Date: September 27, 2007
Source: Waste Connections, Inc.
Waste Connections Completes Refinancing of Credit Facility
Waste Connections, Inc. (NYSE: WCN) today announced that it has completed the refinancing of its senior secured credit facility through a new $800 million five-year unsecured credit facility. The refinancing increases the Company's facility by $50 million, lowers its current interest rates on the facility, extends the maturity to September 2012, and includes pre-approval to increase the facility size by an additional $200 million in the future. The Company currently has approximately $520 million utilized, including outstanding letters of credit, and an additional $480 million of either available or pre-approved capacity under its credit facility.
Ronald J. Mittelstaedt, Chairman and Chief Executive Officer, said, "We are extremely pleased with the results of this financing. Despite continuing turmoil in the credit markets, we were successful in further reducing our borrowing costs and increasing available capacity to fund our growth strategy. This success is a result of the continuing improvement in our financial profile, our recent upgrade to an investment grade credit rating, and the strong support of our lending group."
Waste Connections, Inc. is an integrated solid waste services company that provides solid waste collection, transfer, disposal and recycling services in mostly secondary markets in the Western and Southern U.S. The Company serves more than one million residential, commercial and industrial customers from a network of operations in 23 states. The Company also provides intermodal services for the movement of containers in the Pacific Northwest.
Waste Connections, Inc. was founded in September 1997 and is headquartered in Folsom, California. For more information, visit the Waste Connections web site at www.wasteconnections.com.
Certain statements contained in this press release are forward-looking in nature. These statements can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," "anticipates," or the negative thereof or comparable terminology, or by discussions of strategy. Waste Connections' business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may differ materially from those projected by any forward-looking statements. These risks and uncertainties, as well as others, are discussed in greater detail in Waste Connections' filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K. There may be additional risks of which Waste Connections is not presently aware or that it currently believes are immaterial which could have an adverse impact on its business. Waste Connections makes no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change.
For more information, contact:
Worthing Jackman
Waste Connections, Inc.
916-608-8266
worthingj@wasteconnections.com.
www.wcnx.org.
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