Casella Waste Systems, Inc. Announces Pricing of Remarketed Business Finance Authority of the State of New Hampshire Solid Wa...
September 25 2019 - 12:18PM
Casella Waste Systems, Inc. (“Casella”) (NASDAQ: CWST), a regional
solid waste, recycling and resource management services company,
has priced the previously announced remarketing of $11.0 million
aggregate principal amount of the Business Finance Authority of the
State of New Hampshire (the “Authority”) Solid Waste Disposal
Revenue Bonds (Casella Waste Systems, Inc. Project) Series 2013
(the “Bonds”). The Bonds will bear interest at a rate of
2.95% from October 1, 2019 through final maturity. The Bonds
were originally issued on April 4, 2013 and have a final maturity
date of April 1, 2029. Pursuant to the indenture under which
the Bonds were offered, the interest rate period under which the
Bonds were previously issued is expiring on October 1, 2019, and
accordingly, the Bonds will be remarketed at a new interest rate
for a new interest rate period. The Bonds are guaranteed by
all or substantially all of Casella’s subsidiaries, as required
pursuant to the terms of the indenture. The Bonds are not a
general obligation of the Authority, nor are they a debt or pledge
of the faith and credit of the State of New Hampshire, and are
payable solely from amounts received from Casella under the
indenture. Casella has issued a notice of a mandatory tender
for the Bonds with respect to the expiring interest rate
period. The remarketing is expected to occur on October 1,
2019.
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 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,
including, among others, the statements regarding Casella’s
intention to remarket the Bonds, 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
“believe,” “expect,” “anticipate,” “plan,” “may,” “will,” “would,”
“intend,” “estimate,” “guidance” and other similar expressions,
whether in the negative or affirmative. These forward-looking
statements are based on current expectations, estimates, forecasts
and projections about the industry and markets in which Casella
operates and management’s beliefs and assumptions. Casella
cannot guarantee that it actually will achieve the plans,
intentions, expectations or guidance disclosed in the
forward-looking statements made. Such forward-looking
statements involve a number of risks and uncertainties, any one or
more of which could cause actual results to differ materially from
those described in Casella’s forward-looking statements. Such
risks and uncertainties include or relate to, among other
things: market conditions and Casella’s ability to consummate
the remarketing of the Bond on the anticipated terms, or at all, as
well as additional risks and uncertainties detailed in Item 1A,
“Risk Factors” in Casella’s Form 10-K for the fiscal year ended
December 31, 2018. There can be no assurance that Casella
will be able to complete the remarketing of the Bonds on the
anticipated terms, or at all. Casella undertakes no obligation to
update publicly any forward-looking statements whether as a result
of new information, future events or otherwise, except as required
by law.
Contact:
Investors:
Ned ColettaChief Financial Officer(802) 772-2239
Media: Joseph Fusco Vice President(802) 772-2247
Source: Casella Waste Systems, Inc.
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