Casella Waste Systems to hold bank meeting Tuesday for new $300 million credit facility

By Sara Rosenberg

New York, July 1 - Casella Waste Systems Inc. is scheduled to hold a bank meeting Tuesday regarding its new $300 million senior secured credit facility (B1/BB-), according to market sources. 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 275 basis points and a $125 million seven-year term loan B with an interest rate of Libor plus 325 basis points, according to market sources.

Furthermore, the company plans to issue $175 million of senior subordinated notes, according to a company press release.

Proceeds from the notes and the bank loan will be used to repay outstanding borrowings under the company's existing credit facility, the release said.

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

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