Shearman & Sterling’s Finance Group and Capital Markets Group advised Advanced Disposal Services, Inc. on its comprehensive $2.25 billion debt refinancing, including $1.8 billion of new senior credit facilities and a Rule 144A offering of $425 million aggregate principal amount of 5⅝% senior notes due 2024. Concurrently with the bank/bond financing, Advanced Disposal also completed a cash tender offer for all $550 million of its outstanding 8¼% senior notes due 2020 (the “2020 Notes”), called for redemption the remaining outstanding 2020 Notes not tendered in the tender offer, and satisfied and discharged its obligations under the related indenture.
Advanced Disposal is the fourth-largest solid waste company in the United States, providing integrated, non-hazardous solid waste collection, recycling and disposal services to residential, commercial, industrial and construction customers across 16 states and the Bahamas.
The Shearman & Sterling team was led by partners JD DeSantis (New York-Capital Markets/Finance) and Richard Alsop (New York-Capital Markets); and associates Naveen Pogula (New York-Capital Markets), Maria Cornilsen (London-Finance), Caleb Chua, Andrew Tsang (both New York-Finance), Daniel Yao (New York-Capital Markets), Victor Nilsson (New York-Corporate) and Magnus Wieslander (New York-Finance).
Other Shearman & Sterling lawyers involved in the transaction were partners Doreen Lilienfeld (New York-Compensation, Governance & ERISA), Douglas McFayden (New York-Tax) and Nathan Greene (New York-Investment Funds); of counsel Paul Schreiber (New York-Investment Funds); and associates Francisco Cebada (New York-Compensation, Governance & ERISA), Adam Sternberg (New York-Tax) and Catherine Sum (New York-Investment Funds).