Casella to remarket State of New Hampshire solid waste disposal revenue bonds

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Casella to remarket State of New Hampshire solid waste disposal revenue bonds

Thu, 09/12/2019 - 3:15am -- tim

Vermont Business Magazine Casella Waste Systems, Inc (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 Solid Waste Disposal Revenue Bonds Series 2013. 

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.

Source: RUTLAND, Vt., Sept. 11, 2019 (GLOBE NEWSWIRE) -- Casella Waste Systems, Inc