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+.