Capital Environmental expects to close on $160 million loan in about two weeks

By Sara Rosenberg

New York, April 15 - Capital Environmental Resource Inc. anticipates closing on its new $160 million credit facility in about two weeks, according to an informed source. Lehman Brothers is the lead bank on the deal.

The facility consists of a $100 million term loan and a $60 million revolver, both priced with an interest rate of Libor plus 325 basis points, the source said.

The Burlington, Ont., solid waste services company's deal was primarily syndicated to banks, the source added.

Proceeds, combined with proceeds from a $160 million bond deal and funds raised under an anticipated private equity placement, will be used to pay down the company's existing credit facilities and to complete some acquisitions in Florida, according to a company news release.

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