Date: March 27, 2006
Source: PR Newswire
Waste Industries USA, Inc. (Nasdaq: WWIN), a regional, non-hazardous solid waste services company, today announced it has completed the amendment and restatement of its senior secured revolver credit facility. The amended $200 million facility matures in October 2009 and replaces the facility expiring in February 2007.
The company may increase the facility up to $300 million at any time prior to maturity. The financial covenants generally are less restrictive than those in the prior facility and include leverage covenants and an interest coverage covenant.
"We are pleased that we were able to successfully negotiate a credit facility that we believe provides us with the flexibility to execute our growth strategy and reduces our overall borrowing costs," said Steve Grissom, Chief Financial Officer of Waste Industries. "We thank the participating banks for the support the facility gives our company."
Banc of America Securities served as facility Arranger with Bank of America as Administrative Agent, Branch Banking and Trust Company as Documentation Agent and Wachovia Bank as Syndication Agent. Other participant banks include Comerica, RBC Centura and LaSalle Bank.
The credit agreement will be filed with the SEC as an exhibit in a Form 8-K.
More information: www.waste-ind.com.