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WCA Waste tenders, solicits consents for $150 million 9¼% senior notes
By Susanna Moon
Chicago, May 23 - WCA Waste Corp. said it began a cash tender offer for its outstanding $150 million of 9¼% senior notes due 2014.
WCA also is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants and events of default.
The company will pay $1,027 for each $1,000 principal amount of notes tendered by 5 p.m. ET on June 6, the consent time. The total payment includes a $30.00 consent fee. WCA also will pay accrued interest up to the payment date.
The tender offer will run until 9 a.m. ET on June 21. Holders who tender after the June 6 consent time will be ineligible to receive the consent fee.
Tendered notes may be withdrawn and consents revoked until the consent deadline on June 6.
Holders cannot deliver consents without tendering their notes or tender notes without delivering consents.
The tender offer is conditioned on the receipt of consents from holders of at least a majority of the outstanding notes as well as the completion of new financing with enough proceeds to fund the offer, according to a company press release.
Prospect News reported that WCA started a roadshow on May 23 for a $175 million offering of eight-year senior notes.
The tender offer is also conditioned on a waiver or amendment of WCA's bank credit agreement permitting completion of the transactions involved in the company's offer.
WCA said it plans to call any notes remaining after the offer.
Global Bondholder Services Corp. (866 804-2200 or collect for banks and brokers only 212 430-3774) is the information agent and depositary. Credit Suisse Securities (USA) LLC (800 820-1653 or collect 212 538-2147) is the dealer manager.
The Houston-based company provides non-hazardous solid waste disposal services.
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