RALEIGH, N.C., March 27 /PRNewswire-FirstCall/ -- Waste Industries USA,
Inc. (Nasdaq: WWIN), a regional, non-hazardous solid waste services company,
today announced it has completed the amendment and restatement of its senior
secured revolver credit facility. The amended $200 million facility matures in
October 2009 and replaces the facility expiring in February 2007.
The company may increase the facility up to $300 million at any time prior
to maturity. The financial covenants generally are less restrictive than
those in the prior facility and include leverage covenants and an interest
coverage covenant.
"We are pleased that we were able to successfully negotiate a credit
facility that we believe provides us with the flexibility to execute our
growth strategy and reduces our overall borrowing costs," said Steve Grissom,
Chief Financial Officer of Waste Industries. "We thank the participating banks
for the support the facility gives our company."
Banc of America Securities served as facility Arranger with Bank of
America as Administrative Agent, Branch Banking and Trust Company as
Documentation Agent and Wachovia Bank as Syndication Agent. Other participant
banks include Comerica, RBC Centura and LaSalle Bank.
The credit agreement will be filed with the SEC as an exhibit in a
Form 8-K.
Waste Industries USA, Inc. is a vertically integrated solid waste services
company that provides collection, transfer, disposal and recycling services to
commercial, industrial and residential customer locations in the states of
North Carolina, South Carolina, Virginia, Tennessee, Georgia, Mississippi, and
Florida. We currently operate 34 collection operations, 28 transfer stations,
approximately 60 county convenience drop-off centers, eight recycling
facilities and 10 landfills in the southeastern U.S.
This press release contains forward-looking statements under the Private
Securities Litigation Reform Act of 1995. These forward-looking statements
can generally be identified as such because the statement will include words
such as "should," "expects," "believes," "anticipates" or words of similar
import. Similarly, statements that describe the Company's future plans,
objectives or goals are also forward-looking statements. Forward-looking
statements are subject to risks and uncertainties, such as risks in increasing
fuel prices, the development and operation of landfills, weather conditions,
managing liquidity and capital resources, difficulties in managing rapid
growth, integrating and managing acquired operations, identifying and
completing future acquisition targets and economic conditions that could cause
actual results to differ materially from those currently anticipated.
Consider these factors carefully in evaluating the forward-looking statements.
Additional information concerning factors that could cause actual results to
differ materially from those in the forward-looking statements is contained
from time to time in the Company's SEC filings. The forward-looking
statements made herein are only made as of the date of this press release and
the Company undertakes no obligation to publicly update such forward-looking
statements.
SOURCE Waste Industries USA, Inc.
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Related links:
http://www.waste-ind.com
Company News On-Call:
http://www.prnewswire.com/comp/120685.html
CONTACT:
Carol Dalton of Waste Industries USA, Inc.,
+1-919-325-3000
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