Noble Environmental issues state revenue bonds

Canonsburg, Pennsylvania-based solid waste handling firm Noble Environmental Inc. has completed the sale of $100 million in Pennsylvania Economic Development Financing Authority (PEDFA) Series 2025 solid waste disposal revenue bonds.

The bonds, are priced to yield 7 percent with a coupon rate of 6.875 percent until their final maturity date of Sept. 1, 2047. They also are guaranteed by certain subsidiaries of Noble pursuant to a guaranty agreement and as described in the indenture relating to the bonds.

“The transaction was significantly oversubscribed [and] the successful closing of the bonds reflects Noble’s strong growth, recent execution and bright future,” says Nick Stork, executive chairman of Noble.

Noble is a regional privately held vertically integrated solid waste management company that provides waste collection, transportation and disposal services while operating solid waste landfills and transfer stations in Pennsylvania, Ohio and Maryland.

The company, which has approximately 400 employees, also designs, builds and operates its own renewable natural gas (RNG) facilities at its landfill gas generating landfill locations.

“I am incredibly proud of our management team, including Terry Cunningham, Alex Sulkowski, Niko Mermigas, Dave Florance and Don Henrichs,” Stork says. “I also want to thank the biogas development team, as we continue to add new RNG facilities to our asset base of vertically integrated landfills.”

New York-based J.P. Morgan Securities LLC served as lead underwriter of the bonds and Atlanta-based Truist Securities Inc. served as the co-manager, according to Noble, while New Hampshire-based CTBH Partners LLC served as financial advisor to Noble and Chicago-based Winston & Strawn LLP served as its legal counsel.

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

“We are very appreciative for the support from PEDFA and the investor community of Noble’s inaugural tax-exempt bond offering," Noble Chief Financial Officer Terry Cunningham says. "This transaction provides Noble with long-term, fixed-rate financing, enabling our ongoing investments in essential solid waste infrastructure throughout the commonwealth of Pennsylvania."