Casella Waste gets $200 million bridge commitment for acquisition

By Sara Rosenberg

New York, June 12 – Casella Waste Systems Inc. has received a commitment for an up to $200 million 364-day unsecured bridge loan to support its purchase of Consolidated Waste Services LLC, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Raymond James Bank and Stifel Bank & Trust provided the debt commitment.

Pricing on the bridge loan is SOFR+10 basis points CSA plus 525 bps. The spread will increase by 50 bps every 90 days until it hits a cap of 675 bps.

Under the agreement, Consolidated Waste, a solid waste management company, is being bought for about $219 million in cash.

Closing is expected by the fourth quarter, subject to customary conditions, including regulatory approvals.

Casella Waste is a Rutland, Vt.-based solid waste, recycling and resource management services company.

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