Casella Waste Systems, Inc. Announces Pricing of Business Finance Authority of the State of New Hampshire Solid Waste Disposal
April 03 2013 - 3:40PM
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 offering of up to
$5,500,000 principal amount of Business Finance Authority of the
State of New Hampshire Solid Waste Disposal Long-Term Revenue Bonds
(Casella Waste Systems, Inc. Project), Series 2013 (the "Bonds")
due April 1, 2029. An additional $5,500,000 aggregate principal
amount of Bonds may be offered under the same indenture in the
future. The net proceeds of the Bonds will be loaned to Casella to
enable it to repay borrowings under its revolving credit facility
for assets purchased in New Hampshire since October 5, 2011. A
letter of credit payable to the Bond trustee may be drawn on to pay
the principal, purchase price and interest due on the Bonds.
Interest on the Bonds will initially accrue at a variable rate
as determined on a weekly basis by the remarketing agent. The
interest rate of the Bonds as of the closing will be
0.200%. The issuance of the Bonds is expected to close on
April 4, 2013.
The Bonds have not been and will not be registered under the
Securities Act and may not be offered or sold in the United States
absent registration or 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 Casella "anticipates," "will," "intends,"
and other similar expressions. Among the forward-looking
statements in this press release are statements regarding the
issuance of the Bonds and Casella's expectations regarding the use
of proceeds 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 issuance 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 and Casella's ability to
consummate the issuance 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: Investors:
Ned Coletta
Chief Financial Officer
(802) 772-2239
Media:
Joseph Fusco
Vice President
(802) 772-2247
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