Casella Waste Systems, Inc. Announces Pricing of Remarketed FAME Solid Waste Disposal Revenue Bonds
January 26 2017 - 12:24PM
Casella Waste Systems, Inc. (NASDAQ:CWST), a regional solid waste,
recycling and resource management services company, announced today
that it has priced $25.0 million aggregate principal amount of
Finance Authority of Maine (“FAME”) Solid Waste Disposal Revenue
Bonds (Casella Waste Systems, Inc. Project) Series 2005R-3 (the
“2005R-3 Bonds”). The 2005R-3 Bonds were previously
designated as $3.6 million aggregate principal amount of FAME Solid
Waste Disposal Revenue Bonds (Casella Waste Systems, Inc. Project)
Series 2005R-1 and $21.4 million aggregate principal amount of FAME
Solid Waste Disposal Revenue Bonds (Casella Waste Systems, Inc.
Project) Series 2005R-2. The 2005R-3 Bonds will bear interest
at 5.25% until maturity. The 2005R-3 Bonds are expected to be
remarketed on February 1, 2017.
The FAME Solid Waste Disposal Revenue Bonds (Casella Waste
Services, Inc. Project) Series 2005 were originally issued on
December 28, 2005 and have a final maturity of January 1,
2025. The 2005R-3 Bonds will be guaranteed by all or
substantially all of the subsidiaries of Casella. The 2005R-3
Bonds are not a general or contingent obligation of FAME, or of the
State of Maine, and are payable solely from amounts received from
Casella under the indenture for the 2005R-3 Bonds.
The 2005R-3 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 2005R-3 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 2005R-3 Bonds,
nor shall there be any sale of the 2005R-3 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" intended to qualify for the safe
harbors from liability established by the Private Securities
Litigation Reform Act of 1995, including, among others, Casella's
intention to remarket the 2005R-3 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 2005R-3 Bonds. There
can be no assurance that Casella will be able to complete the
remarketing of the 2005R-3 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 and Form 10-Q
for the quarterly period ended September 30, 2016. 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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