Meridian Waste closes $89.1 million credit agreement in four tranches

By Wendy Van Sickle

Columbus, Ohio, Feb. 15 – Meridian Waste Solutions, Inc. closed on Wednesday an amended and restated credit and guaranty agreement providing for $89.1 million in term and revolving loans, according to an 8-K filing with the Securities and Exchange Commission.

The term loans consist of $65.5 million of tranche A term loans, $8.6 million of tranche B term loans and $10 million of multi-draw term loans. There is also a $5 million revolving credit facility. Each tranche is due Dec. 22, 2020. The multi-draw term loans may be drawn until June 30, 2018.

Goldman Sachs Specialty Lending Group, LP is the lead arranger and administrative agent.

The tranche A, revolving and multi-draw loans will bear interest at Libor plus 800 basis points. The tranche B loans will bear interest at 1,100 bps through Sept. 30, 2017, stepping up to 1,150 bps from Oct. 1, 2017 through Dec. 31, 2017 and to 1,250 bps thereafter.

Proceeds of the tranche A and tranche B loans will be used to partially fund the acquisition of all membership interests of CFS Group, LLC, CFS Disposal & Recycling Services, LLC and RWG5, LLC and for general corporate purposes.

The revolver will be used for general corporate purposes, and the multi-draw term loans may be used for permitted acquisitions.

The residential and commercial waste hauling company is based in Milton, Ga.

© 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.