Casella Waste launches $325 million credit facility Tuesday

By Sara Rosenberg

New York, Jan. 24 - Casella Waste Systems Inc. launched a new $325 million senior secured credit facility on Tuesday, according to a syndicate source. The deal was brought in conjunction with the company's renewed plans to sell $150 million of senior subordinated notes.

Fleet Securities and Bank of America are the lead banks on the deal.

The loan consists of a $175 million five-year revolver with an interest rate of Libor plus 300 basis points and a $150 million term loan B with an interest rate of Libor plus 350 basis points, the syndicate source said.

Proceeds from the notes combined with initial borrowing under the credit facility will be used to repay borrowings under the company's existing senior secured credit facility and for general corporate purposes.

Casella Waste Systems is a Rutland, Vt. provider of collection, transfer, disposal and recycling services.

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