WCA Waste seeks $200 million credit facility via Wells Fargo

By Sara Rosenberg

New York, April 13 - WCA Waste Corp. is in the process of syndicating a new $200 million credit facility, according to a market source. Wells Fargo Bank is the lead arranger on the deal.

The facility, which launched via a bank meeting Tuesday, consists of a $75 million five-year revolving credit facility (B3/B) talked at Libor plus 300 basis points, a $100 million six-year term loan B (B3/B) talked at Libor plus 300 basis points and a $25 million 61/2-year second-lien term loan (Caa1/CCC+) talked at Libor plus 600 basis points, the source said.

The second-lien term loan contains call protection of 102 in year one and 101 in year two.

Proceeds will be used to refinance the company's existing $160 million facility, of which $119 million was outstanding, fund its acquisition program and for other general corporate purposes.

Commitments are due April 22.

WCA Waste is a Houston-based non-hazardous solid waste transportation, processing and disposal company.

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