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Exhibit 99.1
FOR IMMEDIATE RELEASE
CASELLA WASTE SYSTEMS, INC. CLOSES CONVERTIBLE PREFERRED STOCK TRANSACTION WITH
BERKSHIRE PARTNERS
NEW FINANCING TO FUEL EXECUTION OF GROWTH PLAN
RUTLAND, VERMONT (August 16, 2000)--Casella Waste Systems, Inc. (NASDAQ:
CWST), a regional, non-hazardous solid waste services company, today said that
it has closed on a previously announced agreement to issue convertible preferred
stock to a group of investors led by Berkshire Partners, L.P. of Boston,
Massachusetts.
Under the terms of the agreement, the convertible preferred stock may
convert into Casella Waste Systems' Class A Common Stock at $14.00 per share.
The company raised approximately $55 million in the transaction.
The company believes this capital will be instrumental in strengthening
its financial foundation, and allow it to pursue and execute its growth plan as
well as allowing other strategic business initiatives.
Casella Waste Systems, headquartered in Rutland, Vermont, is a regional,
integrated, non-hazardous solid waste services company that provides collection,
transfer, disposal and recycling services primarily in the northeastern United
States.
For further information, contact Joseph Fusco, vice president; or
Jerry Cifor, chief financial officer at (802) 775-0325. The company's
website is http://www.casella.com.
This press release contains forward-looking statements that involve a
number of risks and uncertainties. Among the important factors that could cause
actual results to differ materially from those indicated by such forward-looking
statements are the ability of the Company to realize the anticipated synergies
and other operating benefits from the acquisition of KTI, the Company's ability
to manage growth, the accuracy of the company's financial projections, a history
of losses, the ability to identify, acquire and integrate acquisition targets,
dependence on management, the uncertain ability to finance the company's growth,
limitations on landfill permitting and expansion and geographic concentration,
changes in the market prices of recyclable materials, and the risk factors
detailed from time to time in the company's periodic reports and registration
statements filed with the Securities and Exchange Commission.
