Casella Waste starts roadshow for $135 million add-on to 7¾% senior subordinated notes due 2019

By Paul A. Harris

Portland, Ore., Sept. 24 - Casella Waste Systems, Inc. started a roadshow on Monday for a $135 million add-on to its 7¾% senior subordinated notes due Feb. 15, 2019 (expected ratings Caa2/CCC+), according to a syndicate source.

An investor call is scheduled for 12:30 p.m. ET on Tuesday.

The deal is expected to price before the end of the Sept. 24 week.

Bank of America Merrill Lynch and J.P. Morgan Securities LLC are the joint bookrunners.

Comerica Investments and KeyBanc Capital Markets are the co-managers.

The Rule 144A with registration rights and Regulation S add-on notes will be immediately fungible with the existing 7¾% notes, upon registration.

The securities have a make-whole call at Treasuries plus 50 basis points until Feb. 15, 2015 and then become callable at 103.875.

The Rutland, Vt.-based solid waste collection, disposal and recycling service plans to use the proceeds, along with a concurrent public offering of common stock and borrowings under its credit facility, to refinance its existing 11% senior second-lien notes due 2014.

The original $200 million issue priced at par on Jan. 26, 2011.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.