Casella Waste Systems, Inc. Announces Remarketing of $25.0 Million of New York State Environmental Facilities Corporation Sol...
November 06 2019 - 7:30AM
Casella Waste Systems, Inc. (“Casella”) (NASDAQ:CWST), a regional
solid waste, recycling and resource management services company,
today announced that it has commenced the remarketing of the $25.0
million aggregate principal amount of New York State Environmental
Facilities Corporation (the “Issuer”) Solid Waste Disposal Revenue
Bonds (Casella Waste Systems, Inc. Project) Series 2014 (the
“Bonds”) that were issued on December 18, 2014.
The Bonds have a final maturity of December 1,
2044. Pursuant to the indenture under which the Bonds were offered
(the “Indenture”), the interest rate period under which the Bonds
were previously issued is expiring on December 2, 2019, and
accordingly, Casella expects that the Bonds will be remarketed at a
new interest rate for a new interest rate period commencing on
December 2, 2019. The Bonds have been guaranteed by substantially
all of Casella’s subsidiaries, as required pursuant to the terms of
the loan agreement pursuant to which the Issuer loaned the proceeds
of the Bonds to Casella. The Bonds are not a general obligation of
the Issuer and do not constitute an indebtedness of or a charge
against the general credit of the Issuer. The Bonds are not a debt
of the State of New York and are payable solely from amounts
received from Casella under the terms of the Indenture. Casella
intends to issue a notice of mandatory tender for the Bonds with
respect to the expiring interest rate period on or about November
8, 2019. The remarketing is expected to become effective on
December 2, 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 interest rate
period, interest rate and timing of the offering of the Bonds will
depend upon market conditions and other factors, and there can be
no assurance that the offering will be completed.
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, 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 Bonds, as well as additional risks and uncertainties detailed
in Item 1A, “Risk Factors” in the Company’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:Edmond R. ColettaChief Financial Officer(802)
772-2239
Media:Joseph FuscoVice President(802) 772-2247
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