Waste Industries Finances $750 Million Senior Credit Facility

Date: March 22, 2011

Source: Waste Industries USA, Inc.

Waste Industries Completes Refinancing

Regional solid waste services company Waste Industries USA, Inc. successfully completed a refinancing of its existing credit facility with a $750 million senior secured credit facility, consisting of a $325 million revolving facility due 2016 and a $425 million term loan B due 2017. The proceeds were used to refinance existing borrowings and pay related fees and expenses. Available capacity under the new revolver of approximately $200 million will be used for acquisitions, new facility development and general corporate purposes. The Company has the right to increase the aggregate amount of the facility by $150 million, subject to certain conditions. The new credit facility was led by Bank of America, with joint lead arrangers Wells Fargo and Macquarie, with SunTrust Bank as Co-Documentation Agent. Six additional commercial banks and 42 institutional lenders participated in the new financing.

Ven Poole, the company's Chief Executive Officer commented; "This new credit facility will allow the Company to continue its 40 year history of solid growth and will also contribute to the Company's development of new recycling, disposal and power generation facilities across the Southeast. The confidence these 53 financial institutions have shown in our company is a testament to the 1,800 hard working men and women who have chosen Waste Industries for their career and the 450,000 loyal customers who rely on us every day for their solid waste disposal needs." Waste Industries was assigned a corporate family rating of B1 from Moody's and B+ from Standard and Poor's. This is the first time the Company has sought a rating or accessed the institutional term loan market.

With over $400 million in annual revenue, Waste Industries USA, Inc is a regional provider of non-hazardous solid waste collection, transfer, recycling, and disposal services. The company currently operates in North Carolina, South Carolina, Georgia, Tennessee, Virginia, Maryland and Delaware. In addition to its solid waste services business, a wholly owned subsidiary of the company, Black Creek Renewable Energy, LLC, began operation of its landfill gas-to-energy plant in March, adjacent to the company's Sampson County, N.C. landfill. Power generation is sufficient to supply electricity to approximately 4,000 households.

Sign up to receive our free Weekly News Bulletin