Casella Waste Systems, Inc. Announces Offering of the Vermont Economic Development Authority Solid Waste Disposal Revenue Bonds
Casella Waste Systems (NASDAQ:CWST) announced an offering of up to $25.0 million in Vermont Economic Development Authority Solid Waste Disposal Revenue Bonds. This represents the drawdown of remaining funds from a larger bond series, following an initial $35.0 million loan in June 2022.
The bonds will be guaranteed by Casella's subsidiaries and will be available to qualified institutional buyers under Rule 144A. The company plans to use the proceeds to finance capital projects in Vermont. The bonds must be drawn by June 1, 2025, and will not constitute indebtedness of the State of Vermont or the Issuer, being payable solely from remarketing proceeds and amounts received from Casella.
Casella Waste Systems (NASDAQ:CWST) ha annunciato un'offerta fino a 25,0 milioni di dollari in obbligazioni di revenue per lo smaltimento dei rifiuti solidi dell'Autorità per lo Sviluppo Economico del Vermont. Questo rappresenta il prelievo dei fondi rimanenti da una serie di obbligazioni più ampia, a seguito di un prestito iniziale di 35,0 milioni di dollari nel giugno 2022.
Le obbligazioni saranno garantite dalle filiali di Casella e saranno disponibili per acquirenti istituzionali qualificati ai sensi della Regola 144A. L'azienda prevede di utilizzare i proventi per finanziare progetti di capitale in Vermont. Le obbligazioni devono essere prelevate entro il 1° giugno 2025 e non costituiranno indebitamento dello Stato del Vermont o dell'Emittente, essendo pagabili esclusivamente dai proventi di rivendita e dagli importi ricevuti da Casella.
Casella Waste Systems (NASDAQ:CWST) anunció una oferta de hasta 25,0 millones de dólares en bonos de ingresos por la disposición de residuos sólidos de la Autoridad de Desarrollo Económico de Vermont. Esto representa la utilización de los fondos restantes de una serie de bonos más grande, tras un préstamo inicial de 35,0 millones de dólares en junio de 2022.
Los bonos estarán garantizados por las subsidiarias de Casella y estarán disponibles para compradores institucionales calificados bajo la Regla 144A. La empresa planea utilizar los ingresos para financiar proyectos de capital en Vermont. Los bonos deben ser utilizados antes del 1 de junio de 2025 y no constituirán deuda del Estado de Vermont ni del Emisor, siendo pagaderos únicamente a partir de los ingresos de reventa y de las cantidades recibidas de Casella.
Casella Waste Systems (NASDAQ:CWST)는 버몬트 경제 개발청의 고형 폐기물 처리 수익 채권으로 최대 2500만 달러의 발행을 발표했습니다. 이는 2022년 6월에 3500만 달러의 초기 대출 이후 더 큰 채권 시리즈에서 남은 자금을 인출하는 것을 의미합니다.
이 채권은 Casella의 자회사에 의해 보증되며, 144A 규칙에 따라 자격이 있는 기관 투자자에게 제공됩니다. 회사는 이 수익금을 버몬트의 자본 프로젝트 자금 조달에 사용할 계획입니다. 이 채권은 2025년 6월 1일까지 인출되어야 하며, 버몬트 주 또는 발행자의 채무로 간주되지 않으며, 오직 재판매 수익 및 Casella로부터 받은 금액에서만 지급됩니다.
Casella Waste Systems (NASDAQ:CWST) a annoncé une offre allant jusqu'à 25,0 millions de dollars d'obligations de revenus pour l'élimination des déchets solides de l'Autorité de Développement Économique du Vermont. Cela représente le retrait des fonds restants d'une série d'obligations plus importante, suite à un prêt initial de 35,0 millions de dollars en juin 2022.
Les obligations seront garanties par les filiales de Casella et seront disponibles pour des acheteurs institutionnels qualifiés selon la règle 144A. L'entreprise prévoit d'utiliser les produits pour financer des projets d'investissement au Vermont. Les obligations doivent être tirées d'ici le 1er juin 2025 et ne constitueront pas une dette de l'État du Vermont ou de l'Émetteur, étant payables uniquement à partir des produits de revente et des montants reçus de Casella.
Casella Waste Systems (NASDAQ:CWST) hat ein Angebot von bis zu 25,0 Millionen Dollar für Einnahmeanleihen zur Entsorgung von festen Abfällen der Vermont Economic Development Authority angekündigt. Dies stellt die Inanspruchnahme der verbleibenden Mittel aus einer größeren Anleihenserie dar, nach einem anfänglichen Darlehen von 35,0 Millionen Dollar im Juni 2022.
Die Anleihen werden von den Tochtergesellschaften von Casella garantiert und stehen qualifizierten institutionellen Käufern gemäß Regel 144A zur Verfügung. Das Unternehmen plant, die Erlöse zur Finanzierung von Investitionsprojekten in Vermont zu verwenden. Die Anleihen müssen bis zum 1. Juni 2025 in Anspruch genommen werden und stellen keine Schulden des Staates Vermont oder des Emittenten dar, da sie ausschließlich aus den Erlösen der Wiederveräußerung und den von Casella erhaltenen Beträgen zu zahlen sind.
- Access to additional $25M in financing for capital projects
- Backed by Vermont Economic Development Authority
- Previously secured $35M from same bond series in June 2022
- time to draw down funds (must occur by June 1, 2025)
- Increases company's debt obligations
- Restricted to Vermont-based projects only
Insights
Casella Waste Systems is exercising the remaining
The company's approach to capital allocation deserves attention. Rather than letting the drawdown option expire (June 2025 deadline), management is securing this capital now specifically for Vermont-based infrastructure projects. For waste management companies, maintaining and expanding physical assets is important for operational efficiency.
The transaction structure is noteworthy - these are not general obligation bonds but are backed solely by Casella and its guarantors. This keeps the debt directly tied to the company's operational performance rather than public entities. The bonds are also being offered only to qualified institutional buyers under Rule 144A, which typically allows for faster execution compared to publicly registered offerings.
With Casella's
RUTLAND, Vt., Feb. 28, 2025 (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
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 Issuer and will not constitute indebtedness of or a charge against the general credit of the Issuer. The Bonds will not be a debt of the State of Vermont or any political subdivision of the State of Vermont, and will be payable solely from any remarketing proceeds and from amounts received from Casella under the terms of the Loan 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, 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 offering 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, 2024 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:
Jason Mead
Senior Vice President of Finance & Treasurer
(802) 772-2293
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 2025?
When is the deadline for CWST to draw down the bond proceeds?
How will CWST use the proceeds from the 2025 bond offering?
Who can purchase the CWST bond offering?
