Synagro Technologies to launch $280 million credit facility on July 25

By Sara Rosenberg

New York, July 18 - Synagro Technologies Inc. set a bank meeting for 10 a.m. ET on July 25 to launch a $280 million credit facility, according to a market source.

RBC Capital Markets is the lead bank on the deal.

The facility consists of a $65 million revolver and a $215 million term loan, the source said.

Leverage and debt service covenants are included in the deal.

Proceeds will be used to help fund the buyout of the company by EQT Infrastructure II, which will be done as part of Synagro's plans of reorganization under its bankruptcy case.

On April 24, the company initiated its Chapter 11 restructuring in order to complete the sale and refinance its debt.

Synagro is a Houston-based recycler of biosolids and other organic residuals. The Chapter 11 case number is 13-11041.

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