Casella Waste Systems, Inc. Announces Pricing of New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds
May 26, 2016 at 11:39 am EDT
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Casella Waste Systems Inc. announced that it has priced the previously announced offering of $15.0 million aggregate principal amount of New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds (Casella Waste Systems Inc. Project) Series 2014R-2 (the Bonds). The Bonds represent the drawdown of the remainder of the New York State Environmental Facilities Corporation solid waste disposal revenue bonds, the initial proceeds of which, in the amount of $25.0 million, were loaned to Casella in December 2014. During the initial ten year term interest rate period, the interest rate of the Bonds will be 3.125% per annum and will be guaranteed by certain subsidiaries of Casella, pursuant to the terms of the Bond indenture. The Bonds will mature on December 1, 2044. The issuance of the Bonds is expected to close on June 2, 2016. The net proceeds of the Bonds will be loaned to Casella to enable it to finance or refinance certain costs relating to landfill development and improvements; the construction, improvement and equipping of solid waste disposal, collection, transfer, recycling and customer care facilities; the acquisition of vehicle, container and related equipment for solid waste collection and transportation services; and the issuance of the Bonds. The Bonds are being offered only to qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933, as amended.
Casella Waste Systems, Inc. is a regional, vertically integrated solid waste services company. The Company manages its solid waste operations on a geographic basis through three regional operating segments: the Eastern, Western and Mid-Atlantic regions. It manages its resource renewal operations through the Resource Solutions operating segment, which leverages its core competencies in materials processing, industrial recycling, organics and resource management service offerings to deliver a solution for its commercial, municipal, institutional and industrial customers. It operates approximately 64 solid waste collection operations, 71 transfer stations, 29 recycling and processing facilities, eight Subtitle D landfills, three landfill gas-to-energy facilities and one landfill permitted to accept construction and demolition materials. It provides integrated solid waste services in Vermont, New Hampshire, New York, Massachusetts, Connecticut, Maine, Pennsylvania, Delaware and Maryland.
CASELLA WASTE SYSTEMS, INC. 
