Casella Waste to acquire Twin Bridges for $219M; expects $70M revenue, $18M EBITDA

CASELLA WASTE SYSTEMS INC

Purchase price $219M in cash; expected close Q4 2023, subject to regulatory approvals.
Acquired operations projected to generate ~$70M revenue, ~$18M EBITDA, and ~$1M net income annually.
Casella expects ~$4M in annual synergies by year three and ~$61M in cash tax benefits over multi-year.
Assets: two collection ops, one transfer station, one MRF with robotics, office building, satellite properties in greater Albany, NY.
Secured up to $200M bridge financing from Raymond James Bank and Stifel Bank for a portion of the consideration.

Key facts

Extracted from this filing and checked against the source text.

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

CASELLA WASTE SYSTEMS INC entered into Unsecured Bridge Commitment Letter with Raymond James Bank and Stifel Bank & Trust valued at up to $200 million (effective 2023-06-09).

Action: entry
Agreement: credit facility
Counterparty: Raymond James Bank and Stifel Bank & Trust
Value: up to $200 million
Effective: 2023-06-09

Exact text from the filing

entered into a Commitment Letter, dated as of June 9, 2023 (the “Unsecured Bridge Commitment Letter”), with Raymond James Bank and Stifel Bank & Trust (collectively, the “Commitment Parties”), pursuant to which, among other things, the Commitment Parties committed, on the terms and conditions set forth in the Unsecured Bridge Commitment Letter, to provide the Registrant with unsecured bridge financing in the amount of up to $200 million

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Source: SEC EDGAR

accession 0001193125-23-165320

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