Advanced Disposal Services, Inc. regional environmental services company announced today that it has successfully completed a refinancing of its existing credit facility with a $400 million first lien bank Credit Facility including $250 million revolving credit facility due Jan 2014 and $150 million term loan B due Jan 2015. The proceeds of the Credit Facility have been used to refinance borrowings under its existing $304 million revolving credit facility along with $60 million of subordinated debt, resulting in approximately $80 million in available borrowing capacity to be used for acquisitions or general corporate purposes.
Advanced Disposal was assigned a corporate family rating of Ba3 from Moody’s and B+ corporate credit rating from Standard & Poor’s. Steve Carn, Advanced Disposal Chief Financial Officer, states, “The new $400 million credit facility allows Advanced Disposal to continue its disciplined growth strategy by providing sufficient liquidity over the next 4 years. The credit ratings assigned by Moody’s and S&P represent another milestone for ADS and are a result of the dedication and hard work of the employees of Advanced Disposal.”
“The stability of the company’s cash flow generation and the excellent operating profitability resulted in strong demand for both the revolver and the term loan B being 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 a regional environmental services company 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, FL and has operations in Florida, Georgia, Alabama, Mississippi, Tennessee and North Carolina.