Casella Waste launches $350 million term loan B at Libor plus 275 bps

By Sara Rosenberg

New York, April 3 – Casella Waste Systems Inc. held a lender call on Monday to launch a $350 million term loan B that is talked at Libor plus 275 basis points with a step-down to Libor plus 250 bps when consolidated net leverage is 3.75 times, no Libor floor and a par issue price, according to sources.

The term loan includes 101 soft call protection for six months, sources said.

Bank of America Merrill Lynch and J.P. Morgan Securities LLC are the joint lead arrangers on the deal.

Proceeds will be used to reprice an existing term loan from Libor plus 300 bps with a step-down to Libor plus 275 bps with consolidated net leverage is 3.75 times and a 1% Libor floor.

Commitments are due on Friday, sources added.

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

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