Casella Waste amends credit facility for sustainability-linked pricing

By Marisa Wong

Los Angeles, Feb. 10 – Casella Waste Systems, Inc. announced an amendment to its existing $650 million credit facility that links borrowing costs to progress in achieving certain annual sustainability goals, according to a press release.

The company also announced an amendment to its credit facility associated with the early adoption of term SOFR as its reference rate, replacing Libor.

The company said it established the following two measurable key performance indicators as part of its sustainability-linked credit facility: improving its safety performance by lowering its total recordable incident rate; and growing its resource solutions business by reducing, reusing or recycling more tons of solid waste material.

The performance of each of these metrics will be measured annually against targets established within the amended credit facility. The company’s interest rate margin may adjust on the drawn or undrawn portion of the credit facility’s revolver based on attainment or failure to attain each metric.

The credit facility is provided by a consortium of financial institutions with BofA Securities, Inc. and TD Securities USA LLC serving as sustainability coordinators.

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

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