Casella Waste Systems, Inc. Introduces Sustainability-Linked Credit Facility
11 February 2023 - 12:15AM
Casella Waste Systems, Inc. (Nasdaq: CWST), a regional solid waste,
recycling, and resource management services company, today
announced an amendment to its existing $650 million credit facility
that links borrowing costs to progress in achieving certain annual
sustainability goals. The company also announced an amendment to
its credit facility associated with the early adoption of Term SOFR
as its reference rate, replacing LIBOR in advance of its
anticipated cessation later this year.
“As a leading provider of resource management services,
sustainability has been at the core of our business for the last
45-years,” said John W. Casella, Chairman and CEO of Casella
Waste Systems, Inc. “The implementation of the
Sustainability-Linked Credit Facility further strengthens the
alignment of our business strategies with continued advances in
sustainability.”
The company established the following two measurable key
performance indicators as part of its Sustainability-Linked Credit
Facility:
- Improving its safety
performance by lowering its Total Recordable Incident Rate
(“TRIR”); and
- Growing its Resource
Solutions business by reducing, reusing, or recycling more tons of
solid waste material.
“We believe that the safety of our people is our number one
priority as a team, and we are committed to continually improving
the safety of our workforce,” Casella said. “Improving our TRIR
metric through continued focus, training, and select investments,
not only enhances our safety culture, but could also lead to
increased employee engagement and retention of key operational
roles.”
“As an enabler of the circular economy, our Resource Solutions
team helps our customers in meeting sustainability goals, while
simultaneously providing adequate returns in the business,” Casella
said.
The performance of each of these metrics will be measured
annually against targets established within the amended credit
facility. The Company’s interest rate margin may adjust on the
drawn or undrawn portion of the credit facility’s Revolver based on
attainment or failure to attain each metric.
The credit facility is provided by a consortium of financial
institutions with BofA Securities, Inc. and TD Securities USA LLC
serving as Sustainability Coordinators.
About Casella Waste Systems, Inc.Casella
Waste Systems, Inc., headquartered in Rutland, Vermont, is
amongst the Northeast’s largest recyclers and is an experienced,
fully integrated resource management company. Founded in 1975 as a
single truck collection service, Casella has grown its operations
to provide solid waste collection and disposal, transfer,
recycling, and organics services to more than 900,000 residential,
commercial, municipal, institutional, and industrial customers
throughout the Northeast, and professional resource management
services to over 10,000 customer locations in more than 40 states.
For further information, investors should contact Jason Mead,
SVP Finance & Treasurer at (802) 772-2293, and media should
contact Jeff Weld, Director of Communications at (802)
772-2234, or visit the company’s website
at www.casella.com.
Safe Harbor StatementCertain matters discussed
in this press release, including, but not limited to, the
statements regarding the Company’s intentions, beliefs or current
expectations concerning its sustainability goals, key performance
indicators, and commitments and anticipated actions to meet such
goals, key performance indicators, and commitments, and the
Company’s progress towards, and achievement of, its sustainability
strategy and vision, are "forward-looking statements" intended to
qualify for the safe harbors from liability established by the
Private Securities Litigation Reform Act of 1995. 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,” “would,” “intend,”
“estimate,” "will," “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 the Company
operates and management’s beliefs and assumptions. The Company
cannot guarantee that it actually will achieve the plans,
intentions, expectations or guidance disclosed in the
forward-looking statements made. Such forward-looking statements,
and all phases of the Company’s operations, involve a number of
risks and uncertainties, any one or more of which could cause
actual results to differ materially from those described in its
forward-looking statements.
Such risks and uncertainties include or relate to, among other
things, the following: the ability to improve the Company’s safety
performance; the ability to increase the amount of recyclables
processed or other resources managed; and the impact of changes to,
or new, statutory, regulatory and legal requirements. There are a
number of other important risks and uncertainties that could cause
the Company’s actual results to differ materially from those
indicated by such forward-looking statements. These additional
risks and uncertainties include, without limitation, those detailed
in Item 1A, “Risk Factors” in the Company's Form 10-K for the
fiscal year ended December 31, 2021 and in the Company’s
Form 10-Q for the quarterly period ended September 30, 2022,
and in other filings that the Company may make with
the Securities and Exchange Commission in the future. The
Company 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.
Investors:Jason MeadSenior Vice President of
Finance & Treasurer(802) 772-2293
Media:Jeff WeldDirector of
Communications 802-772-2234http://www.casella.com
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