Advanced Disposal Services, Inc., a regional environmental services company announced today that it recently completed a refinancing of its existing senior credit facilities with an amended and expanded $425 million senior revolving credit facility (the “Credit Facility”). The proceeds of the Credit Facility have been used to retire borrowings under its existing $250 million revolving credit facility due Jan 2014 and $150 million term loan B due Jan 2015. Under the new Credit Facility the Company has approximately $100 million in available borrowing capacity to be used for acquisitions and/or general corporate purposes.
The new Credit Facility was jointly arranged by Bank of America, SunTrust and Wells Fargo with nine additional participating commercial banks. The new Credit Facility has a 5-year term maturing April 2016 and allows the Company, at its discretion, to increase the aggregate commitment to $500 million subject to certain conditions .The interest rate was reduced by 125bps from the existing facility resulting in significant annual cash flow savings to the Company.
Advanced Disposal’s corporate family rating of Ba3 from Moody’s and B+ corporate credit rating from Standard & Poor’s was affirmed from both rating agencies.
“Advanced Disposal’s continued strong cash flow generation, excellent operating profitability and disciplined expansion of its ‘integrated geographic hub’ operating concept resulted in strong demand for the Credit Facility. We appreciate the strong support from our syndicated bank group resulting in the Credit Facility being significantly oversubscribed,” said Charlie Appleby, Chief Executive Officer for Advanced Disposal.
For more information regarding Advanced Disposal, please visit www.AdvancedDisposal.com.
About Advanced Disposal Services, Inc.
Advanced Disposal is the fourth largest privately-owned environmental services company in the United States providing integrated, non-hazardous solid waste collection, transfer, recycling and disposal services in the Southeastern United States. Advanced Disposal currently owns and operates commercial, industrial, and residential solid waste collection operations, municipal solid waste landfills, transfer stations, and recycling facilities. Advanced Disposal is dedicated to preserving the environment and ensuring that all operations are conducted in a manner that follows all local, state, and federal laws in regards to environmental protection. Advanced Disposal is headquartered in Jacksonville, Fla. and has operations in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina and Tennessee.