Casella Waste Systems, Inc. (NASDAQ:CWST) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
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Entry into a Material Definitive Agreement.
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entered into the First Amendment (the Repricing Amendment) to the
Credit Agreement, dated as of October 17, 2016, among the
Company, the subsidiaries of the Company identified therein and
Bank of America, N.A., as administrative agent (as amended from
time to time, including by the Repricing Amendment, the Credit
Agreement). The Repricing Amendment decreased the applicable
interest margin for the Companys term loans under the Credit
Agreement by 25 basis points for both LIBOR borrowings and base
rate borrowings. The applicable interest margin will continue to
be determined based on the Companys net leverage ratio, as
defined in the Credit Agreement, with the interest currently set
at 2.75% for LIBOR borrowings (with a 1.00% LIBOR floor), and
1.75% for base rate borrowings. The Repricing Amendment also
reset the period during which a prepayment premium may be
required for a Repricing Transaction (as defined in the Credit
Agreement) until six months after the effective date of the
Repricing Amendment. In connection with the execution of the
Repricing Amendment, the Company paid certain customary fees and
expenses of Bank of America, N.A. in its capacity as
administrative agent, and Merrill Lynch, Pierce Fenner Smith
Incorporated in its capacity as joint lead arranger.
its entirely by the complete text of the Repricing Amendment, a
copy of which is attached to this Current Report on Form 8-K as
Exhibit 10.1 and is incorporated herein by reference as if fully
set forth herein.
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Item 2.03.
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Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant. |
1.01 of this Current Report on Form 8-K is incorporated herein by
reference.
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Item 7.01.
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Regulation FD Disclosure.
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the execution of the Repricing Amendment. A copy of the press
release is furnished as Exhibit 99.1 to this Current Report on
Form 8-K.
8-K (including Exhibit 99.1) shall not be deemed filed for
purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the Exchange Act), or otherwise subject to the
liabilities of that section, nor shall it be deemed incorporated
by reference in any filing under the Securities Act of 1933, as
amended, or the Exchange Act, except as expressly set forth by
specific reference in such a filing.
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Item 9.01
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Financial Statements and Exhibits.
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About Casella Waste Systems, Inc. (NASDAQ:CWST)
Casella Waste Systems, Inc. is a solid waste services company. The Company provides resource management services to residential, commercial, municipal and industrial customers, in the areas of solid waste collection and disposal, transfer, recycling and organics services. Its segments include its two regional segments, Eastern and Western regions, which provide a range of solid waste services; Recycling, which offers recycling operations and its commodity brokerage operations, and Other, including organic services, ancillary operations and industrial services. It provides integrated solid waste services in over six states: Vermont, New Hampshire, New York, Massachusetts, Maine and Pennsylvania. It owns or operates over 30 solid waste collection operations, over 40 transfer stations, approximately 20 recycling facilities, approximately 10 Subtitle D landfills, over four landfill gas-to-energy facilities and a landfill permitted to accept construction and demolition (C&D) materials. Casella Waste Systems, Inc. (NASDAQ:CWST) Recent Trading Information
Casella Waste Systems, Inc. (NASDAQ:CWST) closed its last trading session up +0.05 at 14.15 with 152,481 shares trading hands.
