Casella Waste Systems gets $227.5 million amended, restated revolver

By Sara Rosenberg

New York, March 21 - Casella Waste Systems Inc. closed on a $227.5 million five-year amended and restated senior secured revolving credit facility, according to a news release.

Proceeds were used to refinance existing revolver borrowings.

Initial pricing on the new revolver is Libor plus 350 basis points, down 50 bps from pricing on the company's previous revolver that was set to mature in December 2012.

There is a $182.5 million accordion feature, providing flexibility for the company to refinance its existing $180 million of 11% second-lien notes with borrowings under the revolver, the release said.

In addition, the revolver has a springing maturity date if the company does not refinance its existing second-lien notes by March 1, 2014.

Availability under the new revolver was $125.2 million on March 18, after taking into account $52.6 million of borrowings and $49.7 million of letters of credit.

Casella is a Rutland, Vt.-based provider of solid waste, recycling and resource management services.

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