Date: June 9, 2008
Source: Waste Connections, Inc.
Waste Connections Inc. has increased the size of an unsecured line of credit by $45 million, bringing the total to $845 million. As of May 31 the Folsom-based waste management firm had $546 million of outstanding debt under the credit agreement, including about $71 million for lines of credit. The lenders are Bank of America N.A. and JPMorgan Chase Bank N.A. Pricing, terms, conditions and covenants of the credit agreement remain the same.
Waste Connections provides solid waste collection, transfer, disposal and recycling services in mostly secondary markets in the Western and Southern U.S. The company serves approximately 1.5 million residential, commercial and industrial customers from a network of operations in 23 states. The company also provides intermodal services for the movement of containers in the Pacific Northwest. Waste Connections, Inc. was founded in September 1997.
For the first quarter of 2008, the company reported revenue of $250.3 million, a 14.3% increase over revenue of $219.0 million in the year-ago period. Operating income was $50.8 million, a 9.4% increase over operating income of $46.4 million in the first quarter of 2007. Net income in the quarter was $23.1 million, or $0.34 per share on a diluted basis of 68.1 million shares, according to a statement.
According to an SEC filing dated June 10, 2008:
On June 9, 2008, Waste Connections, Inc. (the "Company") increased the size of its existing unsecured Revolving Credit Agreement ("Credit Agreement") by $45 million to $845 million, pursuant to that certain Increase in Commitment, dated as of June 9, 2008, by and among the Company, certain of the Company's subsidiaries, Bank of America, N.A. and JPMorgan Chase Bank, N.A., as increasing lenders, and Bank of America, N.A., as administrative agent (the "Commitment Increase"). As of May 31, 2008, we had approximately $546 million of outstanding obligations under our Credit Agreement, including approximately $71 million for letters of credit.
Other than this increase in commitments, the pricing, terms, conditions and covenants of the Credit Agreement remain the same.
For more information, visit: www.wasteconnections.com.