Republic Services said it entered into the Second Amended and Restated Credit Agreement with Bank of America, N.A., as Administrative Agent, together with its subsidiary USE Canada Holdings, Inc., on July 26, 2024. The agreement amends and restates the company's prior Amended and Restated Credit Agreement, dated as of August 17, 2021.

1. 01

   Republic Services said it entered into the Second Amended and Restated Credit Agreement with Bank of America, N.A., as Administrative Agent, together with its subsidiary USE Canada Holdings, Inc., on July 26, 2024. The agreement amends and restates the company's prior Amended and Restated Credit Agreement, dated as of August 17, 2021.

2. 02

   The company said that the total outstanding loan principal under the agreement must not exceed the current aggregate lenders' commitments of $3.5 billion, and that the combined total of loans to the Canadian Borrower and loans denominated in Canadian dollars cannot exceed $1.0 billion (the Canadian Sublimit).

3. 03

   The company said the agreement is unsecured and matures in July 2029. It said it may request two 1-year extensions of the maturity date, but none of the lenders are committed to participate in those extensions. It also said the agreement includes an option to increase availability by up to $1.0 billion.

4. 04

   The company said borrowings bear interest at a base rate, SOFR or other benchmark rates, plus a margin based on its debt ratings. It said that for the fiscal years ending December 2024 and December 31, 2025, sustainability rate adjustments apply based on its performance against environmental, social and governance key performance indicators. It also said it may pay dividends and repurchase common stock while it complies with the covenant requiring a maximum ratio of total debt to EBITDA.

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Original filing

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