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Casella Waste settles early tenders for $166.83 million of 9¾% notes
By Susanna Moon
Chicago, Feb. 7 - Casella Waste Systems, Inc. said it received the required consents to amend its 9¾% senior subordinated notes due 2013 and entered into a supplemental indenture.
Investors had tendered $166.83 million principal amount, or 85.55%, of the notes as of 5 p.m. ET on Feb. 4, the consent date.
The company said it paid for all of the notes tendered by the consent time.
Casella also said it will redeem all notes outstanding after the tender offer at par plus accrued interest to but not including the redemption date of March 9.
Holders who tendered their notes by the consent payment deadline will receive the total payment of $1,003.75 per $1,000 principal amount of notes, which includes a $10.00 consent payment.
Those who tender their notes after the consent date but by the expiration date will receive the tender offer payment of $993.75 per $1,000 of notes, which is the total payment less the consent fee.
The company also will pay accrued interest up to but excluding the payment date.
Holders may continue to tender notes until 8 a.m. ET on Feb. 22.
The offer is conditioned on 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.
Casella priced a $200 million issue of eight-year senior subordinated notes (Caa1/B-) at par to yield 7¾% on Jan. 26.
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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