Laidlaw International, Inc.

Laidlaw International, Inc.

March 04, 2005 16:00 ET

Laidlaw International Commences Mandatory Tender Offer at Par for $202 Million of Notes; Follows on Sale of Healthcare Companies


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: LAIDLAW INTERNATIONAL, INC.

NYSE SYMBOL: LI

MARCH 4, 2005 - 16:00 ET

Laidlaw International Commences Mandatory Tender Offer
at Par for $202 Million of Notes; Follows on Sale of
Healthcare Companies

NAPERVILLE, Ill.--(CCNMatthews - Mar 4, 2005) -

Laidlaw International, Inc. (NYSE:LI), following on the sale of its
healthcare companies, has commenced a cash tender offer ("Offer") at par
for the 10 3/4 % Senior Notes ("Notes") due 2011 as required under the
terms and conditions of the Notes. In accordance with the sale of assets
provisions of the Note's Indenture the Offer is made for up to $202
million of outstanding principal amount of the Notes. The Offer amount
represents the net proceeds of the sale of the healthcare companies
after repayment of indebtedness under Laidlaw's Credit Agreement dated
June 19, 2003. Any cash not used for the repurchase of the Notes will be
used by Laidlaw for general corporate or other purposes as determined by
Laidlaw and permitted under the Note's Indenture.

Holders that tender their Notes prior to expiration of the Offer at 5:00
p.m. (EDT) on April 4, 2005, will receive 100% of the principal amount
of the Notes plus accrued and unpaid interest, if any. If the principal
amount tendered exceeds $202 million, each Note holder will receive a
prorated amount determined in accordance with the Offer.

Questions regarding the Offer and requests for documents may be directed
to D.F. King & Company ((800) 431-9645), the information agent for the
Offer.

This announcement is not an offer to purchase or a solicitation of an
offer to sell the Notes or any other security. The tender offer is being
made solely by means of the Offer to Purchase which has been prepared by
Laidlaw in connection with the Offer.

Forward-looking statement

Certain statements contained in this press release, including statements
that are not historical facts, may be forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements may include information about possible
or assumed future events and usually contain words such as: believes,
may, anticipates, intends, expects, estimates, and other similar
expressions. Such statements involve certain risks, uncertainties and
assumptions that may change at any time. Therefore, actual results may
differ materially from expected results due to a variety of factors,
which are reflected in the annual report on Form 10-K of Laidlaw
International for the year ended August 31, 2004, and as may be detailed
in the company's other filings, from time to time, with the Securities
and Exchange Commission. In the light of these risks and uncertainties
you are cautioned not to place undue reliance on these forward-looking
statements. The company undertakes no obligation to publicly update
forward-looking statements, whether as a result of new information,
future events or otherwise.

Laidlaw International, Inc. is a holding company for North America's
leading providers of school and inter-city bus transportation and public
transit services. The company's shares are traded on the New York Stock
Exchange (NYSE:LI). For more information, go to www.laidlaw.com.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Laidlaw International
    Sarah Lewensohn, 630-848-3120
    Director, Investor Relations