Casella Waste Systems, Inc. Completes Successful Term Loan Repricing
April 18, 2017 at 04:28 pm EDT
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Casella Waste Systems, Inc. announced a successful repricing of the secured term loans under its existing credit facility. The lenders have agreed to an amendment that decreases the applicable interest margin for the Company's term loans by 25 basis points for both LIBOR borrowings and base rate borrowings. The applicable interest rate margin will continue to be determined based on the Company's consolidated net leverage ratio, with the interest currently set at 2.75% for LIBOR borrowings (with a 1.00% LIBOR floor), and 1.75% for base rate borrowings. The applicable interest rate will be reduced to 2.50% for LIBOR borrowings (with a 1.00% LIBOR floor), and 1.50% for base rate borrowings upon the Company reaching a consolidated net leverage ratio of 3.75x or less. The Company expects annual interest savings to be approximately $0.9 million from this repricing. Merrill Lynch, Pierce Fenner & Smith Incorporated and JPM Morgan Chase Bank, N.A. acted as joint lead arrangers for this term loan repricing and amendment.
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. 
