Casella Waste Systems, Inc. Announces Pricing of the Conversion and Remarketing of a Portion of FAME Solid Waste Disposal Rev...
January 24 2012 - 4:00PM
Marketwired
Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste,
recycling and resource management services company, announced today
that it has priced the previously announced conversion and
remarketing of $21.4 million aggregate principal amount of Finance
Authority of Maine Solid Waste Disposal Revenue Bonds (Casella
Waste Systems, Inc. Project) Series 2005 (the "Bonds"). The Bonds
will bear interest at 6.25% until January 31, 2017 and be subject
to mandatory tender on February 1, 2017. The Bonds have a final
maturity of January 1, 2025 and will include additional covenants
and credit support for the benefit of holders, including guarantees
by certain subsidiaries of Casella. The Bonds will not be secured
by a letter of credit.
Following issuance of the Bonds on February 1, 2012, $3.6
million aggregate principal amount of the $25.0 million aggregate
principal amount of Finance Authority of Maine Solid Waste Disposal
Revenue Bonds (Casella Waste Systems, Inc. Project) Series 2005
originally issued on December 28, 2005, will remain in a weekly
interest rate period and will remain secured by a letter of credit
issued by Bank of America, N.A.
The Bonds are being offered only to qualified institutional
buyers as defined in Rule 144A under the Securities Act of 1933, as
amended (the "Securities Act").
The Bonds have not been and will not be registered under the
Securities Act and will be offered and sold pursuant to an
applicable exemption from the registration requirements of the
Securities Act and other applicable securities laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the Bonds, nor shall there be any
sale of the Bonds in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such jurisdiction.
This notice is being issued pursuant to and in accordance with Rule
135c under the Securities Act.
Safe Harbor Statement
Certain matters discussed in this press release are
"forward-looking statements" intended to qualify for the safe
harbors from liability established by the Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
generally be identified as such by the context of the statements,
including words such as "expects," "will," "intends," and other
similar expressions. Among the forward-looking statements in this
press release are statements regarding the conversion and
remarketing of the Bonds. All of these forward-looking statements
are based on current expectations and estimates and management's
beliefs and assumptions. Casella cannot guarantee that it will
complete the conversion and remarketing on the terms disclosed in
the forward-looking statements or at all. Such forward-looking
statements involve a number of risks and uncertainties, including,
among other things, market conditions, potential changes in credit
rating and Casella's ability to successfully consummate the
remarketing of the Bonds. Casella expressly disclaims any
obligation to update such statements to reflect change in its
expectations whether as a result of new information, future events
or otherwise, except as required.
Contact: Ned Coletta Vice President, Finance and Investor
Relations (802) 772-2239
Casella Waste Systems (NASDAQ:CWST)
Historical Stock Chart
From Jun 2024 to Jul 2024
Casella Waste Systems (NASDAQ:CWST)
Historical Stock Chart
From Jul 2023 to Jul 2024