Last $3.78 USD
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Volume 15.1K
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As of 11:14 AM 01/29/15 All times are local (Market data is delayed by at least 15 minutes).

casella waste systems inc-a (CWST) Key Developments

Casella Waste Systems, Inc. Completes Financing Transaction

On December 18, 2014, Casella Waste Systems Inc. completed a financing transaction pursuant to which the company incurred indebtedness in the aggregate principal amount of $25.0 million. The transaction involved the issuance by New York State Environmental Facilities Corporation (EFC) of $25.0 million aggregate principal amount of its Solid Waste Disposal Revenue Bonds (Casella Waste Systems Inc. Project) Series 2014 (the Bonds). The Bonds were issued on December 18, 2014 pursuant to the Indenture, dated as of December 1, 2014, by and between U.S. Bank National Association, as trustee and EFC (the Indenture) and are guaranteed by certain subsidiaries of the company pursuant to a Guaranty Agreement, dated as of December 1, 2014, among the guarantors named therein and the Trustee and entered into by the parties thereto on December 18, 2014. Also on December 18, 2014, the company entered into a Loan Agreement, dated as of December 1, 2014, with EFC (the Loan Agreement), pursuant to which the proceeds of the offering of Bonds will be loaned by EFC to the company to finance or refinance certain capital projects in New York, and to pay certain costs of issuance of the Bonds. The loan agreement requires the company to satisfy the obligation to pay amounts from time to time owing with respect to the Bonds issued by EFC. The Bonds were issued at the initial term interest rate period of five years (ending December 1, 2019) at the initial rate of 3.75% per annum. Additional Bonds in an aggregate principal amount of up to $15 million may be issued under the Indenture and loaned to the company, subject to the terms of the Indenture, the Loan Agreement and related documents.

Casella Waste Systems, Inc. Announces Pricing of $25.0 Million Aggregate Principal Amount of New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds

Casella Waste Systems Inc. announced that it has priced the previously announced offering of $25.0 million aggregate principal amount of New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds (Casella Waste Systems Inc. Project) Series 2014. An additional $15.0 million aggregate principal amount of EFC Solid Waste Disposal Revenue Bonds may be offered under the same indenture in the future. During the 5 year term interest rate period, the interest rate of the Bonds will be 3.75%. The Bonds will mature on December 1, 2044 and will be guaranteed by certain subsidiaries of Casella, pursuant to the terms of the Bond indenture. The issuance of the Bonds is expected to close on December 18, 2014. The Bonds are being offered only to qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933, as amended.

Casella Waste Systems Seeks Acquisitions

Casella Waste Systems Inc. (NasdaqGS:CWST) has filed a shelf registration in the amount of $250 million. Casella Waste Systems said, "We intend to use the net proceeds from the sale of any securities offered under this prospectus for general corporate purposes unless otherwise indicated in the applicable prospectus supplement. General corporate purposes may include the acquisition of companies or businesses, repayment and refinancing of debt, working capital and capital expenditures."

Casella Waste Systems Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended October 31, 2014; Reaffirms Earnings Guidance for the Year Ending December 31, 2015; Reaffirms Operating Guidance for the 8-Month Transition Period Ending December 31, 2014

Casella Waste Systems Inc. reported unaudited consolidated earnings results for the second quarter and six months ended October 31, 2014. For the quarter ended October 31, 2014, revenues were $141.3 million, up $9.0 million, or 6.8%, from the same quarter last year, with revenue growth mainly driven by higher disposal volumes, higher solid waste collection pricing, customer solutions growth, and acquisition activity. Operating income was $10.1 million for the quarter, up $0.6 million from the same quarter last year. Adjusted EBITDA was $30.7 million for the quarter, up $1.5 million from the same quarter last year. Excluding the impact of the closure of the Worcester landfill in early calendar year 2014, Adjusted EBITDA was up $2.5 million from the same quarter last year. he company's net income attributable to common stockholders was $0.3 million, or $0.01 per common share for the quarter ended October 31, 2014 compared to a net loss of $0.3 million, or $0.01 per common share, for the same quarter last year. Adjusted Operating income was $10,652,000 against $9,657,000 a year ago. Net cash provided by operating activities was $9,253,000 against $8,593,000 a year ago. Capital expenditures were $18,667,000 against $12,652,000 a year ago. Free cash flow negative was $10,727,000 against $4,903,000 a year ago. For the six months ended October 31, 2014, revenues were $282.7 million, up $21.8 million, or 8.4% from the same period last year. Operating income was $19.4 million, up $0.2 million, or 1.0% from the same period last year. The company's net loss attributable to common shareholders was $0.0 million, or $0.00 per common share for the six months ended October 31, 2014, compared to a net loss of $0.5 million, or $0.01 per common share for the same period last year. Net cash provided by operating activities was $22,834,000 against $28,119,000 a year ago. Additions to property, plant and equipment was $35,548,000 against $26,059,000 a year ago. Adjusted Operating income was $20,261,000 against $19,523,000 a year ago. Free cash flow was negative $14.8 million year-to-date. This decline was due to mainly 2 factors: one, the planned cash outflows associated with the capping and closure of the Worcester landfill; the final clean-up and site improvements at Maine Energy and BioFuels. The company reaffirmed its operating guidance for the 8-month transition period ending December 31, 2014 in the following categories: Revenues between $356.0 million and $366.0 million. Adjusted EBITDA expects between $71.0 million and $75.0 million. Capital expenditures expects between $52.0 million and $55.0 million. Free cash flow expects between negative $14 million and negative $17 million. In addition, the company reaffirmed guidance for its next full fiscal year, which will run from January 1, 2015 through December 31, 2015, by estimating results in the following ranges: Revenues between $520.0 million and $530.0 million; Adjusted EBITDA between $103.0 million and $107.0 million; and free cash flow between $14.0 million and $18.0 million. The company expects CapEx to be roughly 8% to 9% of revenues.

Casella Waste Systems, Inc. Announces Offering of $25.0 Million Aggregate Principal Amount of New York State Environmental Facilities Corporation

Casella Waste Systems Inc. announced an offering of $25.0 million aggregate principal amount of New York State Environmental Facilities Corporation ("EFC") Solid Waste Disposal Revenue Bonds (Casella Waste Systems Inc. Project) Series 2014 (the "Bonds"), under an indenture between EFC and the bond trustee. An additional $15.0 million aggregate principal amount of EFC Solid Waste Disposal Revenue Bonds (Casella Waste Systems Inc. Project) Series 2014 may be offered under the same indenture in the future. The Bonds will be guaranteed by certain subsidiaries of Casella, pursuant to the terms of the indenture. The exact terms and timing of the Bonds offering will depend upon market conditions and other factors. The net proceeds of the Bonds will be loaned to Casella to enable it to repay borrowings under its revolving credit facility to finance certain capital projects.

 

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