines, Greyhound Canada and Laidlaw Transit. The company’s shares trade on the New York Stock Exchange (NYSE: LI). For more information on Laidlaw International, visit the website:www.laidlaw.com.
Contact:
Sarah Lewensohn
Laidlaw International, Inc.
(630) 848-3120
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