WCA Waste readies launch of $372 million credit facility for Tuesday

By Sara Rosenberg

New York, April 29 - WCA Waste Corp. is scheduled to hold a lender call at 1 p.m. ET on Tuesday to launch a $372,250,000 credit facility, according to a market source.

Credit Suisse Securities (USA) LLC and Macquarie Capital are leading the deal.

The facility consists of a $100 million revolver due March 2017 and a $272,250,000 first-lien term loan due March 2018, the source said.

Price talk on the revolver is Libor plus 400 basis points with no Libor floor and a par offer price, and the term loan is talked at Libor plus 325 bps with a 1% Libor floor and a par offer price, the source continued.

The term loan has 101 repricing protection for one year.

Proceeds will be used to reprice an existing revolver from Libor plus 425 bps with a 1.25% Libor floor and an existing term loan from Libor plus 425 bps with a 1.25% Libor floor.

With the transaction, covenants under the credit facility are being amended to flat line them at the current levels and the incremental loan provision is being revised to an unlimited amount subject to a 4.75 times leverage ratio, the source added.

Commitments are due on May 6.

WCA is a Houston-based non-hazardous solid-waste services company.

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