RALEIGH, N.C., Sept. 4 /PRNewswire-FirstCall/ -- Waste Industries USA,
Inc. (Nasdaq: WWIN), a regional, non-hazardous solid waste services company,
today announced it has completed the refinancing of its senior secured
revolver credit facility. The new $175 million facility matures in February
2007 and replaces the facility expiring in November 2004.
The company may increase the new facility up to $200 million at any time
prior to maturity. The new facility allows the company to pay cash dividends
in a maximum amount of $3.5 million in any fiscal year if in compliance with a
fixed charge coverage ratio. The financial covenants generally are consistent
with 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 new credit
facility that we believe provides us with the flexibility to execute our
growth strategy," said Steve Grissom, Chief Financial Officer of Waste
Industries. "We thank the participating banks for the support the facility
gives our company."
Fleet Securities served as facility Arranger with Branch Banking and Trust
as Documentation Agent and Wachovia Bank as Syndication Agent. Other
participant banks include Comerica, RBC Centura, LaSalle Bank and Bank of
America.
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 36 collection operations, 28 transfer stations,
approximately 90 county convenience drop-off centers, eight recycling
facilities and 11 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 managing
liquidity and capital resources, difficulties in managing rapid growth,
integrating and managing acquired operations, identifying and completing
future acquisition targets, the development and operation of landfills 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.,
+1-919-325-4000, ext. 3008
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