REPUBLIC SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(All tables in millions, except per share data) Ì (Continued)
experience, expected claims development and medical cost inÖation. The majority of this increase in self-
insurance expense was recorded during the third quarter of 2003.
15. SUBSEQUENT EVENT
On February 16, 2005, the Company commenced an oÅer to the holders of its 71/8% unsecured notes due
2009 to exchange up to $275.0 million aggregate principal amount of such notes for a like principal amount of
new notes due 2035. This oÅering is conditioned upon receiving valid tenders of at least $175.0 million of the
aggregate principal of existing notes. These new notes will bear interest at a rate equal to the sum of: (a) the
bid side yield on the 5.375% U.S. Treasury Note due February 15, 2031, calculated on the second business day
prior to the expiration date of the exchange oÅering, and (b) 130 basis points. The total exchange price for the
old notes is intended to result in a yield to maturity on the settlement date equal to the sum of: (a) the bid-
side yield on the 3.875% U.S. Treasury Note due May 15, 2009, calculated on the second business day prior to
the expiration date, and (b) 35 basis points. The exchange oÅering is expected to close March 16, 2005, unless
further extended by the Company. However, there can be no assurance that the conditions to the exchange
oÅering will be met and the transaction will be consummated.
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