WCA to get credit facility with buyout by Macquarie Infrastructure

By Sara Rosenberg

New York, Dec. 21 - WCA Waste Corp. plans on getting a new credit facility in connection with its acquisition by Macquarie Infrastructure Partners II, according to a news release.

The credit facility will be used to provide liquidity going forward, refinance WCA's existing bank debt and may also be used to refinance the company's 7½% senior notes due in 2019.

A total of up to $275 million of the new credit facility may be drawn at close if none of the notes remain in place, with the drawdown reduced to the extent the notes do remain in place.

As part of the transaction, the company will be required to make a change-of-control offer pursuant to the notes indenture.

Under the agreement, Macquarie Infrastructure is buying WCA for $6.50 per share in cash. The transaction is valued at about $526 million.

Shareholder capital from Macquarie Infrastructure will help fund the buyout as well.

Closing is expected in the first quarter of 2012, subject to stockholder approval and regulatory approvals.

WCA is a Houston-based non-hazardous solid-waste services company.

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