Casella announces offering of revenue bonds

Casella Waste Systems Inc., a Rutland, Vermont-based regional solid waste, recycling and resource management services company, has announced an offering of up to $45 million (in the aggregate principal amount) of Finance Authority of Maine Solid Waste Disposal revenue bonds.

The bonds will be issued under an indenture between the authority and the bond trustee, and they will be guaranteed under a guaranty by substantially all of Casella’s subsidiaries.

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Casella intends to use the proceeds of the bonds to fund the costs of certain qualifying capital projects in the state of Maine, to pay certain costs of issuance and to refinance and repay in full the authority’s 2005 bonds, previously issued to finance certain project costs and costs of insurance, on the maturity date of Jan. 1, 2025.

The waste and recycling firm says the bonds are being offered only to qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933.