CASELLA WASTE SYSTEMS INC (CWST): debt financing — Casella Waste Systems amends credit agreement with sustainability-linked pricing and SOFR transition

CASELLA WASTE SYSTEMS INC

First Amendment ties interest rate margin to two KPI metrics: resource solutions tonnage and total recordable incident rate, with adjustments up to ±4 bps for drawn and ±1 bps for commitment fees.
Second Amendment shifts benchmark from LIBOR to Term SOFR plus 10 bps margin; interest rates range 1.125% to 2.125% plus sustainability adjustment.
Credit agreement provides $350M term loan and $300M revolving facility with $75M letter of credit sublimit.
Sustainability adjustments effective annually starting FY2023, based on certification by a qualified auditor.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CASELLA WASTE SYSTEMS INC amended credit facility of $350 million with Bank of America, N.A., as administrative agent, swing line lender, letter of credit issuer and lender at Term SOFR plus a margin in the range of 1.125% to 2.125% per annum, plus a susta.

Instrument: credit facility
Principal: $350 million
Counterparty: Bank of America, N.A., as administrative agent, swing line lender, letter of credit issuer and lender
Rate: Term SOFR plus a margin in the range of 1.125% to 2.125% per annum, plus a susta
Event: amendment

Exact text from the filing

Credit Agreement, under which the Company and its subsidiaries (subject to certain exceptions) are co-borrowers, provides for a term loan A facility in the principal amount of $350 million (the “Term Loan Facility”) and a revolving credit facility in the principal amount of up to $300 million, with a $75 million sublimit for letters of credit. The First Amendment

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CASELLA WASTE SYSTEMS INC amended First Amendment with Bank of America, N.A., as administrative agent, swing line lender, letter of credit issuer and lender, and the other financial institutions party thereto (effective 2023-02-09).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent, swing line lender, letter of credit issuer and lender, and the other financial institutions party thereto
Effective: 2023-02-09

Exact text from the filing

(the “Company”) entered into a first amendment (the “First Amendment”) and on February 9, 2023 the Company entered into a second amendment (the “Second Amendment”) to its Amended and Restated Credit Agreement dated as of December 22, 2021 (the “Existing Credit Agreement”) by and among the Company, its subsidiaries identified therein, Bank of America, N.A., as administrative agent, swing line lender, letter of credit issuer and lender, and the other financial institutions party thereto (as amended, the “Credit Agreement”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CASELLA WASTE SYSTEMS INC amended Second Amendment with Bank of America, N.A., as administrative agent, swing line lender, letter of credit issuer and lender, and the other financial institutions party thereto (effective 2023-02-09).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent, swing line lender, letter of credit issuer and lender, and the other financial institutions party thereto
Effective: 2023-02-09

Exact text from the filing

on February 9, 2023 the Company entered into a second amendment (the “Second Amendment”) to its Amended and Restated Credit Agreement dated as of December 22, 2021

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Source: SEC EDGAR

accession 0001193125-23-032510

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