Casella Waste Systems, Inc. Announces Pricing of Up to $25.0 Million of Vermont Economic Development Authority Solid Waste Disposal Revenue Bonds (Casella Waste Systems, Inc. Project) Series 2022A-2
Casella Waste Systems (NASDAQ:CWST) has announced the pricing of up to $25.0 million Vermont Economic Development Authority Solid Waste Disposal Revenue Bonds. The bonds, maturing on June 1, 2052, will carry a 4.375% per annum interest rate during the initial fixed period ending May 31, 2032.
This offering represents the drawdown of remaining funds from the Vermont Economic Development Authority Solid Waste Disposal Revenue Bonds Series 2022, following an initial $35.0 million loan in June 2022. The bonds will be guaranteed by substantially all of Casella's subsidiaries and are expected to close around March 11, 2025.
The company plans to use the proceeds to finance qualifying capital projects in Vermont and cover issuance costs. The bonds will be offered exclusively to qualified institutional buyers under Rule 144A and will not constitute state or issuer indebtedness.
Casella Waste Systems (NASDAQ:CWST) ha annunciato la determinazione del prezzo di fino a 25,0 milioni di dollari per le Obbligazioni di Reddito da Smaltimento dei Rifiuti Solidi dell'Autorità per lo Sviluppo Economico del Vermont. Le obbligazioni, che scadranno il 1 giugno 2052, porteranno un tasso di interesse del 4,375% annuo durante il periodo fisso iniziale che termina il 31 maggio 2032.
Questa offerta rappresenta il prelievo dei fondi rimanenti dalle Obbligazioni di Reddito da Smaltimento dei Rifiuti Solidi dell'Autorità per lo Sviluppo Economico del Vermont, Serie 2022, a seguito di un prestito iniziale di 35,0 milioni di dollari nel giugno 2022. Le obbligazioni saranno garantite da quasi tutte le sussidiarie di Casella e si prevede che si chiuderanno intorno all'11 marzo 2025.
L'azienda prevede di utilizzare i proventi per finanziare progetti di capitale idonei in Vermont e coprire i costi di emissione. Le obbligazioni saranno offerte esclusivamente a compratori istituzionali qualificati ai sensi della Regola 144A e non costituiranno indebitamento statale o dell'emittente.
Casella Waste Systems (NASDAQ:CWST) ha anunciado el precio de hasta 25,0 millones de dólares para los Bonos de Ingresos por Eliminación de Residuos Sólidos de la Autoridad de Desarrollo Económico de Vermont. Los bonos, que vencerán el 1 de junio de 2052, tendrán una tasa de interés del 4,375% anual durante el período fijo inicial que finaliza el 31 de mayo de 2032.
Esta oferta representa la utilización de los fondos restantes de los Bonos de Ingresos por Eliminación de Residuos Sólidos de la Autoridad de Desarrollo Económico de Vermont, Serie 2022, tras un préstamo inicial de 35,0 millones de dólares en junio de 2022. Los bonos estarán garantizados por casi todas las subsidiarias de Casella y se espera que se cierren alrededor del 11 de marzo de 2025.
La empresa planea utilizar los ingresos para financiar proyectos de capital elegibles en Vermont y cubrir los costos de emisión. Los bonos se ofrecerán exclusivamente a compradores institucionales calificados bajo la Regla 144A y no constituirán deuda estatal o del emisor.
Casella Waste Systems (NASDAQ:CWST)는 최대 2500만 달러 규모의 버몬트 경제 개발청 고형 폐기물 처리 수익 채권 가격을 발표했습니다. 이 채권은 2052년 6월 1일 만기되며, 2032년 5월 31일 종료되는 초기 고정 기간 동안 연 4.375%의 이자율을 적용받습니다.
이번 공모는 2022년 6월에 실시된 3500만 달러의 초기 대출 이후 남은 자금의 인출을 나타내며, 버몬트 경제 개발청 고형 폐기물 처리 수익 채권 시리즈 2022에서 발생했습니다. 이 채권은 Casella의 거의 모든 자회사에 의해 보증되며, 2025년 3월 11일경에 마감될 것으로 예상됩니다.
회사는 수익금을 버몬트에서 자격을 갖춘 자본 프로젝트를 자금 지원하고 발행 비용을 충당하는 데 사용할 계획입니다. 이 채권은 규칙 144A에 따라 자격을 갖춘 기관 투자자에게만 제공되며, 주 또는 발행자의 부채로 간주되지 않습니다.
Casella Waste Systems (NASDAQ:CWST) a annoncé le prix de jusqu'à 25 millions de dollars pour les Obligations de Revenus de Traitement des Déchets Solides de l'Autorité de Développement Économique du Vermont. Les obligations, arrivant à échéance le 1er juin 2052, porteront un taux d'intérêt de 4,375% par an pendant la période fixe initiale se terminant le 31 mai 2032.
Cette offre représente le tirage des fonds restants des Obligations de Revenus de Traitement des Déchets Solides de l'Autorité de Développement Économique du Vermont, Série 2022, suite à un prêt initial de 35 millions de dollars en juin 2022. Les obligations seront garanties par presque toutes les filiales de Casella et devraient être clôturées autour du 11 mars 2025.
L'entreprise prévoit d'utiliser les produits pour financer des projets d'investissement éligibles au Vermont et couvrir les coûts d'émission. Les obligations seront offertes exclusivement à des acheteurs institutionnels qualifiés en vertu de la Règle 144A et ne constitueront pas une dette d'État ou de l'émetteur.
Casella Waste Systems (NASDAQ:CWST) hat die Preisfestlegung für bis zu 25 Millionen Dollar für die Einnahmeanleihen zur Abfallentsorgung der Vermont Economic Development Authority bekannt gegeben. Die Anleihen, die am 1. Juni 2052 fällig werden, haben während der anfänglichen festen Laufzeit, die am 31. Mai 2032 endet, einen jährlichen Zinssatz von 4,375%.
Dieses Angebot stellt die Inanspruchnahme der verbleibenden Mittel aus den Einnahmeanleihen zur Abfallentsorgung der Vermont Economic Development Authority, Serie 2022, dar, nach einem ursprünglichen Darlehen von 35 Millionen Dollar im Juni 2022. Die Anleihen werden von nahezu allen Tochtergesellschaften von Casella garantiert und sollen voraussichtlich um den 11. März 2025 abgeschlossen werden.
Das Unternehmen plant, die Erlöse zur Finanzierung qualifizierter Investitionsprojekte in Vermont und zur Deckung der Emissionskosten zu verwenden. Die Anleihen werden ausschließlich an qualifizierte institutionelle Käufer gemäß Regel 144A angeboten und stellen keine staatliche oder emittentenschuld dar.
- Secured additional $25M in financing through bond offering
- Relatively favorable 4.375% fixed interest rate until 2032
- Long-term debt maturity extending to 2052
- Increases company's debt obligations
- to Vermont-based capital projects only
- Restricted offering available only to institutional buyers
Insights
Casella Waste Systems has priced a
This bond issuance completes a financing structure initially established in 2022, when Casella accessed the first
The
From a balance sheet perspective, this transaction reflects routine financial management rather than signaling any significant strategic shift. The guarantees from subsidiaries represent standard security arrangements rather than indicating any financial weakness. The capital deployment toward waste management infrastructure aligns with Casella's core business model and suggests continued steady investment in operational assets.
RUTLAND, Vt., March 06, 2025 (GLOBE NEWSWIRE) -- Casella Waste Systems, Inc. (“Casella”) (NASDAQ:CWST), a regional solid waste, recycling and resource management services company, today announced that it has priced the previously announced offering of up to
During the initial fixed interest rate period ending on May 31, 2032, the interest rate on the Bonds will be
There can be no assurance that all approvals with respect to the Bonds will be received, that all other conditions to the offering 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 are being 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 closing of the offering of the Bonds on the anticipated terms, or at all, 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 closing of 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
FAQ
What is the interest rate and maturity date for Casella's (CWST) new $25M bond offering?
How will Casella Waste Systems (CWST) use the $25M bond proceeds?
Who can purchase the CWST Vermont Economic Development Authority bonds?
What is the total bond amount when combining CWST's 2022 and 2025 Vermont bond offerings?
