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Casella Waste launches tender offer, solicits consents for 9¾% notes
By Marisa Wong
Madison, Wis., Jan. 24 - Casella Waste Systems, Inc. announced that it started a cash tender offer and consent solicitation for any and all of its 9¾% senior subordinated notes due 2013.
The offer will expire at 8 a.m. ET on Feb. 22.
Holders who tender their notes and provide their consents to proposed amendments to the indenture governing the notes before 5 p.m. ET on Feb. 4, the consent payment deadline, will receive the total consideration equal to $1,003.75 per $1,000 principal amount of notes, which includes a $10.00 consent payment.
Holders who tender their notes after the consent payment deadline but on or before the expiration date will receive the tender offer consideration of $993.75 per $1,000 of notes, which is equal to the total consideration less the consent payment.
In addition, the company will pay accrued interest up to but excluding the applicable payment date. The early settlement date is expected to be Feb. 7.
Following receipt of consents of holders of a majority in principal amount of the outstanding notes, the company will execute a supplemental indenture effecting the proposed amendments.
The offer is subject to a number of conditions, including the receipt of the required consents and the completion of a debt financing in an amount at least equal to the principal amount of outstanding notes.
Bank of America Merrill Lynch (888 292-0070 or 980 388-9217) is the dealer manager and solicitation agent for the offer. Global Bondholder Services Corp. (866 470-4500 or 212 430-3774) is the information agent.
Casella is a solid waste and resource management company based in Rutland, Vt.
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