Tervita/Newalta calls C$275 million debentures, refinances facilities

By Sarah Lizee

Olympia, Wash., July 19 – Tervita Corp. and Newalta Corp. announced that all of Newalta’s debt has been refinanced following the close of the companies’ previously announced business combination.

Newalta's C$275 million senior debentures were called and are fully defeased, according to a press release.

All amounts drawn on Newalta's C$150 million credit facility were repaid. Letters of credit issued under the Newalta credit facility were replaced with letters of credit issued under Tervita's C$200 million credit facility and the C$150 million credit facility was cancelled.

Tervita 2018 Escrow Corp.’s C$250 million of 7 5/8% senior secured notes due 2021 that were issued on June 1 were exchanged for a like principal amount of additional notes issued by Tervita under the indenture governing its existing 7 5/8% senior secured notes due 2021, under which Tervita previously issued C$360 million of secured notes.

After giving effect to the financing activities, Tervita has C$610 million of 7 5/8% secured notes.

The refinancing was funded from the proceeds of the C$250 million secured notes received from Tervita 2018 and cash on hand, the release said.

Tervita is a Calgary, Alta.-based environmental management company for the oil and gas industry. Newalta is a Calgary, Alta.-based industrial waste management and environmental services company. The newly merged company will operate under the name Tervita Corp.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.