Waste Connections closed a $3.2 billion revolving credit and term loan agreement with Bank of America as agent for a syndicate of lenders.

Under the credit agreement, Waste Connections may borrow up to an aggregate principal amount of $3.2 billion, which amount may be increased up to a maximum aggregate principal amount of $3.7 billion under the terms thereof.

The credit agreement and a 2016 master note purchase agreement were closed in connection with the successful completion of the merger transaction involving Waste Connections (formerly Progressive Waste Solutions) and Waste Connections US, (Old Waste Connections).

Approximately $2.2 billion of the $3.2 billion of credit available under the credit agreement was drawn today by Waste Connections to pay off and discharge the indebtedness outstanding under the credit facilities of each of Progressive Waste and Old Waste Connections and for other general corporate purposes.

Waste Connections is an integrated solid waste services company that provides waste collection, transfer, disposal and recycling services in mostly exclusive and secondary markets in the U.S. and Canada.