Casella Waste Systems, Inc. Announces Remarketing of the Business Finance Authority of the State of New Hampshire Solid Waste...
September 11 2019 - 8:00AM
Casella Waste Systems, Inc. (“Casella”) (NASDAQ:CWST), a regional
solid waste, recycling and resource management services company,
today announced that it has commenced the remarketing of $11.0
million aggregate principal amount of the Business Finance
Authority of the State of New Hampshire (the “Authority”) Solid
Waste Disposal Revenue Bonds (Casella Waste Systems, Inc. Project)
Series 2013 (the “Bonds”).
The Bonds have a final maturity of April 1,
2029. Pursuant to the indenture under which the Bonds were
offered, the interest rate period under which the Bonds were
previously issued is expiring on October 1, 2019, and accordingly,
the Bonds are being remarketed at a new interest rate for a new
interest rate period. The Bonds have been guaranteed by all
or substantially all of Casella’s subsidiaries, as required
pursuant to the terms of the indenture. The Bonds are not a
general obligation of the Authority, nor are they a debt or pledge
of the faith and credit of the State of New Hampshire, and are
payable solely from amounts received from Casella under the
indenture. Casella has issued a notice of a mandatory tender
for the Bonds with respect to the expiring interest rate
period. The remarketing is expected to become effective on
October 1, 2019.
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 interest
rate period, interest rate and timing of the offerings of the Bonds
will depend upon market conditions and other factors, and there can
be no assurance that the offerings will be completed.
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 remarket the Bonds. 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 remarketing of the Bonds,
as well as additional risks and uncertainties detailed in Item 1A,
“Risk Factors” in the Company’s Form 10-K for the fiscal year ended
December 31, 2018. There can be no assurance that Casella
will be able to complete the remarketing of the Bonds on the
anticipated terms, or at all. 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 |
|
|
Source: Casella Waste Systems, Inc.
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