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Santek Waste Completes Recapitalization Plan for Growth, Debt Financing

December 17, 2015, 07:33 AM
Filed Under: Specialty Industries

Santek Waste Services Inc. has completed a $153 million recapitalization of the company to address current debt and provide for growth opportunities. Cleveland, Tenn.-based Santek, which calls itself the largest privately held manager of publicly owned solid waste landfills in the United States, secured a new credit facility for the company, according to a news release.The financing is composed of a revolving credit facility, a unitranche senior term loan as well as a delayed draw term loan led by Goldman Sachs Specialty Lending Group LP and Benefit Street Partners LLC. Lampert Debt Advisors served as exclusive financial advisor and placement agent to Santek.

The credit facility will allow Santek to refinance its existing indebtedness. It also provides for “significant” unused debt capacity for working capital, capital expenditures and acquisitions while also providing capital for other general corporate purposes, the company said.

"This financing provides Santek with the platform and capital to realize our plans for growth by building waste collection activities that leverage our investment in landfill operations," said CEO Kenneth Higgins. "The unused capital capacity inherent in this financing will fuel our internal growth and growth through acquisitions.”

Santek is a vertically integrated waste firm that currently manages 17 solid waste landfills, five transfer stations and waste collection divisions in five states, primarily in the Southeast.

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