Casella Waste Systems, Inc. Announces New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bond O...
May 09 2016 - 4:15PM
Casella Waste Systems, Inc. (NASDAQ:CWST), a regional solid waste,
recycling and resource management services company, announced today
an offering of $15.0 million aggregate principal amount of New York
State Environmental Facilities Corporation (“EFC”) Solid Waste
Disposal Revenue Bonds (Casella Waste Systems, Inc. Project) Series
2014R-2 (the “Bonds”), under an indenture between EFC and the bond
trustee. The Bonds represent the drawdown of the remainder of
the New York State Environmental Facilities Corporation solid waste
disposal revenue bonds, the initial proceeds of which, in the
amount of $25.0 million, were loaned to Casella in December
2014. The Bonds will be guaranteed by certain subsidiaries of
Casella, pursuant to the terms of the indenture. The exact
terms and timing of the Bonds offering will depend upon market
conditions and other factors. The net proceeds of the Bonds will be
loaned to Casella to enable it to finance or refinance certain
costs relating to landfill development and improvements; the
construction, improvement and equipping of solid waste disposal,
collection, transfer, recycling and customer care facilities; the
acquisition of vehicle, container and related equipment for solid
waste collection and transportation services; and the issuance of
the Bonds.
The Bonds are being offered only to qualified institutional
buyers as defined in Rule 144A under the Securities Act of 1933, as
amended (the “Securities Act”).
The Bonds have not been and will not be
registered under the Securities Act and may not be offered or sold
in the United States absent registration or an applicable exemption
from the registration requirements of the Securities Act and other
applicable securities laws.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy the Bonds, nor shall
there be any sale of the Bonds in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction. This notice is being issued pursuant to and in
accordance with Rule 135c under the Securities Act.
Safe Harbor Statement
Certain matters discussed in this press release
are “forward-looking statements”, including, among others,
Casella’s intention to issue the Bonds and its expectations
regarding the use of proceeds of the Bonds, intended to qualify for
the safe harbors from liability established by the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements can generally be identified as such by the context of
the statements, including words such as “believe,” “expect,”
“anticipate,” “plan,” “may,” “will,” “would,” “intend,” “estimate,”
“guidance” and other similar expressions, whether in the negative
or affirmative. These forward-looking statements are based on
current expectations, estimates, forecasts and projections about
the industry and markets in which Casella operates and management’s
beliefs and assumptions. Casella cannot guarantee that it actually
will achieve the plans, intentions, expectations or guidance
disclosed in the forward-looking statements made. Such
forward-looking statements involve a number of risks and
uncertainties, any one or more of which could cause actual results
to differ materially from those described in Casella’s
forward-looking statements. Such risks and uncertainties include or
relate to, among other things: market conditions and Casella’s
ability to consummate the offering of the Bonds. There can be no
assurance that Casella will be able to complete the proposed
offering of the Bonds on the anticipated terms, or at all. These
additional risks and uncertainties include, without limitation,
those detailed in Item 1A, “Risk Factors” in Casella’s Form
10-K for the fiscal year ended December 31, 2015. Casella
undertakes no obligation to update publicly any forward-looking
statements whether as a result of new information, future events or
otherwise, except as required by law.
Contact:
Investors:
Ned Coletta
Chief Financial Officer
(802) 772-2239
Media:
Joseph Fusco
Vice President
(802) 772-2247
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