Progressive Waste Secures Credit Facility Refinancing

Allan Gerlat, News Editor

October 25, 2012

1 Min Read
Progressive Waste Secures Credit Facility Refinancing

Progressive Waste Solutions Ltd. has completed a refinancing of its credit facilities that it said will provide them with liquidity to expand the business.

The Vaughan, Ontario-based waste and recycling company said in a news release the refinancing came through a new $2.35 billion consolidated facility composed of a $1.85 billion revolver and a $500 million term loan B. Progressive said the refinancing simplifies and integrates its capital structure, increasing its total available capacity and includes an accordion feature to expand the facility size by $750 million in the future.

"We closed our financing with what we believe to be very attractive terms and are positioned for the long term with a significant source of liquidity as we continue to grow our business," said Joseph Quarin, Progressive vice chairman and CEO.

Progressive Waste received a rating upgrade on its new credit facility from Moody's to Ba1 and S&P maintained its rating of BB+.

About the Author(s)

Allan Gerlat

News Editor, Waste360

Allan Gerlat joined the Waste360 staff in September 2011 as news editor. He was the editor of Waste & Recycling News for the first 16 years of its history, and under his guidance the publication won 27 national and regional awards.

Before Waste & Recycling News, Allan worked at another Crain Communications publication, Rubber & Plastics News, which covers rubber product manufacturing. He began with the publication as associate editor and eventually became managing editor, a position he held for nine years.

Allan is a graduate of Ohio University, where he earned a BS in journalism. He is based in Sagamore Hills, in northeast Ohio.

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