Rutland, Vt.-based Casella Waste Systems, Inc., a regional solid waste, recycling and resource management services company, announced it has commenced the remarketing of the $25 million aggregate principal amount of New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014 that were issued on December 18, 2014.

The bonds have a final maturity of December 1, 2044. Pursuant to the indenture under which the bonds were offered, the interest rate period under which the bonds were previously issued is expiring on December 2, 2019, and accordingly, Casella expects that the bonds will be remarketed at a new interest rate for a new interest rate period commencing on December 2, 2019.

The bonds have been guaranteed by substantially all of Casella’s subsidiaries, as required pursuant to the terms of the loan agreement pursuant to which the issuer loaned the proceeds of the bonds to Casella. The bonds are not a general obligation of the issuer and do not constitute an indebtedness of or a charge against the general credit of the issuer. The bonds are not a debt of the state of New York and are payable solely from amounts received from Casella under the terms of the indenture. Casella intends to issue a notice of mandatory tender for the bonds with respect to the expiring interest rate period on or about November 8, 2019. The remarketing is expected to become effective on December 2, 2019.

The bonds are being offered only to qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933, as amended. The interest rate period, interest rate and timing of the offering of the bonds will depend upon market conditions and other factors, and there can be no assurance that the offering will be completed.

The bonds have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and other applicable securities laws.