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Waste Industries $890 million covenant-light seven-year loan allocates
By Paul A. Harris
Portland, Ore., Sept. 20 – The Waste Industries (Wrangler Buyer Corp.) $890 million seven-year covenant-light first-lien term loan allocated, a market source said on Wednesday.
The deal is expected to close during the Sept. 25 week.
It came at Libor plus 300 basis points, the low end of revised talk of Libor plus 300 bps to 325 bps and the high end of initial talk of Libor plus 275 bps to 300 bps.
Also, a step-down was added to the term loan to Libor plus 275 bps at 0.5 times inside closing leverage, and the issue price was changed to par from 99.5, the source said.
The term loan still has a 0% Libor floor and 101 soft call protection for six months.
Earlier in syndication, the MFN was revised to 50 bps with an 18-month sunset, applicable to all pari passu incremental facilities, from 75 bps with a six-month sunset and not applicable to facilities under $200 million in size and maturing more than two years after the existing loans.
The company’s $1.09 billion of credit facilities (B1/B) also include a $200 million five-year revolver.
Barclays, Macquarie Capital (USA) Inc. and SunTrust Robinson Humphrey Inc. are the bookrunners on the deal.
Proceeds will be used to help fund the acquisition of the company by HPS Investment Partners LLC and Equity Group Investments from Macquarie Infrastructure Partners.
Other funds for the transaction will come from $305 million of senior notes.
Closing is expected late this month, subject to customary regulatory approvals.
Waste Industries is a Raleigh, N.C.-based provider of non-hazardous solid waste collection, transfer, recycling and disposal services.
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