Casella Waste seeks $280 million facility via BofA and Comerica

By Sara Rosenberg and Paul A. Harris

New York, June 24 - Casella Waste Systems Inc. is in market with a new $280 million senior secured first-lien credit facility (Ba2), according to a market source.

Bank of America and Comerica are the lead banks on the deal that was launched to investors with a bank meeting last week.

The facility consists of a $180 million revolver talked at Libor plus 450 basis points and a $100 million term loan talked at Libor plus 500 bps, with both tranches carrying a 2% Libor floor, the source said.

Proceeds from the new facility, along with proceeds from a proposed $205 million senior secured second-lien notes offering, will be used to repay the company's existing credit facility.

Completion of the notes is conditioned on completion of the new credit facility.

Casella is a Rutland, Vt.-based solid waste, recycling and resource management services company.

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