Progressive Waste to launch $2.25 billion credit facility on Tuesday

By Sara Rosenberg

New York, Sept. 28 - Progressive Waste Solutions Ltd. is scheduled to hold a bank meeting on Tuesday to launch a $2.25 billion credit facility, according to a market source.

Bank of America Merrill Lynch, TD Securities, CIBC World Markets Corp. and J.P. Morgan Securities LLC are the lead banks on the deal.

The facility consists of a $1.75 billion revolver and a $500 million term loan B, the source said.

Included in the B loan is 101 soft call protection for one year.

Proceeds will be used to refinance existing debt.

Progressive Waste is Vaughan, Ont.-based full-service, vertically integrated waste management company.

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