Republic Services enters into $1 billion 364-day revolver

By Wendy Van Sickle

Columbus, Ohio, Aug. 27 – Republic Services, Inc. entered into a $1 billion 364-day revolving credit facility on Tuesday with Bank of America, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The credit facility matures in August 2021.

Borrowings bear interest at Libor plus 102.5 basis points to 162.5 bps, depending on the company’s debt ratings. There is a 0.25% Libor floor. The facility fee ranges from 10 bps to 37.5 bps, also based on ratings.

The credit agreement contains covenants requiring the company to maintain some financial ratios, including a maximum ratio of total debt to EBITDA.

BofA Securities, Inc., JPMorgan Chase Bank, NA and Wells Fargo Securities, LLC acted as joint lead arrangers and bookrunners on the deal. JPMorgan and Wells Fargo Bank, NA are co-syndication agents. Barclays Bank plc, BNP Paribas, CoBank, ACB, Mizuho Bank Ltd., MUFG Bank, Ltd., Sumitomo Mitsui Banking Corp., Bank of Nova Scotia, Truist Bank and U.S. Bank are co-documentation agents.

Proceeds may be used for working capital and general corporate purposes.

Republic Services is a waste collection company based in Phoenix.

© 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.