Progressive Waste restates $2.35 billion facility for better pricing

By Marisa Wong

Madison, Wis., July 1 – Progressive Waste Solutions Ltd. said it amended and restated its principal loan agreement resulting in, among other things, a re-pricing of its existing $2.35 billion senior secured credit facility.

The amended credit facility holds the amount of the company’s revolver constant at $1.85 billion but replaces the existing $500 million term loan B with a term loan A, according to a press release.

Based on the company’s current funded debt-to-EBITDA leverage ratio, the new interest rate on the revolver is Libor plus 150 basis points, compared to Libor plus plus 175 bps previously.

The interest rate on the term loan A is Libor plus 150 bps with no Libor floor, compared to the previous interest rate on the term loan B of Libor plus 225 bps and a 0.75% Libor floor.

In addition, the company extended the maturity of the revolver and the term loan to June 2020 from October 2018 and October 2019, respectively.

The waste management company is based in Toronto.

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