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Casella Waste Systems, Inc. Announces Pricing of $40 Million of New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds (Casella Waste Systems, Inc. Project) Series 2020R-1
RUTLAND, Vt., Aug. 20, 2020 (GLOBE NEWSWIRE) -- Casella Waste Systems, Inc. (“Casella”) (NASDAQ:CWST), a regional solid waste, recycling and resource
About this update from Casella Waste Systems, Inc.
[{"type":"text","content":"RUTLAND, Vt., Aug. 20, 2020 (GLOBE NEWSWIRE) -- Casella Waste Systems, Inc. (“Casella”) (NASDAQ:CWST), a regional solid waste, recycling and resource management services company, today announced that it has priced the previously announced offering of $40.0 million aggregate principal amount of New York State Environmental Facilities Corporation (the “Issuer”) Solid Waste Disposal Revenue Bonds (Casella Waste Systems, Inc. Project) Series 2020R-1 (the “Bonds”) to be issued under an indenture between the Issuer and the bond trustee (the “Indenture”). The Bonds will be guaranteed under a Guaranty (the “Guaranty”) by substantially all of Casella’s subsidiaries (the “Guarantors”), as required by the terms of a Loan Agreement between the Issuer and Casella (the “Loan Agreement”) pursuant to which the Issuer will loan the proceeds of the Bonds to Casella. Casella intends to use the net proceeds of the Bonds to finance and/or reimburse certain costs of certain capital projects in the State of New York. \n During the 5-year term fixed interest rate period, the interest rate on the Bonds will be 2.75%. The Bonds will mature on September 1, 2050. The issuance of the Bonds is expected to close on September 2, 2020. There can be no assurance that all approvals with respect to the Bonds will be received, that all other conditions to the issuance of the Bonds will be satisfied or that the issuance of the Bonds will be completed. One or more additional tranches of New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds (Casella Waste Systems, Inc. Project) Series 2020, in the aggregate principal amount of up to $35.0 million (the “Additional Bonds”), may be issued under the Indenture in the future, subject to the terms and conditions of the Indenture, market conditions and other factors. The Bonds will not be a general obligation of the Issuer and will not constitute indebtedness of or a charge against the general credit of the Issuer. The Bonds will not be a debt of the State of New York and will be payable solely from amounts received from Casella under the terms of the Loan Agreement and from the Guarantors under the Guaranty. The Bonds are being offered only to qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Bonds have not been and...