BofA Leads Waste Industries USA Refinancing
Waste Industries USA announced it successfully completed a $975 million refinancing of its existing senior secured credit facilities, consisting of a $275 million revolving credit facility and a $700 million term loan B, both maturing in 2020.
The new credit facility was led by Bank of America and joint lead arrangers SunTrust Robinson Humphrey, Credit Suisse and Macquarie Capital. Five additional commercial banks and over 100 institutional lenders also participated in the new financing. Waste Industries was assigned a corporate family rating of B1 from Moody’s and BB- from Standard and Poor’s.
The proceeds are being used to refinance existing borrowings, redeem preferred equity, fund a dividend to shareholders and pay related fees and expenses. Available capacity under the new revolver of approximately $260 million will be used for acquisitions and general corporate purposes. The company has the right to increase the aggregate amount of the facility in unlimited quantity subject to certain conditions.
Raleigh, NC-based Waste Industries USA is a regional provider of non-hazardous solid waste collection, transfer, recycling, and disposal services. The company currently operates in NC, SC, GA, TN, VA, MD and DE.