Date: May 20, 2011
Source: Advanced Disposal Services, Inc.
Advanced Disposal Services (Jacksonville, FL) said it has refinanced its existing senior credit facilities with an amended and expanded $435 million credit line that adds $100 million in borrowing capacity which the company said it may use in pursuit of further acquisitions or for day-to-day operations. The company said the credit facility has been used to retire borrowing under its existing $250 million revolving credit facility due January 2014 and a $150 million Term B loan due Jan. 15. "Advanced Disposal's continued strong cash flow generation, excellent operating profitability and disciplined expansion of its 'integrated geographic hub' operating concept resulted in strong demand for the credit facility," Advanced Disposal CEO Charlie Appleby said in a press release.
The credit facility - which was jointly arranged by Bank of America Corp., SunTrust Bank and Wells Fargo & Co. with nine additional commercial banks - matures April 2016 and allows the company an aggregate commitment to $500 million subject to certain conditions.
Advanced Disposal provides collection, transfer, disposal and recycling operations to more than 45,500 commercial customers and 753,000 residential customers throughout Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina and Tennessee.