Casella waste systems, inc. announces offering of new york state environmental facilities corporation solid waste disposal revenue bonds

Rutland, vt., aug. 01, 2023 (globe newswire) -- casella waste systems, inc. (“casella”) (nasdaq:cwst), a regional solid waste, recycling and resource management services company, today announced an offering of up to $35.0 million aggregate principal amount of new york state environmental facilities corporation (the “issuer”) solid waste disposal revenue bonds (casella waste systems, inc. project) series 2020r-2 (the “bonds”) under an indenture between the issuer and the bond trustee, dated as of september 1, 2020 (the “indenture”). the bonds represent the drawdown (which would no longer be available to the company if not occurring by september 2, 2023) of the remainder of the new york state environmental facilities corporation solid waste disposal revenue bonds series 2020, the initial proceeds of which, in the amount of $40.0 million, were issued in september 2020. the bonds will be guaranteed under an amended and restated guaranty (the “guaranty”) by all or substantially all of casella's subsidiaries (the “guarantors”), as required by the terms of the loan agreement, dated as of september 1, 2020, between the issuer and casella (the “loan agreement”), pursuant to which the issuer will loan the proceeds of the bonds to casella. casella intends to use the net proceeds of the bonds to finance and/or reimburse casella for certain costs of certain capital projects in the state of new york.
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