Casella Waste Systems, Inc. Announces Resumption of Offering of New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds
August 04, 2020
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Casella Waste Systems, Inc. announced that it has resumed the previously announced offering of up to $40.0 million aggregate principal amount of New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2020R-1 to be issued under an indenture between the Issuer and the bond trustee. The consummation of the previously announced offering of the Bonds was delayed from the originally anticipated issuance date of March 26, 2020 due to market conditions in the bond market related to the COVID-19 pandemic. The Bonds will be guaranteed under a Guaranty (the "Guaranty") by substantially all of Casella's subsidiaries (the "Guarantors"), as required by the terms of a Loan Agreement between the Issuer and Casella (the "Loan Agreement") pursuant to which the Issuer will loan the proceeds of the Bonds to Casella. Casella intends to use the net proceeds of the Bonds to finance and/or reimburse Casella for certain costs of certain capital projects in the State of New York. The principal amount, the exact terms and the timing of the offering of the Bonds will depend upon market conditions and other factors. There can be no assurance that the offering of the Bonds will be completed. One or more additional tranches of New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds (Casella Waste Systems, Inc. Project) Series 2020, in the aggregate principal amount which, together with the Bonds, does not exceed $75.0 million (the "Additional Bonds"), may be issued under the Indenture in the future, subject to the terms and conditions of the Indenture, market conditions and other factors. 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 New York and will be payable solely from amounts received from Casella under the terms of the Loan Agreement and from the Guarantors under the Guaranty.
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. 
