Date: July 25, 2002
Source: News Room
Casella Waste Systems Inc. has postponed a $150 million 10-year subordinated note sale because of poor market conditions. Companies that rely on the junk bond market for financing are finding demand for their debt drying up following a rash of corporate accounting scandals and bankruptcies and a precipitous decline in equity prices. The company had planned to use net proceeds, together with borrowings from a new $300 million senior secured credit line, to pay down debt under an existing senior secured credit line.
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