Casella Waste Systems, Inc. Announces Closing of $1.5 Billon Amended and Restated Credit Facility
Casella Waste Systems, Inc. (Nasdaq: CWST) has announced the closing of a $1.5 billion amended and restated credit facility with Bank of America, N.A. as administrative agent and a syndicate of lenders. This new Credit Facility, maturing on September 27, 2029, replaces the company's previous $1.08 billion facility. It includes an $800 million term loan A facility and a $700 million revolving credit facility with a $155 million sublimit for letters of credit.
The revolving credit facility was undrawn at closing, providing increased liquidity for general corporate purposes and supporting the company's acquisition strategy. Interest rates for SOFR-based borrowings range from 1.300% to 2.175% based on the consolidated net leverage ratio. Joint lead arrangers include BofA Securities, JPMorgan Chase Bank, Citizens Bank, TD Bank, Wells Fargo Securities, and Comerica Bank.
Casella Waste Systems, Inc. (Nasdaq: CWST) ha annunciato la chiusura di una linea di credito modificata e riformulata da 1,5 miliardi di dollari con Bank of America, N.A. in qualità di agente amministrativo e un consorzio di prestatori. Questa nuova linea di credito, in scadenza il 27 settembre 2029, sostituisce la precedente linea da 1,08 miliardi di dollari dell'azienda. Include un prestito a termine A da 800 milioni di dollari e una linea di credito revolving da 700 milioni di dollari con un sub-limite di 155 milioni di dollari per lettere di credito.
La linea di credito revolving non è stata utilizzata al momento della chiusura, fornendo una maggiore liquidità per scopi aziendali generali e sostenendo la strategia di acquisizione dell'azienda. I tassi d'interesse per i prestiti basati su SOFR variano dall'1,300% al 2,175% in base al rapporto di leva finanziaria netto consolidato. I principali arrangiatori congiunti includono BofA Securities, JPMorgan Chase Bank, Citizens Bank, TD Bank, Wells Fargo Securities e Comerica Bank.
Casella Waste Systems, Inc. (Nasdaq: CWST) ha anunciado el cierre de una facilidad de crédito enmendada y reestruturada de $1.5 mil millones con Bank of America, N.A. como agente administrativo y un sindicato de prestamistas. Esta nueva facilidad de crédito, que vencerá el 27 de septiembre de 2029, reemplaza la facilidad anterior de la compañía de $1.08 mil millones. Incluye un préstamo a plazo A de $800 millones y una facilidad de crédito revolving de $700 millones con un sublímite de $155 millones para cartas de crédito.
La facilidad de crédito revolving no se utilizó al cierre, ofreciendo una mayor liquidez para propósitos corporativos generales y apoyando la estrategia de adquisición de la compañía. Las tasas de interés para préstamos basados en SOFR varían del 1.300% al 2.175% basadas en el ratio consolidado de apalancamiento neto. Los organizadores principales conjuntos incluyen a BofA Securities, JPMorgan Chase Bank, Citizens Bank, TD Bank, Wells Fargo Securities y Comerica Bank.
Casella Waste Systems, Inc. (Nasdaq: CWST)는 Bank of America, N.A.를 관리 에이전트로 하는 15억 달러 규모의 개정 및 재조정된 신용 시설의 마감을 발표했습니다. 이 새로운 신용 시설은 2029년 9월 27일 만료되며 회사의 이전 10억 8천만 달러 시설을 대체합니다. 여기에는 8억 달러 규모의 A형 기간 대출 시설과 7억 달러 규모의 회전 신용 시설이 포함되며, 신용장 용도로 1억 5천5백만 달러의 서브 한도가 있습니다.
회전 신용 시설은 마감 시점에 미사용 상태여서 일반 기업 목적을 위한 유동성을 높이고 회사의 인수 전략을 뒷받침합니다. SOFR 기반 대출의 이자율은 통합 순 레버리지 비율에 따라 1.300%에서 2.175%까지 다양합니다. 주요 공동 주선사에는 BofA Securities, JPMorgan Chase Bank, Citizens Bank, TD Bank, Wells Fargo Securities 및 Comerica Bank가 포함됩니다.
Casella Waste Systems, Inc. (Nasdaq: CWST) a annoncé la clôture d'une facilité de crédit amendée et reformulée de 1,5 milliard de dollars avec Bank of America, N.A. en tant qu'agent administratif et un syndicat de prêteurs. Cette nouvelle facilité de crédit, qui arrive à échéance le 27 septembre 2029, remplace l'ancienne facilité de 1,08 milliard de dollars de l'entreprise. Elle comprend un prêt à terme A de 800 millions de dollars et une facilité de crédit revolving de 700 millions de dollars avec un sous-limite de 155 millions de dollars pour les lettres de crédit.
La facilité de crédit revolving n'a pas été utilisée lors de la clôture, fournissant une liquidité accrue pour des fins corporatives générales et soutenant la stratégie d'acquisition de l'entreprise. Les taux d'intérêt pour les emprunts basés sur le SOFR varient de 1,300% à 2,175% en fonction du ratio de levier net consolidé. Les principaux arrangeurs conjoints incluent BofA Securities, JPMorgan Chase Bank, Citizens Bank, TD Bank, Wells Fargo Securities et Comerica Bank.
Casella Waste Systems, Inc. (Nasdaq: CWST) hat den Abschluss einer überarbeiteten und neu gefassten Kreditfazilität über 1,5 Milliarden US-Dollar mit Bank of America, N.A. als administrativem Agent und einem Syndikat von Kreditgebern bekannt gegeben. Diese neue Kreditfazilität, die am 27. September 2029 ausläuft, ersetzt die vorherige Kreditfazilität des Unternehmens über 1,08 Milliarden US-Dollar. Sie umfasst eine Terminkreditfazilität A über 800 Millionen US-Dollar und eine revolving Kreditfazilität über 700 Millionen US-Dollar mit einer Untergrenze von 155 Millionen US-Dollar für Akkreditive.
Die revolving Kreditfazilität war zum Zeitpunkt des Abschlusses nicht in Anspruch genommen worden, was die Liquidität für allgemeine Unternehmenszwecke erhöht und die Akquisitionsstrategie des Unternehmens unterstützt. Die Zinssätze für SOFR-basierte Kredite liegen zwischen 1,300% und 2,175% je nach konsolidiertem Netto-Verschuldungsgrad. Die gemeinsamen Hauptorganisatoren sind BofA Securities, JPMorgan Chase Bank, Citizens Bank, TD Bank, Wells Fargo Securities und Comerica Bank.
- Increased credit facility from $1.08 billion to $1.5 billion
- Extended maturity date to September 27, 2029
- Undrawn $700 million revolving credit facility provides increased liquidity
- Supports execution of acquisition strategy
- None.
Insights
Casella Waste Systems' new
The structure of the facility, with an
The interest rate terms, ranging from
The five-year maturity to 2029 provides medium-term stability to the company's capital structure, aligning well with typical strategic planning horizons in the waste management industry. Overall, this refinancing strengthens Casella's financial position and supports its growth ambitions.
RUTLAND, Vt., Sept. 30, 2024 (GLOBE NEWSWIRE) -- Casella Waste Systems, Inc. (Nasdaq: CWST), a regional solid waste, recycling, and resource management services company, today announced that it has entered into a
The Credit Facility provides for an
The joint lead arrangers of the Credit Facility are BofA Securities, Inc., JPMorgan Chase Bank, N.A., Citizens Bank, N.A., TD Bank, N.A., Wells Fargo Securities, LLC, and Comerica Bank.
Additional information regarding the Credit Facility is included in a Current Report on Form 8-K filed with the Securities and Exchange Commission.
About Casella Waste Systems, Inc.
Casella Waste Systems, Inc., headquartered in Rutland, Vermont, provides resource management expertise and services to residential, commercial, municipal, institutional and industrial customers, primarily in the areas of solid waste collection and disposal, transfer, recycling and organics services in the eastern United States.
Safe Harbor Statement
Certain matters discussed in this press release, including, but not limited to, the statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the availability of funds and the use of proceeds under the Credit Facility, are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by the context of the statements, including words such as “believe,” “expect,” “anticipate,” “plan,” “may,” “would,” “intend,” “estimate,” "will," “guidance” and other similar expressions, whether in the negative or affirmative. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which the Company operates and management’s beliefs and assumptions. The Company cannot guarantee that, if and when needed, funding under the Credit Facility will be available to the Company. Such forward-looking statements, and all phases of the Company's operations, involve a number of risks and uncertainties, any one or more of which could cause actual results to differ materially from those described in its forward-looking statements. Such risks and uncertainties include or relate to, among other things: risks and uncertainties relating to the satisfaction of financial tests and customary conditions related to borrowings under the Credit Facility and the additional risks and uncertainties detailed in Item 1A. “Risk Factors” in the Company's most recently filed Form 10-K, in Item 1A. “Risk Factors” in the Company’s most recently filed Form 10-Q and in other filings that the Company may make with the Securities and Exchange Commission in the future. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investors:
Charlie Wohlhuter
Director of Investor Relations
(802) 772-2230
Media:
Jeff Weld
Vice President of Communications
(802) 772-2234
http://www.casella.com
FAQ
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