Casella Waste to launch $500 million credit facility on Tuesday

By Sara Rosenberg

New York, Sept. 26 – Casella Waste Systems Inc. is scheduled to hold a bank meeting on Tuesday to launch a $500 million credit facility, according to sources.

Bank of America Merrill Lynch is the left lead on the deal.

The facility consists of a $150 million revolver and a $350 million seven-year covenant-light term loan B, sources said.

Proceeds will be used to redeem 7¾% senior subordinated notes due 2019, to repay in full an existing senior secured asset-based revolver and letter-of-credit facility, which matures on Feb. 26, 2020, and for working capital and other purposes.

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

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