Casella Waste Systems Inc. (CWST)

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Casella Waste Systems, Inc. Announces Offering of Senior Secured Second Lien Notes





RUTLAND, VT -- (Marketwire) -- 06/24/09 -- Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste, recycling and resource management services company, announced today that it intends to offer $205 million aggregate principal amount of senior secured second lien notes due 2014 (the "Notes").




The net proceeds from the offering will be used to repay a portion of the borrowings under the company's existing senior secured credit facility.

The offering will be conditioned on the closing of a new senior secured first lien credit facility which will be used to refinance the balance of the borrowings under the company's existing senior secured credit facility.




The Notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.





This press release shall not constitute an offer to sell or the solicitation of an offer to buy these Notes, nor shall there be any sale of these Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. This notice is being issued pursuant to and in accordance with Rule 135c under the Securities Act.




As previously described in the annual report on Form 10-K filed with the Securities and Exchange Commission on June 16, 2009, the company also noted that its independent registered public accounting firm's report on its financial statements as of April 30, 2009 expressed doubt about its ability to continue as a going concern. Following the closing of the offering of the Notes, the company will engage its independent registered accounting firm to re-audit its financial statements for the 2009 fiscal year. The company expects that the opinion on these re-audited financial statements will eliminate the explanatory paragraph about its ability to continue as a going concern.