Waste Industries flexes $700 million term loan B to Libor plus 325 bps

By Sara Rosenberg

New York, Feb. 19 – Waste Industries USA Inc. lowered pricing on its $700 million five-year covenant-light term loan B (B1/BB-) to Libor plus 325 basis points from talk of Libor plus 350 bps to 375 bps, according to a market source.

Also, the original issue discount on the term loan was revised to 99¾ from 99 and the 101 soft call protection was extended to one year from six months, the source said.

The term loan still has a 1% Libor floor.

Recommitments were due at noon ET on Thursday, the source added.

Bank of America Merrill Lynch, Macquarie Capital (USA) Inc., Credit Suisse Securities (USA) LLC and SunTrust Robinson Humphrey Inc. are the joint lead arrangers on the deal.

Proceeds will be used to refinance existing credit facilities, repay industrial revenue bonds, redeem class A equity units and pay a distribution to class B shareholders, the source said.

Waste Industries is a Raleigh, N.C.-based solid waste management company.

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