Moody's assigns GreenWaste, facility B2

Moody's Investors Service said it assigned MIP V Waste, LLC (GreenWaste Recovery) a B2 corporate family rating and a B2-PD probability of default rating. Concurrently, Moody's gave a B2 rating to GreenWaste's planned $500 million senior secured credit facility consisting of a $400 million seven-year term loan and a $100 million five-year revolving credit facility.

"GreenWaste is an eco-friendly waste management service provider as evidenced by its solid landfill diversion rates and associated recycling and composting capabilities," said Brian Silver, a Moody's vice president and senior analyst, in a press release. "However, GreenWaste is only a regional operator with a presence in one state and will generate less than $400 million of annual revenue for the foreseeable future."

Term loan proceeds, together with an equity contribution from a private infrastructure fund managed by Macquarie Infrastructure and Real Assets, will be used to acquire MIP V Waste, LLC, repay debt obligations and fund fees and expenses.

The outlook is stable, reflecting a forecast for 5% revenue growth in 2022, the agency said.

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