Synagro Technologies plans new $150 million credit facility

By Sara Rosenberg

New York, March 25 - Synagro Technologies Inc. intends to obtain new $150 million senior credit facility, according to a company filing with the Securities and Exchange Commission. The credit facility is coming in conjunction with the sale of up to $150 million of senior subordinated notes due 2009.

The new senior credit facility is expected to consist of an $80 million revolver and a $70 million term loan, the filing said.

Substantially all of the company's and its subsidiaries assets will be used to secure the loan.

According to the SEC filing, Synagro Technologies plans to borrow approximately $71 million from the new credit facility and combine that money with the net proceeds from the sale of the senior subordinated notes for the purpose of paying off about $162 million in outstanding debt under the current loan and about $52 million of 12% subordinated debt.

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