Waste Industries Completes Refinancing

RALEIGH, N.C., March 2, 2015 /PRNewswire/ -- Waste Industries USA, Inc successfully completed a $975 million refinancing of its existing senior secured credit facilities, consisting of a $275 million revolving credit facility and a $700 million term loan B, both maturing in 2020.

The proceeds are being used to refinance existing borrowings, redeem preferred equity, fund a dividend to shareholders and pay related fees and expenses. Available capacity under the new revolver of approximately $260 million will be used for acquisitions and general corporate purposes. The company has the right to increase the aggregate amount of the facility in unlimited quantity subject to certain conditions. The new credit facility was led by Bank of America and joint lead arrangers SunTrust Robinson Humphrey, Credit Suisse and Macquarie Capital. Five additional commercial banks and over 100 institutional lenders also participated in the new financing. Waste Industries was assigned a corporate family rating of B1 from Moody's and BB- from Standard and Poor's.

Ven Poole, the company's Chief Executive Officer commented: "These new credit facilities will allow the company to continue its 45 year history of solid growth and will also contribute to the company's development and acquisition of new recycling, disposal and power generation facilities across the southeast. The confidence that these financial institutions have shown in our company is a testament to the over 2,300 hard working men and women who have chosen Waste Industries for their career and the 1.1 million loyal customers who rely on us every day for their solid waste disposal needs."

With over $550 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 operates its 9.6 MW landfill-gas-to energy plant adjacent to the company's Sampson County, N.C. landfill. Current power generation is sufficient to supply electricity to approximately 7,000 households.

SOURCE Waste Industries USA, Inc.

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