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Casella Waste Systems, Inc. closed the remarketing of $37.5 million of New York State Environmental Facilities Corporation solid waste disposal revenue bonds that were originally issued in 2020 and mature in 2050. The remarketed bonds now carry a fixed interest rate of 4.250% per year for a rate period ending September 2, 2030. On the same date, the company also redeemed $2.5 million principal amount of these bonds using cash on hand.
The remarketed bonds remain tax-exempt and are guaranteed by substantially all of the company’s subsidiaries under an amended and restated guaranty that has been reaffirmed. The filing explains that if the company breaches certain covenants or tax representations, interest on the remarketed bonds could become taxable and the bonds would be subject to mandatory redemption at 100% of principal plus accrued interest.
Casella Waste Systems, Inc. reported that it has priced the previously announced remarketing of $37.5 million aggregate principal amount of New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds, Series 2020R-1. These Bonds were originally issued in the aggregate principal amount of $40.0 million and have a final maturity of September 1, 2050.
The Company expects to redeem $2.5 million of the Bonds on September 2, 2025 using cash on hand, with the remaining $37.5 million to be remarketed on that date at a new interest rate of 4.250% per annum for a period ending September 2, 2030. The Bonds are guaranteed by substantially all subsidiaries, and are payable solely from amounts received from the Company and the guarantors, not from the general credit of the Issuer or the State of New York.
The remarketed Bonds will be offered only to qualified institutional buyers under Rule 144A, will not be registered under the Securities Act, and may only be sold pursuant to an exemption from registration. The Company cautions that completion of the redemption and remarketing is subject to market conditions, consents and other closing conditions, and may not occur as expected.
Casella Waste Systems, Inc. filed an Form 8-K reporting that planned remarketing or redemption of certain bonds may not be completed as expected. The company warns it cannot guarantee that the remarketing or redemption will occur, that bond proceeds will be available, or that proceeds will be applied as intended.
The filing identifies key risks that could prevent completion, including market conditions, the need to obtain all required consents, and satisfaction of other closing conditions. The company directs readers to its risk disclosures in filings for the fiscal year ended December 31, 2024 and states it undertakes no obligation to update forward-looking statements except as required by law.
Wasatch Advisors LP filed a Schedule 13G reporting beneficial ownership of 3,412,123 shares of Casella Waste Systems Inc Class A common stock, representing 5.5% of the class. The filing shows Wasatch has sole voting power over 2,630,150 shares and sole dispositive power over the full 3,412,123 shares reported.
The filer is identified as an investment adviser (IA) organized in Delaware and certifies these shares are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.