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Republic Services, Inc. Closes Initial Public Offering

Jul. 04, 1998

John W. Croghan Appointed to Board of Directors

FORT LAUDERDALE, Fla., July 7 /PRNewswire/ -- Republic Services, Inc. (NYSE: RSG) announced today that it has completed its initial public offering of 63.25 million shares of Class A Common Stock, including the exercise of an underwriters' over-allotment of 8.25 million shares. As a result of the offering, Republic Services, Inc. received cash of $1.44 billion, which it will use to repay intercompany obligations owed to its parent company, Republic Industries, Inc. (NYSE: RII). The underwriters include Merrill Lynch & Co., Deutsche Bank Securities, and Donaldson, Lufkin & Jenrette Securities Corporation.

Republic Services, Inc. also announced today that John W. Croghan, President of Lincoln Partners, has been appointed to the company's Board of Directors. Mr. Croghan is a founder and past Chairman of Lincoln Capital, an investment management firm with over $50 billion of assets under management. He is a director of several Morgan Stanley public closed-end funds, Lindsay Manufacturing Company, and St. Paul Bancorp. A graduate of Loyola University and the Harvard Business School, he is also a trustee of Northwestern University and Evanston Northwestern Healthcare.

SOURCE Republic Services, Inc.
Categories: Press Releases
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