Advanced Disposal launches $1.54 billion term B at Libor plus 275 bps

By Sara Rosenberg

New York, Oct. 21 – Advanced Disposal Services Inc. launched on Friday its $1.54 billion seven-year covenant-light term loan B (B1/BB) with price talk of Libor plus 275 basis points with a 0.75% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan B has 101 soft call protection for six months, the source said.

Deutsche Bank Securities Inc., Barclays, Credit Suisse Securities (USA) LLC, UBS Investment Bank and Macquarie Capital (USA) Inc. are the leads on the deal.

Commitments are due at noon ET on Thursday, the source added.

Proceeds will be used with $425 million of senior unsecured notes to refinance an existing term loan B and 8¼% senior notes due 2020.

The company is also expected to get a $300 million revolver to refinance its existing revolver.

Advanced Disposal is a Ponte Vedra, Fla.-based provider of non-hazardous solid waste services.

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