Republic Services gets $1.25 billion amended and restated revolver

By Sara Rosenberg

New York, May 8 - Republic Services Inc. closed on Tuesday on a new $1.25 billion five-year amended and restated unsecured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC and BNP Paribas Securities Corp. acted as the joint lead arrangers and bookrunners on the deal.

Pricing on the revolver can range from Libor plus 100 basis points to 142.5 bps and the unused fee can range from 12.5 bps to 32.5 bps, based on ratings.

There is a $500 million accordion feature.

Covenants include a minimum EBITDA to interest ratio and a maximum total debt to EBITDA ratio.

Proceeds were used to refinance an existing $1.25 billion credit facility that was set to mature in September 2013.

In addition, the company amended an existing credit facility that matures in April 2016, reducing the size to $1 billion from $1.25 billion.

Bank of America is the administrative agent on the existing loan.

Republic Services is a Phoenix-based provider of non-hazardous solid waste collection, transfer and disposal services.

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