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Casella to pay down existing credit facility via 7¾% notes proceeds
By Toni Weeks
San Luis Obispo, Calif., Feb. 6 – Casella Waste Systems, Inc. plans to reduce borrowings under its current senior revolving credit and letter-of-credit facility with the proceeds of a public offering of notes.
The company will also use initial borrowings under a new senior secured asset-based revolving credit and LoC facility to repay the existing credit facility, according to a press release.
The company announced on Friday that it is offering a $60 million tap of its 7¾% senior subordinated notes due 2019 via joint bookrunning managers Bank of America Merrill Lynch and J.P. Morgan Securities LLC.
The Rutland, Vt.-based company is a regional solid waste, recycling and resource management services company.
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