Casella Waste Systems, Inc. Announces Offering of the Finance Authority of Maine Solid Waste Disposal Revenue Bonds
Casella Waste Systems (NASDAQ:CWST) announced an offering of up to $45.0 million in Solid Waste Disposal Revenue Bonds through the Finance Authority of Maine. The bonds will be guaranteed by Casella's subsidiaries and are intended to fund qualifying capital projects in Maine, cover issuance costs, and refinance the 2005 Series bonds maturing on January 1, 2025. The bonds will be offered exclusively to qualified institutional buyers under Rule 144A and will not constitute state indebtedness, being payable solely from remarketing proceeds and amounts received from Casella under the Financing Agreement.
Casella Waste Systems (NASDAQ:CWST) ha annunciato un'offerta fino a $45,0 milioni in Obbligazioni di Ricavo da Smaltimento Rifiuti Solidu tramite l'Autorità Finanziaria del Maine. Le obbligazioni saranno garantite dalle filiali di Casella e sono destinate a finanziare progetti di capitale qualificati nel Maine, coprire i costi di emissione e rifinanziare le obbligazioni della Serie 2005 in scadenza il 1 gennaio 2025. Le obbligazioni saranno offerte esclusivamente a compratori istituzionali qualificati ai sensi della Regola 144A e non costituiranno indebitamento statale, essendo pagabili unicamente tramite i proventi della rivendita e gli importi ricevuti da Casella ai sensi del Contratto di Finanziamento.
Casella Waste Systems (NASDAQ:CWST) anunció una oferta de hasta $45.0 millones en Bonos de Ingresos por Disposición de Residuos Sólidos a través de la Autoridad Financiera de Maine. Los bonos estarán garantizados por las subsidiarias de Casella y están destinados a financiar proyectos de capital calificados en Maine, cubrir los costos de emisión y refinanciar los bonos de la Serie 2005 que vencen el 1 de enero de 2025. Los bonos se ofrecerán exclusivamente a compradores institucionales calificados bajo la Regla 144A y no constituirán deuda estatal, siendo pagaderos únicamente con los ingresos de la reventa y las cantidades recibidas de Casella bajo el Acuerdo de Financiamiento.
케셀라 폐기물 시스템 (NASDAQ:CWST)는 메인 재정청을 통해 최대 $45.0 백만의 고형폐기물 처리 수익채권 제안을 발표했습니다. 이 채권은 케셀라의 자회사에 의해 보증되며, 메인주에서 자격을 갖춘 자본 프로젝트를 자금 지원하고, 발행 비용을 충당하며, 2025년 1월 1일 만기가 도래하는 2005 시리즈 채권을 재융자하는 데 목표하고 있습니다. 이 채권은 규칙 144A에 따라 자격을 갖춘 기관 투자자에게만 제공되며, 주 정부의 채무를 구성하지 않으며, 오직 재판매 수익과 케셀라가 금융계약 하에 받은 금액으로만 상환됩니다.
Casella Waste Systems (NASDAQ:CWST) a annoncé une offre allant jusqu'à 45,0 millions $ en obligations de revenus d'élimination des déchets solides par l'intermédiaire de l'Autorité de financement du Maine. Les obligations seront garanties par les filiales de Casella et sont destinées à financer des projets d'investissement éligibles dans le Maine, à couvrir les coûts d'émission et à refinancer les obligations de la série 2005 arrivant à échéance le 1er janvier 2025. Les obligations seront offertes exclusivement à des acheteurs institutionnels qualifiés en vertu de la règle 144A et ne constitueront pas une dette d'État, étant remboursables uniquement à partir des produits de la revente et des montants reçus de Casella en vertu de l'accord de financement.
Casella Waste Systems (NASDAQ:CWST) hat ein Angebot von bis zu 45,0 Millionen USD an Einnahmenanleihen aus der Abfallentsorgung über die Finanzbehörde von Maine angekündigt. Die Anleihen werden durch die Tochtergesellschaften von Casella garantiert und sollen qualifizierte Investitionsprojekte in Maine finanzieren, Ausgaben für die Emission decken und die Anleihen der Serie 2005, die am 1. Januar 2025 fällig werden, refinanzieren. Die Anleihen werden ausschließlich an qualifizierte institutionelle Käufer gemäß Regel 144A angeboten und stellen keine staatliche Schulden dar, da sie ausschließlich aus Einnahmen aus der Wiederveräußerung sowie aus Beträgen bestehen, die von Casella im Rahmen des Finanzierungsvertrags erhalten wurden.
- Securing up to $45.0 million in new financing for capital projects
- Refinancing existing debt obligations with new bond issuance
- Taking on new debt obligations
- to qualified institutional buyers, restricting potential investor base
Insights
This
The bond structure is notable for being non-recourse to the state, backed instead by Casella's subsidiary guarantees and project revenues. This arrangement helps maintain the company's financial flexibility while potentially securing favorable financing terms. For investors, this refinancing should be viewed as routine capital management rather than a significant change to the company's debt profile, given it's largely replacing existing obligations.
RUTLAND, Vt., Nov. 21, 2024 (GLOBE NEWSWIRE) -- Casella Waste Systems, Inc. (“Casella”) (NASDAQ:CWST), a regional solid waste, recycling and resource management services company, today announced an offering of up to
Casella intends to use the proceeds of the Bonds to fund the costs of certain qualifying capital projects in the State of Maine, to pay certain costs of issuance, and to refinance and repay in full on the stated maturity date of January 1, 2025 (required to be paid on January 2, 2025 under the applicable indenture) the Authority’s Solid Waste Disposal Revenue Bonds (Casella Waste Systems, Inc. Project) Series 2005 (the “2005 Bonds”) previously issued to finance certain project costs and costs of issuance under an indenture between the Authority and the bond trustee dated as of December 1, 2005, as amended.
The exact terms and timing of the offering of the Bonds will depend upon market conditions and other factors. There can be no assurance that all approvals with respect to the Bonds will be received, that all other conditions to the issuance of the Bonds will be satisfied or that the offering will be completed.
The Bonds will not be a general obligation of the Authority and will not constitute indebtedness of or a charge against the general credit of the Authority. The Bonds will not be a debt of the State of Maine or any political subdivision of the State of Maine and will be payable solely from any remarketing proceeds and from amounts received from Casella under the terms of the Financing Agreement and from the Guarantors under the Guaranty.
The Bonds will be offered only to qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).
The Bonds have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and other applicable securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Bonds, nor shall there be any sale of the Bonds in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. This notice is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
Safe Harbor Statement
Certain matters discussed in this press release, including, among others, the statements regarding the offering of the Bonds and Casella’s expectations regarding the use of proceeds of the Bonds (including to refinance the 2005 Bonds), 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,” “will,” “would,” “intend,” “estimate,” “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 Casella operates and management’s beliefs and assumptions. Casella cannot guarantee that the offering of the Bonds will be completed, that the Bond proceeds will be available or applied as expected or that it actually will achieve the plans, intentions, expectations or guidance disclosed in the forward-looking statements made. Such forward-looking statements involve a number of risks and uncertainties, any one or more of which could cause actual results to differ materially from those described in Casella’s forward-looking statements. Such risks and uncertainties include or relate to, among other things: market conditions and Casella’s ability to consummate the offering of the Bonds, the receipt of all necessary consents and the satisfaction of all other closing conditions with respect to the issuance of the Bonds, as well as additional risks and uncertainties detailed in Item 1A, “Risk Factors” in Casella’s Form 10-K for the fiscal year ended December 31, 2023, in Item 1A, “Risk Factors” in Casella’s most recently filed Form 10-Q and in other filings that Casella periodically makes with the Securities and Exchange Commission. There can be no assurance that Casella will be able to complete the offering of the Bonds on the anticipated terms, or at all. Casella 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
What is the size of Casella Waste Systems' (CWST) new bond offering in 2024?
What will Casella Waste Systems (CWST) use the 2024 bond proceeds for?
Who can purchase the 2024 Solid Waste Disposal Revenue Bonds from Casella (CWST)?
