Casella Waste Systems, Inc. Announces Early Settlement of Tender Offer and Consent Solicitation and Notice of Redemption of Note
February 07 2011 - 3:01PM
Marketwired
Casella Waste Systems, Inc. (NASDAQ: CWST) (the "Company"), a
regional solid waste, recycling, and resource management company,
announced today the early settlement of its previously announced
cash tender offer and consent solicitation (the "Offer") with
respect to the 9.75% Senior Subordinated Notes due 2013 (CUSIP
Number 147448AB0) (the "Notes") of the Company.
As of 5:00 p.m., New York City time, on February 4, 2011 (the
"Consent Time"), $166,830,000 of the principal amount of the Notes
had been validly tendered and not withdrawn, which represented
approximately 85.55% of the outstanding aggregate principal amount
of the Notes. Today (the "Early Settlement Date"), the Company
accepted for purchase and made payment for (the "Early Settlement")
all of the Notes that were validly tendered at or prior to the
Consent Time.
Holders of Notes who tendered their Notes at or prior to the
Consent Time received $1,003.75 for each $1,000 in principal amount
of the Notes validly tendered (which included a consent payment of
$10.00 per $1,000 in principal amount of Notes), plus any accrued
and unpaid interest up to, but not including, the Early Settlement
Date.
Through the Offer, the Company received the requisite consents
from holders of Notes to approve amendments to the indenture under
which the Notes were issued to remove substantially all of the
restrictive covenants and certain events of default relating to the
Notes. In connection with the Early Settlement, the Company entered
into a supplemental indenture effecting these amendments. The
amendments are binding on all non-tendering holders and affect the
Notes that remain outstanding.
Holders who have not yet tendered their Notes pursuant to the
Offer may continue to tender their Notes under the Offer for the
tender offer consideration of $993.75 per $1,000 in principal
amount of Notes, plus accrued and unpaid interest. The Offer will
expire at 8:00 a.m., New York City time, on February 22, 2011,
unless extended. The Company expects the final settlement date, if
any, to occur promptly after the expiration of the Offer.
The Company also announced today that it has called for
redemption on March 9, 2011 (the "Redemption Date") all of the
Notes that remain outstanding on the Redemption Date. All Notes
outstanding on the Redemption Date will be required to be
surrendered to the Company for redemption at a price of $1,000 per
$1,000 in principal amount of Notes, plus accrued and unpaid
interest to, but not including, the Redemption Date.
This press release does not constitute an offer to purchase the
Notes. The Offer is made solely pursuant to the Offer to Purchase
and Consent Solicitation Statement dated January 24, 2011. The
Offer is not being made to holders of Notes in any jurisdiction in
which the making or acceptance thereof would not be in compliance
with the securities, blue sky or other laws of such
jurisdiction.
About Casella Waste Systems, Inc. Casella
Waste Systems is an integrated solid waste and resource management
company headquartered in Rutland, Vermont. For further information,
investors should contact Ned Coletta, vice president of finance and
investor relations at (802) 772-2239; or visit Casella's website at
http://www.casella.com.
Contact: Ned Coletta (802) 772-2239 http://www.casella.com
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