Casella amends to change financial covenants to ensure compliance

By Sara Rosenberg

New York, May 2 - Casella Waste Systems Inc. amended its credit facility, revising financial covenants so that it will be in compliance for the period ended April 30, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Under the amendment, the minimum interest coverage ratio was changed to 2.15:1.00 from April 30 through July 31, to 2.25:1.00 from Oct. 31 through Jan. 31, 2013 and to 2.50:1.00 thereafter.

Also, the maximum consolidated total funded debt to consolidated EBITDA ratio was revised to 5:25:1.00 from April 30 through Jan. 31, 2014, to 5.00:1.00 from April 30, 2014 through Jan. 31, 2015, to 4.75:1.00 from April 30, 2015 through Jan. 31, 2016 and to 4.50:1.00 thereafter.

And, the maximum consolidated senior funded debt to consolidated EBITDA ratio was modified to 3.25:1.00 from April 30 through Jan. 31, 2014, to 3.00:1.00 from April 30, 2014 through Jan. 31, 2016 and to 2.75:1.00 thereafter.

The amendment was completed on April 27.

Bank of America is the administrative agent on the deal.

Casella is a Rutland, Vt.-based provider of resource management services in the areas of solid waste collection, transfer, disposal, recycling and organics services.

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