Win Waste cuts spread on $1 billion term loan to Libor plus 275 bps

By Sara Rosenberg

New York, March 16 – Win Waste Innovations (Granite Acquisition Inc.) lowered pricing on its $1 billion seven-year covenant-lite first-lien term loan to Libor plus 275 basis points from Libor plus 325 bps, according to a market source.

The term loan still has a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

The company’s $1.4 billion of credit facilities (B1/B+) also include a $400 million revolver.

Credit Suisse Securities (USA) LLC, JPMorgan Chase Bank, Mizuho, MUFG, RBC Capital Markets, Deutsche Bank Securities Inc. and Truist are the lead arrangers on the deal. PNC is a co-manager.

Commitments were scheduled to be due at 5 p.m. ET on Tuesday, the source added.

Proceeds will be used to recapitalize the legacy Wheelabrator business, to refinance Tunnel Hill Partners debt, for general corporate purposes and to pay fees and expenses.

Win Waste is a vertically-integrated waste services provider.

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