Casella Waste Systems, Inc. Announces Remarketing of FAME Solid Waste Disposal Revenue Bonds
January 10 2017 - 04:05PM
Casella Waste Systems, Inc. (NASDAQ:CWST), a regional solid waste,
recycling and resource management services company, announced today
that it has commenced the remarketing of $3.6 million aggregate
principal amount of Finance Authority of Maine (“FAME”) Solid Waste
Disposal Revenue Bonds (Casella Waste Systems, Inc. Project) Series
2005R-1 (the “2005R-1 Bonds”) and $21.4 million aggregate principal
amount of FAME Solid Waste Disposal Revenue Bonds (Casella Waste
Systems, Inc. Project) Series 2005R-2 (the “2005R-2
Bonds”). The 2005R-1 Bonds and the 2005R-2 Bonds are
being remarketed as one series of bonds to be known as the 2005R-3
Bonds. The 2005R-3 Bonds are expected to bear a fixed rate of
interest for an agreed interest rate period. The fixed interest
rate and interest rate period on the 2005R-3 Bonds are subject to
market and other conditions, and there can be no assurance as to
whether the remarketing will be completed. Casella has issued
a notice of a mandatory tender for the 2005R-1 and 2005R-2
Bonds. The remarketing is expected to become effective on
February 1, 2017.
The FAME Solid Waste Disposal Revenue Bonds (Casella Waste
Services, Inc. Project) Series 2005 were originally issued on
December 28, 2005 and have a final maturity of January 1,
2025. The 2005R-3 Bonds will be guaranteed by all or
substantially all of Casella’s subsidiaries. The 2005R-3
Bonds are not a general or contingent obligation of FAME, or of the
State of Maine, and are payable solely from amounts received from
Casella under the 2005R-3 Bonds indenture.
The 2005R-3 Bonds are being offered only to qualified
institutional buyers as defined in Rule 144A under the Securities
Act of 1933, as amended (the “Securities Act”).
The 2005R-3 Bonds have not been and will not be registered under
the Securities Act and may not be offered and sold in the United
States absent registration or an applicable exemption from the
registration requirements of the Securities Act and other
applicable securities laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the 2005R-3 Bonds, nor
shall there be any sale of such Bonds in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction. This notice is being issued pursuant to and in
accordance with Rule 135c under the Securities Act.
Safe Harbor Statement
Certain matters discussed in this press release are
“forward-looking statements” intended to qualify for the safe
harbors from liability established by the Private Securities
Litigation Reform Act of 1995, including, among others, Casella’s
intention to remarket the 2005R-3 Bonds. These forward-looking
statements can generally be identified as such by the context of
the statements, including words such as “believe,” “expect,”
“anticipate,” “plan,” “may,” “will,” “would,” “intend,” “estimate,”
“guidance” and other similar expressions, whether in the negative
or affirmative. These forward-looking statements are based on
current expectations, estimates, forecasts and projections about
the industry and markets in which Casella operates and management’s
beliefs and assumptions. Casella cannot guarantee that it actually
will achieve the plans, intentions, expectations or guidance
disclosed in the forward-looking statements made. Such
forward-looking statements involve a number of risks and
uncertainties, any one or more of which could cause actual results
to differ materially from those described in Casella’s
forward-looking statements. Such risks and uncertainties include or
relate to, among other things: market conditions and Casella’s
ability to consummate the remarketing of the 2005R-3 Bonds. There
can be no assurance that Casella will be able to complete the
remarketing of the 2005R-3 Bonds on the anticipated terms, or at
all. These additional risks and uncertainties include, without
limitation, those detailed in Item 1A, “Risk Factors” in
Casella’s Form 10-K for the fiscal year ended December 31, 2015 and
Form 10-Q for the quarterly period ended September 30, 2016.
Casella undertakes no obligation to update publicly any
forward-looking statements whether as a result of new information,
future events or otherwise, except as required by law.
Contact:
Investors:
Ned Coletta
Chief Financial Officer
(802) 772-2239
Media:
Joseph Fusco
Vice President
(802) 772-2247
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