As filed with the Securities and Exchange Commission on August 23, 2005
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Amendment No. 2 to
FORM S-3
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
CASELLA WASTE SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Delaware (State or other jurisdiction of incorporation or organization) |
03-0338873 (I.R.S. Employer Identification Number) |
25 Greens Hill Lane
Rutland, Vermont 05701
(802) 775-0325
(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)
See inside front cover for information regarding Registrant Guarantors
John W. Casella
Chairman and Chief Executive Officer
Casella Waste Systems, Inc.
25 Greens Hill Lane
Rutland, Vermont 05701
(802) 775-0325
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies to:
Jeffrey A. Stein, Esq.
Wilmer Cutler Pickering Hale and Dorr LLP
60 State Street
Boston, Massachusetts 02109
Telephone: (617) 526-6000
Telecopy: (617) 526-5000
Approximate date of commencement of proposed sale to public: From time to time after this Registration Statement becomes effective.
If the only securities being registered on this form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. o
If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. ý
If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. o
If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. o
If delivery of the prospectus is expected to be made pursuant to Rule 434, please check the following box. o
THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(a) OF THE SECURITIES ACT OF 1933, AS AMENDED, OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), SHALL DETERMINE.
CALCULATION OF REGISTRATION FEE
Title of Each Class of Securities to be Registered(1) |
Amount to be Registered(2)(3) |
Proposed Maximum Offering Price Per Unit(2)(3) |
Proposed Maximum Aggregate Offering Price(2)(3) |
Amount of Registration Fee(2)(4) |
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Primary Offering: | |||||||||
Class A Common Stock, $0.01 par value per share(5) | |||||||||
Preferred Stock, $0.01 par value per share | |||||||||
Debt Securities(6) | |||||||||
Warrants | |||||||||
Units(7) | |||||||||
Guarantees(8) | |||||||||
Primary Offering Subtotal: | $250,000,000 | $250,000,000 | $31,675 | ||||||
Secondary Offering: | |||||||||
Common Stock, $0.01 par value per share | 4,833,010 shares | $13.15(9) | $63,554,081(9) | $7,480 | |||||
Total | $313,554,081.50 | $39,155* | |||||||
Registrant Guarantors
Exact name of Registrant as specified in its charter |
Jurisdiction of Incorporation or Organization |
Primary Standard Industrial Classification Code Numbers |
I.R.S. Employer Identification Number |
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All Cycle Waste, Inc. | Vermont | 4953 | 03-0343753 | |||
Atlantic Coast Fibers, Inc. | Delaware | 4953 | 22-3507048 | |||
B. and C. Sanitation Corporation | New York | 4953 | 16-1329345 | |||
Blasdell Development Group, Inc. | New York | 4953 | 16-1456226 | |||
Bristol Waste Management, Inc. | Vermont | 4953 | 03-0326084 | |||
C.V. Landfill, Inc. | Vermont | 4953 | 03-0289078 | |||
Casella Major Accounts Services, LLC | Vermont | 4953 | 30-0297037 | |||
Casella NH Investors Co., LLC | Delaware | 4953 | 03-0371572 | |||
Casella NH Power Co., LLC | Delaware | 4953 | 03-0371574 | |||
Casella RTG Investors Co., LLC | Delaware | 4953 | 03-0371573 | |||
Casella Transportation, Inc. | Vermont | 4953 | 03-0357441 | |||
Casella Waste Management of Cape Cod, Inc. | Massachusetts | 4953 | 04-3420128 | |||
Casella Waste Management of Holliston, Inc. | Massachusetts | 4953 | 04-3185025 | |||
Casella Waste Management of Massachusetts, Inc. | Massachusetts | 4953 | 03-0364282 | |||
Casella Waste Management of N.Y., Inc. | New York | 4953 | 14-1794819 | |||
Casella Waste Management of Pennsylvania, Inc. | Pennsylvania | 4953 | 23-2876596 | |||
Casella Waste Management, Inc. | Vermont | 4953 | 03-0272349 | |||
Casella Waste Services of Ontario, LLC | New York | 4953 | 06-1725553 | |||
CWM All Waste LLC | New Hampshire | 4953 | 54-2108293 | |||
Data Destruction Services, Inc. | Maine | 4953 | 04-3273041 | |||
Fairfield County Recycling, Inc. | Delaware | 4953 | 06-1296109 | |||
FCR Camden, Inc. | Delaware | 4953 | 22-3219896 | |||
FCR Florida, Inc. | Delaware | 4953 | 65-0510394 | |||
FCR Greensboro, Inc. | Delaware | 4953 | 56-1792979 | |||
FCR Greenville, Inc. | Delaware | 4953 | 58-2324930 | |||
FCR Morris, Inc. | Delaware | 4953 | 22-3386191 | |||
FCR Redemption, Inc. | Delaware | 4953 | 06-1418718 | |||
FCR Tennessee, Inc. | Delaware | 4953 | 62-1625160 | |||
FCR, Inc. | Delaware | 4953 | 56-2087628 | |||
Forest Acquisitions, Inc. | New Hampshire | 4953 | 02-0479340 | |||
Grasslands Inc. | New York | 4953 | 14-1782074 | |||
GroundCo LLC | New York | 4953 | 57-1197475 | |||
Hakes C & D Disposal, Inc. | New York | 4953 | 16-0431613 | |||
Hardwick Landfill, Inc. | Massachusetts | 4953 | 04-3157789 | |||
Hiram Hollow Regeneration Corp. | New York | 4953 | 14-1738989 | |||
The Hyland Facility Associates | New York | 4953 | 16-1347028 | |||
K-C International, Ltd. | Oregon | 4953 | 93-1230858 | |||
KTI Bio Fuels, Inc. | Maine | 4953 | 22-2520171 | |||
KTI Environmental Group, Inc. | New Jersey | 4953 | 22-2427727 | |||
KTI New Jersey Fibers, Inc. | Delaware | 4953 | 22-3601504 | |||
KTI Operations Inc. | Delaware | 4953 | 22-2908946 | |||
KTI Recycling of New England, Inc. | Maine | 4953 | 01-0203130 | |||
KTI Specialty Waste Services, Inc. | Maine | 4953 | 22-3375082 | |||
KTI, Inc. | New Jersey | 4953 | 22-2665282 | |||
Lewiston Landfill, LLC | Maine | 4953 | 01-0840661 | |||
Maine Energy Recovery Company, Limited Partnership | Maine | 4953 | 22-2493823 | |||
Mecklenburg County Recycling, Inc. | Connecticut | 4953 | 06-1279110 | |||
Natural Environmental, Inc. | New York | 4953 | 16-1442290 | |||
New England Waste Services of Massachusetts, Inc. | Massachusetts | 4953 | 04-3489747 | |||
New England Waste Services of ME, Inc. | Maine | 4953 | 01-0329311 | |||
New England Waste Services of N.Y., Inc. | New York | 4953 | 14-1794820 | |||
New England Waste Services of Vermont, Inc. | Vermont | 4953 | 03-0343930 | |||
New England Waste Services, Inc. | Vermont | 4953 | 03-0338865 | |||
Newbury Waste Management, Inc. | Vermont | 4953 | 03-0316201 | |||
NEWS of Worcester LLC | Massachusetts | 4953 | 20-1970539 | |||
NEWSME Landfill Operations LLC | Maine | 4953 | 20-0735025 | |||
NH Investors Co., LLC | Delaware | 6719 | 13-4184282 | |||
North Country Environmental Services, Inc. | Virginia | 4953 | 54-1496372 | |||
Northern Properties Corporation of Plattsburgh | New York | 4953 | 14-1713791 | |||
Northern Sanitation, Inc. | New York | 4953 | 14-1630373 | |||
PERC, Inc. | Delaware | 4953 | 22-2761012 | |||
PERC Management Company Limited Partnership | Maine | 4953 | 22-2673933 | |||
Pine Tree Waste, Inc. | Maine | 4953 | 01-0513956 | |||
R.A. Bronson Inc. | New York | 4953 | 16-1316393 | |||
Recovery Technologies Operations, LLC | Illinois | 4953 | 36-4426519 | |||
Resource Recovery Systems of Sarasota, Inc. | Florida | 4953 | 06-1406506 | |||
Resource Recovery Systems, Inc. | Delaware | 4953 | 06-0900935 | |||
Resource Transfer Services, Inc. | Massachusetts | 4953 | 04-3420289 | |||
Resource Waste Systems, Inc. | Massachusetts | 4953 | 04-3333859 | |||
Rochester Environmental Park, LLC | Massachusetts | 4953 | 04-3355194 | |||
Rockingham Sand & Gravel, LLC | Vermont | 4953 | 16-1642085 | |||
Schultz Landfill, Inc. | New York | 4953 | 16-1550413 | |||
Southbridge Recycling & Disposal Park, Inc. | Massachusetts | 4953 | 04-2964541 | |||
Sunderland Waste Management, Inc. | Vermont | 4953 | 03-0326083 | |||
Templeton Landfill LLC | Massachusetts | 4953 | 20-0735116 | |||
Trilogy Glass, LLC | New York | 4953 | 06-1725554 | |||
U.S. Fiber, Inc. | North Carolina | 4953 | 56-2026037 | |||
Waste-Stream Inc. | New York | 4953 | 14-1488894 | |||
Westfield Disposal Service, Inc. | New York | 4953 | 16-1207720 | |||
Winters Brothers, Inc. | Vermont | 4953 | 03-0351118 |
The address, including zip code, and telephone number, including area code, of the principal executive office of each Registrant Guarantor listed above is the same as those of Casella Waste Systems, Inc.
The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
Subject to Completion, Dated August 23, 2005
$250,000,000
CASELLA WASTE SYSTEMS, INC.
Class A Common Stock
Preferred Stock
Debt Securities
Warrants
Units
We may, from time to time, sell up to $250,000,000 aggregate initial offering price of:
This prospectus also covers guarantees, if any, of our payment obligations under any debt securities, which may be given by certain of our subsidiaries, on terms to be determined at the time of the offering. We will provide the specific terms of these securities in supplements to this prospectus. The prospectus supplements may also add, update or change information contained in this prospectus. Before you invest, you should carefully read this prospectus, any prospectus supplement, the documents incorporated or deemed to be incorporated by reference in this prospectus and the additional information described under "Where You Can Find More Information."
This prospectus also covers the sale by the selling stockholders of up to 4,833,010 shares of our class A common stock.
This prospectus provides a general description of the securities we or the selling stockholders may offer. The specific terms of the securities offered by this prospectus will be set forth in a supplement to this prospectus and will include, among other things:
We and the selling stockholders may sell these securities directly, through agents, dealers or underwriters as designated from time to time, or through a combination of these methods. We and the selling stockholders reserve the sole right to accept, and together with our agents, dealers and underwriters reserve the right to reject, in whole or in part any proposed purchase of securities to be made directly or through agents, underwriters or dealers. If our agents or any dealers or underwriters are involved in the sale of the securities, the applicable prospectus supplement will set forth any applicable commissions or discounts.
Under the shelf registration process, the selling stockholders listed herein may sell up to a total of 4,833,010 shares of our class A common stock under this prospectus. The number of shares of our class A common stock to be offered by the selling stockholders is set forth in the section of this prospectus entitled "Selling Stockholders." We will not receive any proceeds from the sale of any shares by the selling stockholders.
Our class A common stock is listed on The NASDAQ National Market and traded under the symbol "CWST." On August 2, 2005, the last reported sale price of our class A common stock was $13.43 per share. Any class A common stock sold pursuant to a prospectus supplement will be listed on The NASDAQ National Market.
Investing in our securities involves a high degree of risk. See "Risk Factors" on page 2.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.
This prospectus may not be used to consummate sales of securities unless it is accompanied by a prospectus supplement.
Prospectus dated August , 2005.
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Page |
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SUMMARY | 1 | |
RISK FACTORS |
2 |
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SPECIAL NOTE REGARDING FORWARD LOOKING INFORMATION |
2 |
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RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS |
2 |
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USE OF PROCEEDS |
3 |
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THE SECURITIES WE MAY OFFER |
3 |
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DESCRIPTION OF COMMON STOCK |
4 |
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DESCRIPTION OF PREFERRED STOCK |
7 |
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DESCRIPTION OF DEBT SECURITIES |
13 |
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DESCRIPTION OF WARRANTS |
52 |
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DESCRIPTION OF UNITS |
54 |
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LEGAL OWNERSHIP OF SECURITIES |
56 |
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SELLING STOCKHOLDERS |
60 |
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PLAN OF DISTRIBUTION |
62 |
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VALIDITY OF SECURITIES |
64 |
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EXPERTS |
64 |
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WHERE YOU CAN FIND MORE INFORMATION |
64 |
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INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE |
64 |
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This prospectus is part of a registration statement that Casella Waste Systems, Inc. and the co-registrants (collectively, the "registrants") filed with the Securities and Exchange Commission, which is commonly referred to as the SEC, utilizing a "shelf" registration process. Under this shelf registration process, the registrants may, from time to time, sell any combination of the securities described in this prospectus in one or more offerings up to a total dollar amount of $250,000,000. The selling stockholders listed herein may sell up to a total of 4,833,010 shares of our class A common stock under this prospectus. The number of shares of our class A common stock to be offered by the selling stockholders is set forth in the section of this prospectus entitled "Selling Stockholders." The registrants have provided to you in this prospectus a general description of the securities the registrants may offer. Each time the registrants sell securities, the registrants will provide a prospectus supplement that will contain specific information about the terms of that offering. The registrants may also add, update or change in the prospectus supplement any of the information contained in this prospectus. This prospectus, together with applicable prospectus supplements, includes all material information relating to this offering. You should also read the documents we have incorporated by reference in this prospectus and in any prospectus supplement as well as the additional information described under the section of this prospectus entitled "Where You Can Find More Information."
We have not authorized any person to give any information or to make any representation in connection with this offering other than those contained or incorporated by reference in this prospectus, and, if given or made, such information or representation must not be relied upon as having been so authorized. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy by anyone in any jurisdiction in which such offer to sell is not authorized, or in which the person is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation. Neither the delivery of this prospectus nor any sale hereunder shall, under any circumstances, create any implication that there has been no change in our affairs since the date hereof, that the information contained herein is correct as of any time subsequent to its date, or that any information incorporated by reference herein is correct as of any time subsequent to its date.
Casella Waste Systems, Inc.
Casella Waste Systems, Inc. is a vertically-integrated regional solid waste services company that provides collection, transfer, disposal and recycling services to residential, industrial and commercial customers, primarily in the eastern United States. We believe we are currently the number one or number two provider of solid waste collection services in 80% of the areas served by our collection divisions. As of June 15, 2005, we owned and/or operated eight Subtitle D landfills, two landfills permitted to accept construction and demolition materials, 37 solid waste collection operations, 34 transfer stations, 38 recycling facilities, one waste-to-energy facility and a 50% interest in a joint venture that manufactures, markets and sells cellulose insulation made from recycled fiber.
For the fiscal year ended April 30, 2005, we generated revenues and net income of $482.0 million and $3.9 million, respectively. Our class A common stock is listed on The NASDAQ National Market under the ticker symbol "CWST."
Our principal executive offices are located at 25 Greens Hill Lane, Rutland, Vermont 05701. Our telephone number is (802) 775-0325. Our website address is www.casella.com. The information contained or incorporated in our website is not a part of this prospectus.
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Investing in our securities involves a high degree of risk. Please see the risk factors described under "Certain Factors that May Affect Future Results" in our Annual Report on Form 10-K for the fiscal year ended April 30, 2005, which is incorporated by reference in this prospectus, and the other risk factors and other information that may be contained in, or incorporated by reference from, other filings we make with the Securities and Exchange Commission. Before making an investment decision, you should carefully consider these risks as well as other information we include or incorporate by reference in this prospectus or in any prospectus supplement. The risks and uncertainties we have described are not the only ones facing our company. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our business operations.
SPECIAL NOTE REGARDING FORWARD LOOKING INFORMATION
This prospectus, any prospectus supplement, and the documents we incorporate by reference in this prospectus contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical facts, that we include in this prospectus, any prospectus supplement, and in the documents we incorporate by reference in this prospectus, may be deemed forward-looking statements for purposes of the Securities Act and the Exchange Act. We use the words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "project," "will," "would" and similar expressions to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We cannot guarantee that we actually will achieve the plans, intentions or expectations disclosed in our forward-looking statements and, accordingly, you should not place undue reliance on our forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from the forward-looking statements that we make, including without limitation, the factors referred to above under the caption "Risk Factors." These important factors also include the factors that we identify in the documents we incorporate by reference in this prospectus. You should read these factors and the other cautionary statements made in this prospectus, any prospectus supplement, and in the documents we incorporate by reference as being applicable to all related forward-looking statements wherever they appear in this prospectus, any prospectus supplement, and in the documents incorporated by reference. We caution you that we do not undertake any obligation to update forward-looking statements made by us.
RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollar amounts in thousands)
Our consolidated ratio of earnings to fixed charges, our consolidated ratio of earnings to fixed charges and preferred stock dividends, and our deficiency of earnings to fixed charges and combined fixed charges and preferred stock dividends for each of the periods indicated is as follows:
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April 30, 2001 |
April 30, 2002 |
April 30, 2003 |
April 30, 2004 |
April 30, 2005 |
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Ratio of earnings to fixed charges | | 1.41 | X | 1.24 | X | 1.04 | X | 1.36 | |||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | | 1.25 | 1.03 | | 1.15 | ||||||||||
Deficiency of earnings to fixed charges | $ | (87,218 | ) | $ | | $ | | $ | | $ | | ||||
Deficiency of earnings to combined fixed charges and preferred stock dividends | $ | (89,620 | ) | $ | | $ | | $ | (1,121 | ) | |
For purposes of determining the ratios of earnings to fixed charges and earnings to combined fixed charges and preferred stock dividends, "earnings" consists of income from continuing operations before
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income taxes, discontinued operations, extraordinary item and cumulative effect of change in accounting principle before adjustment for minority interests or income or loss from equity method investees, plus fixed charges, and "fixed charges" consists of interest, amortization of deferred financing costs and the portion of capital leases deemed to be representative of the interest factor.
Unless we otherwise indicate in the applicable prospectus supplement, we currently intend to use the net proceeds from the sale of the securities offered by this prospectus and the accompanying prospectus supplement for general corporate purposes, including acquisitions.
We may set forth additional information on the use of net proceeds from the sale of securities we offer under this prospectus in a prospectus supplement relating to the specific offering. We will not receive any of the proceeds from the sale of our class A common stock by the selling stockholders.
The descriptions of the securities contained in this prospectus, together with the applicable prospectus supplements, summarize all the material terms and provisions of the various types of securities that we may offer. We will describe in the applicable prospectus supplement relating to any securities the particular terms of the securities offered by that prospectus supplement. If we indicate in the applicable prospectus supplement, the terms of the securities may differ from the terms we have summarized below. We will also include in the prospectus supplement information, where applicable, about material United States federal income tax considerations relating to the securities, and the securities exchange, if any, on which the securities will be listed.
We may sell from time to time, in one or more offerings:
This prospectus also covers guarantees, if any, of our payment obligations under any debt securities, which may be given by certain of our subsidiaries, on terms to be determined at the time of the offering. In this prospectus, we refer to the common stock, preferred stock, debt securities, warrants, units and guarantees collectively as "securities." The total dollar amount of all securities (not including guarantees) that we may issue will not exceed $250,000,000.
This prospectus also covers the sale by the selling stockholder of up to 4,833,010 shares of our class A common stock.
If we issue debt securities at a discount from their original stated principal amount, then, for purposes of calculating the total dollar amount of all securities issued under this prospectus, we will treat the initial offering price of the debt securities as the total original principal amount of the debt securities.
This prospectus may not be used to consummate a sale of securities unless it is accompanied by a prospectus supplement.
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The following description of our class A common stock, together with the additional information we include in any applicable prospectus supplements, summarizes the material terms and provisions of the common stock that we may offer under this prospectus. For the complete terms of our common stock, please refer to our certificate of incorporation and by-laws, which are incorporated by reference into the registration statement which includes this prospectus. Delaware corporate law may also affect the terms of these securities. While the terms we have summarized below will apply generally to any future common stock that we may offer, we will describe the particular terms of any series of these securities in more detail in the applicable prospectus supplement. If we indicate in a prospectus supplement, the terms of any security we offer under that prospectus supplement may differ from the terms we describe below.
Under our certificate of incorporation we are authorized to issue 100,000,000 shares of class A common stock, $0.01 par value per share. As of the date of this prospectus, we are also authorized to issue 1,000,000 shares of class B common stock, 988,200 of which were issued and outstanding as of such date, and 55,750 shares of series A convertible preferred stock, 53,750 of which were issued and outstanding as of June 15, 2005. We also describe each of the class B common stock and the series A convertible preferred stock below. As of June 15, 2005, we had 23,860,498 shares of class A common stock outstanding held by 519 stockholders of record, and 4,754,774 shares of class A common stock were issuable upon the conversion of outstanding shares of class B common stock and series A convertible preferred stock. The only common stock that we would offer under this prospectus is class A common stock.
Common Stock
The shares of our class A common stock and class B common stock are identical in all respects, except for voting rights and certain conversion rights and transfer restrictions in respect of the shares of our class B common stock, as described below. The number of authorized shares of any class or classes of our capital stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of a majority of the voting power of our stock entitled to vote generally in the election of directors irrespective of the provisions of Section 242(b)(2) of Delaware corporate law or any corresponding provision hereinafter enacted.
Voting. On all matters submitted to a vote of our stockholders, the holders of our class A common stock are entitled to one vote per share, and the holders of our class B common stock are entitled to ten votes per share. The holders of all classes of our common stock entitled to vote will generally vote together as a single class on all matters presented to the stockholders for their vote or approval, except that the holders of class A common stock, voting separately as a class, will at all times be entitled to elect one director, and such director may be removed, with or without cause, only by the holders of our class A common stock.
Dividends. The holders of our class A common stock and class B common stock are entitled to receive dividends if, as and when such dividends are declared by our board of directors out of assets legally available therefor, subject to any preferential rights of our preferred stock, if any. We may not make any dividend or distribution to any holder of any class of our common stock unless simultaneously with such dividend or distribution we make the same dividend or distribution with respect to each outstanding share of our common stock regardless of class. In the case of a dividend or other distribution payable in shares of a class of our common stock, including distributions pursuant to stock splits or divisions of common stock, only shares of our class A common stock may be distributed with respect to class A common stock, and only shares of our class B common stock may be distributed with respect to class B common stock. Whenever a dividend or distribution, including distributions pursuant to stock splits or divisions of common stock, is payable in shares of a class of common stock,
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the number of shares of each class of common stock payable per share of such class of common stock shall be equal in number. In the case of dividends or other distributions consisting of our other voting securities or of voting securities of any corporation which is a wholly-owned subsidiary of ours, we shall declare and pay such dividends in two separate classes of such voting securities, identical in all respects except that:
In the case of dividends or other distributions consisting of securities convertible into, or exchangeable for, our voting securities or of voting securities of any corporation which is a wholly owned subsidiary of ours, we are required to provide that such convertible or exchangeable securities and the underlying securities are identical in all respects, including, without limitation, the conversion or exchange rate, except that the underlying securities shall have the same differences as they would have if we issued voting securities of ours or of a wholly-owned subsidiary of ours rather than issuing securities convertible into, or exchangeable for, such securities.
Reclassification and Merger. In the event we enter into any consolidation, merger, combination or other transaction in which shares of our common stock are exchanged for or changed into other stock or securities, cash and/or any other property, then, and in such event, the shares of each class of our common stock will be exchanged for or changed into either:
Liquidation. In the event of our liquidation, dissolution or winding up, whether voluntary or involuntary, after payment of our debts and our other liabilities and after making provision for the holders of our preferred stock, if any, our remaining assets will be distributable ratably among the holders of our class A common stock and class B common stock treated as a single class.
Other Provisions. The holders of our class A common stock and class B common stock are not entitled to preemptive rights. None of the class A common stock or class B common stock may be subdivided or combined in any manner unless the other class of common stock is subdivided or
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combined in the same proportion. We may not make any offering of options, rights or warrants to subscribe for shares of class B common stock. If we make an offering of options, rights or warrants to subscribe for shares of any other class or classes of capital stock (other than class B common stock) to all holders of a class of common stock, then we are required to simultaneously make an identical offering to all holders of the other classes of common stock other than to any class the holders of which, voting as a separate class, agree that such offering need not be made to such class. All such options, rights or warrants offerings shall offer the respective holders of class A common stock and class B common stock the right to subscribe at the same rate per share.
Listing. Our class A common stock is listed on The NASDAQ National Market under the symbol "CWST."
Transfer Agent and Registrar. The transfer agent and registrar for our class A common stock is Equiserve.
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DESCRIPTION OF PREFERRED STOCK
General. Our certificate of incorporation authorizes our board of directors to issue up to 1,000,000 shares of preferred stock in one or more series and to determine the voting rights and dividend rights, dividend rates, liquidation preferences, conversion rights, redemption rights, including sinking fund provisions and redemption prices, and other terms and rights of each series of preferred stock. Currently, we have designated one series of preferred stock: the series A convertible preferred stock. If we were to offer preferred stock under this prospectus, we believe that its terms would differ from those of the series A convertible preferred stock. The material terms of the series A convertible preferred stock are described below. We will fix the rights, preferences, privileges and restrictions of the preferred stock of each series in the certificate of designation relating to that series. We will incorporate by reference as an exhibit to the registration statement which includes this prospectus the form of any certificate of designation which describes the terms of the series of preferred stock we are offering before the issuance of the related series of preferred stock. This description will include:
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When we issue shares of preferred stock under this prospectus, the shares, when issued, will be fully paid and non-assessable and will not have, or be subject to, any preemptive or similar rights.
Voting Rights. Delaware corporate law provides that the holders of preferred stock will have the right to vote separately as a class on any proposal involving fundamental changes in the rights of holders of that preferred stock. This right is in addition to any voting rights that may be provided for in the applicable certificate of designation.
Other. The preferred stock could have other rights, including economic rights senior to our common stock, so that the issuance of the preferred stock could adversely affect the market value of our common stock. The issuance of the preferred stock may also have the effect of delaying, deferring or preventing a change in control of us without any action by the stockholders.
Series A Convertible Preferred Stock
Our certificate of incorporation currently designates one series of preferred stock: the series A convertible preferred stock consisting of 53,750 shares. Each share of series A convertible preferred stock has a stated value of $1,000.00 and is convertible, at any time and from time to time, into shares of our class A common stock at an initial conversion price of $14.00 per share. The following description is a summary of the material terms of our series A convertible preferred stock. It does not restate all of the terms. We urge you to read our certificate of incorporation (as amended by the certificate of designation relating to the series A convertible preferred stock) because it, and not this description, defines the rights of holders of series A convertible preferred stock. A copy of our certificate of incorporation and our certificate of designation is an exhibit to the registration statement which includes this prospectus.
Voting. Except as described below or as otherwise provided by law, the holders of our series A convertible preferred stock generally have the right to vote together with the holders of our common stock, as a single class, on an as-converted basis. Each share of our series A convertible preferred stock is entitled to that number of votes equal to the number of shares of class A common stock issuable upon conversion of a share of series A convertible preferred stock, for so long as such series A convertible preferred stock is outstanding. As of June 15, 2005, each share of our series A convertible preferred stock was convertible into 92 shares of our common stock. In addition to the foregoing voting rights, without the approval of the holders of at least a majority of the outstanding shares of our series A convertible preferred stock, voting separately as a class, we cannot amend, alter or repeal the preferences, special rights or other powers of our series A convertible preferred stock or otherwise amend our certificate of incorporation so as to affect adversely our series A convertible preferred stock.
In addition, without the approval of the holders of not less than 50% of the outstanding shares of our series A convertible preferred stock, voting separately as a class, we cannot, for so long as at least 15% of the initial number of shares of our series A convertible preferred stock remain outstanding:
In addition, the holders of our series A convertible preferred stock are entitled to nominate one person who will be included among our nominees for election to our board of directors for so long as
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such holders hold at least 20% of our class A common stock issued or issuable upon conversion of the series A convertible preferred stock. Similarly, the holders of our series A convertible preferred stock are entitled to designate one person to observe our board of directors so long as such holders hold at least 20% of our series A convertible preferred stock.
Dividends. Shares of our series A convertible preferred stock accrue preferential dividends daily and on a cumulative basis at an annual rate of 5% of its liquidation value, until the earlier of certain events specified in our certificate of incorporation. Such dividends will accrue whether or not they are declared and whether or not we have earnings, surplus or other funds legally available for the payment of dividends, and such dividends shall be cumulative such that all accrued and unpaid dividends shall be fully paid or declared before any dividends may be made on securities junior to our series A convertible preferred stock. Dividends are payable on a pro rata basis, out of funds legally available therefor, quarterly in arrears on January 31, April 30, July 31 and October 31 of each year in either cash or through an adjustment to the conversion rate and liquidation preference of the series A convertible preferred stock.
Liquidation, Dissolution or Winding Up or Other Fundamental Changes. If we voluntarily or involuntarily liquidate, dissolve or wind-up, transfer all or substantially all of our assets or are party to a merger or other change in control transaction in which our stockholders do not own a majority of our outstanding voting securities after such transaction, holders of our series A convertible preferred stock are entitled to a liquidation preference equal to the greater of (1) the stated liquidation value of our series A convertible preferred stock, which was initially $1,000.00 per share, plus all accreted dividends, or (2) the amount such holders would be entitled to receive if our series A convertible preferred stock were converted into shares of our class A common stock immediately prior to such event. The remaining assets, if any, will be distributed to the holders of any of our capital stock ranking junior to our series A convertible preferred stock on a pro rata basis. If there are insufficient assets or funds to permit the preferential amount payable to the holders of series A convertible preferred stock, then our entire assets and all of our funds legally available for distribution will be distributed ratably among the series A convertible preferred stockholders and any holders of our capital stock which is pari passu with our series A convertible preferred stock.
Redemption. Beginning on August 11, 2003 and continuing until August 11, 2007, we have the option to redeem all of the issued and outstanding shares of our series A convertible preferred stock at any time at a price per share in cash equal to the greater of (i) 90% of the current market value of the number of shares of class A common stock into which a share of series A convertible preferred stock could be converted by the holder on the date of the notice of redemption or (ii) a price giving the holder a defined yield; provided, however, that if the optional redemption price is pursuant to (i) above, then we may redeem less than all, but in no event less than 50%, of the issued and outstanding shares of series A convertible preferred stock. In addition, we must redeem any outstanding shares of our series A convertible preferred stock on August 11, 2007 at liquidation value, plus accrued but unpaid dividends, if any. If we do not have sufficient funds to redeem all outstanding shares of our series A convertible preferred stock on the mandatory redemption date, we are required to redeem a pro rata portion of each holder's shares of series A convertible preferred stock out of funds legally available therefor and redeem the remaining shares as soon as practicable after we have funds legally available therefor. Further, at any time on or after the occurrence of a change of control of us and for a period of 30 days thereafter, each holder of shares of series A convertible preferred stock may elect to require us to redeem such holder's shares or a portion thereof at a redemption price per share equal to the liquidation value as of the date of such change of control.
Optional Conversion. Each share of our series A convertible preferred stock is convertible into shares of our class A common stock at any time at the option of the holder. Each share of our series A convertible preferred stock is convertible into a number of shares of our class A common stock equal
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to its liquidation value divided by the conversion price then in effect for our series A convertible preferred stock. The initial conversion price of our series A convertible preferred stock is $14.00 per share, subject to adjustment if we subdivide our common stock by effecting a stock split or stock dividend, or if we issue or sell, subject to certain exceptions, additional shares of our common stock or securities convertible into common stock for less than $14.00 per share. As of June 15, 2005, the outstanding shares of series A convertible preferred stock were convertible, in the aggregate, into approximately 4,924,631 shares of our class A common stock.
Mandatory Conversion At Our Election. In the event we elect to redeem less than all of the issued and outstanding shares of our series A convertible preferred stock, then, upon such redemption, we may elect to require the holders of all remaining shares of our series A convertible preferred stock not subject to such redemption to convert such shares into shares of our class A common stock at the then effective conversion ratio.
Registration Rights. The holders of our series A convertible preferred stock and their permitted transferees are entitled to certain rights with respect to the registration under the Securities Act of certain shares of our class A common stock, including shares of class A common stock that were or may be acquired upon the conversion of shares of series A convertible preferred stock. In the event that we propose to register any of our securities under the Securities Act at any time, with certain exceptions, the holders of our series A convertible preferred stock will be entitled to include shares in such registration, subject to the right of the managing underwriter of any underwritten offering to exclude from such registration some or all of their registrable shares. In addition, holders of our series A convertible preferred stock have the right to require us to prepare and file registration statements under the Securities Act with respect to all of the registrable shares if such holders holding specified percentages of such shares and having a certain aggregate value so request. We are required to use our best efforts to effect such registration, subject to certain conditions and limitations. The selling stockholders are registering their shares under this registration statement pursuant to the exercise of these registration rights.
Our series A convertible preferred stock may have the effect of delaying, deferring or preventing a change in control of us without further action by the stockholders.
Delaware Law and Charter and By-Laws
Business Combinations. We are subject to the provisions of Section 203 of Delaware corporate law. Section 203 prohibits a publicly held Delaware corporation from engaging in a "business combination" with an "interested stockholder" for a period of three years after the date of the transaction in which the person became an interested stockholder, unless the business combination is approved in a prescribed manner. A "business combination" includes mergers, asset sales and other transactions resulting in a financial benefit to the interested stockholder. Subject to specified exceptions, an "interested stockholder" is a person who, together with affiliates and associates, owns, or within three years did own, 15% or more of the corporation's voting stock.
Staggered Board of Directors. Our certificate of incorporation and by-laws provide for the division of our board of directors into three classes as nearly equal in size as possible, with no class having more than one director more than any other class, with staggered three-year terms. The director nominated by holders of our series A convertible preferred stock and elected to office is a class I director, and the director nominated by holders of our class A common stock and elected to office is a class II director. Our certificate of incorporation and by-laws provide that directors may be removed with or without cause by the vote of the holders of shares representing at least 75% of the votes which all of our stockholders would be entitled to cast at any election of directors, other than an election of the class A director. The class A director may be removed only by the holders of at least 75% of the outstanding shares of our class A common stock. Moreover, our certificate of incorporation and by-laws
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provide that any vacancy on the board of directors, however occurring, including a vacancy resulting from an enlargement of the board, may only be filled by vote of a majority of the directors then in office. The classification of our board of directors and the limitations on the removal of directors and filling of vacancies could have the effect of making it more difficult for a third party to acquire, or discourage a third party from acquiring, us.
Limitation of Liability; Indemnification. Our certificate of incorporation provides that our directors and officers shall be indemnified by us under the circumstances described therein, except to the extent prohibited by Delaware corporate law. This indemnification covers all expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with their services for or on behalf of us, if such officer or director acted in good faith and in a manner he reasonably believed to be in, and not opposed to, our best interests, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. In addition, our certificate of incorporation provides that our directors will not be personally liable for monetary damages to us or to our stockholders for breaches of their fiduciary duty as directors, notwithstanding any provision of law imposing such liability, except to the extent prohibited by Delaware corporate law.
Stockholder Action; Special Meeting of Stockholders. Our by-laws provide that any action required or permitted to be taken by our stockholders at an annual meeting or special meeting of stockholders may only be taken if it is properly brought before the meeting and may not be taken by written action in lieu of a meeting. Our by-laws also provide that special meetings of stockholders may only be called by the president or by the chairman of our board of directors. Our by-laws provide that, in order for any matter to be considered "properly brought" before a meeting, a stockholder must comply with requirements regarding advance notice to us. These provisions could have the effect of delaying until the next stockholders' meeting stockholder actions which are favored by the holders of a majority of our outstanding voting securities. These provisions may also discourage another person or entity from making a tender offer for our common stock, because such person or entity, even if it acquired a majority of our outstanding voting securities, would be able to take action as a stockholder only at a duly called stockholders' meeting, and not by written consent.
Advance Notice Requirements for Stockholder Proposals and Director Nominations. Our by-laws provide that nominations for election to our board of directors may be made either by our board of directors or by a stockholder who complies with specified notice provisions. Our by-laws contain similar advance notice provisions for stockholder proposals for action at stockholder meetings. These provisions prevent stockholders from making nominations for directors and stockholder proposals from the floor at any stockholder meeting and require any stockholder making a nomination or proposal to submit the name of the nominees for board seats or the stockholder proposal, together with specified information about the nominee or any stockholder proposal, prior to the meeting at which directors are to be elected or action is to be taken. These provisions ensure that stockholders have adequate time to consider nominations and proposals before action is required, and they may also have the effect of delaying stockholder action.
Amendment to Certificate of Incorporation or By-Laws. Delaware corporate law provides that the vote of a majority of the shares entitled to vote on any matter is required to amend a corporation's certificate of incorporation or by-laws, unless a corporation's certificate of incorporation or by-laws, as the case may be, requires a greater percentage. Our certificate of incorporation requires the vote of the holders of shares representing at least 75% of the votes entitled to be cast to amend or repeal certain of the foregoing provisions of our certificate of incorporation. Generally, our by-laws may be amended or repealed by a majority vote of the board of directors present at any regular or special meeting of the board of directors or the holders of shares representing a majority of the votes entitled to be cast (with certain exceptions which require the vote of the holders of shares representing at least 75% of the
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votes entitled to be cast). The stockholder vote would be in addition to any separate class vote that might in the future be required pursuant to the terms of any series of preferred stock that might be then outstanding.
Certain Effects of Authorized but Unissued Stock
We have shares of common stock and preferred stock available for future issuance without stockholder approval. We may utilize these additional shares for a variety of corporate purposes, including future public offerings to raise additional capital, to facilitate corporate acquisitions or payment as a dividend on the capital stock.
The existence of unissued and unreserved common stock and preferred stock may enable our board of directors to issue shares to persons friendly to current management or to issue preferred stock with terms that could render more difficult or discourage a third party attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise, thereby protecting the continuity of our management. In addition, our board of directors has the discretion to determine designations, rights, preferences, privileges and restrictions, including voting rights, conversion rights, redemption privileges and liquidation preferences of each series of preferred stock, all to the fullest extent permissible under Delaware corporate law and subject to any limitations set forth in our certificate of incorporation. The purpose of authorizing our board of directors to issue preferred stock and to determine the rights and preferences applicable to such preferred stock is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of preferred stock, while providing desirable flexibility in connection with possible acquisitions and other corporate purposes, could have the effect of making it more difficult for a third party to acquire, or could discourage a third party from acquiring, a majority of our outstanding voting stock.
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DESCRIPTION OF DEBT SECURITIES
The following description, together with the additional information we include in any applicable prospectus supplements, summarizes the material terms and provisions of the debt securities that we may offer under this prospectus. While the terms we have summarized below will apply generally to any future debt securities we may offer, we will describe the particular terms of any debt securities that we may offer in more detail in the applicable prospectus supplement. If we indicate in a prospectus supplement, the terms of any debt securities we offer under that prospectus supplement may differ from the terms we describe below.
We will issue the senior subordinated notes under a senior subordinated indenture dated as of January 24, 2003 between us and U.S. Bank National Association, as trustee. We will issue junior subordinated notes under a junior subordinated indenture which we will enter into with a trustee to be named in the prospectus supplement. We have filed these documents as exhibits to the registration statement which includes this prospectus. We use the term "indentures" to refer to both the senior subordinated indenture and the junior subordinated indenture. The indentures will be qualified under the Trust Indenture Act. We use the term "trustee" to refer to either the senior subordinated trustee or the junior subordinated trustee, as applicable. The indentures may be supplemented from time to time.
The following summaries of material provisions of the senior subordinated notes, the junior subordinated notes and the indentures are subject to, and qualified in their entirety by reference to, the provisions of the indenture applicable to a particular series of debt securities. Except as we may otherwise indicate, the terms of the senior subordinated indenture and the junior subordinated indenture are identical.
We conduct our operations through subsidiaries. Our rights and the rights of our creditors, including holders of debt securities, to the assets of any subsidiary of ours upon that subsidiary's liquidation or reorganization or otherwise would be subject to the prior claims of that subsidiary's creditors, except to the extent that we may be a creditor with recognized claims against the subsidiary. Our subsidiaries' creditors would include trade creditors, debt holders, secured creditors and taxing authorities.
General
Except as set forth below under "Certain Covenants Related to Senior Subordinated DebtIncurrence of Indebtedness and Issuance of Preferred Stock," neither indenture limits of the amount of debt securities that we may issue. The senior subordinated debt securities will be unsecured and will be subordinated to our senior indebtedness, including our credit facilities. The junior subordinated debt securities will be unsecured and will be subordinated and junior to all senior indebtedness and our senior subordinated debt securities.
Senior Subordinated Indenture
Pursuant to the terms of the senior subordinated indenture, the following are the general terms relating to our senior subordinated notes:
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Junior Subordinated Indenture
We will describe in the applicable prospectus supplement the following terms relating to a series of junior subordinated notes:
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Conversion or Exchange Rights
Senior Subordinated Indenture
The senior subordinated notes are not convertible into or exchangeable for common stock or other securities.
Junior Subordinated Indenture
We will set forth in the applicable prospectus supplement the terms on which a series of junior subordinated notes may be convertible into or exchangeable for common stock or other securities of ours. We will include provisions as to whether conversion or exchange is mandatory, at the option of the holder or at our option. We may include provisions pursuant to which the number of shares of common stock or other securities of ours that the holders of the series of junior subordinated notes receive would be subject to adjustment.
Repurchase at the Option of Holders
Senior Subordinated Indenture
Change of Control
Pursuant to the terms of the senior subordinated indenture, if a Change of Control occurs, each holder of senior subordinated notes will have the right to require us to repurchase all or any part (equal to $1,000 or an integral multiple thereof) of that holder's notes pursuant to a Change of Control Offer (the "Change of Control Offer"). In the Change of Control Offer, we will offer to pay an amount in cash (the "Change of Control Payment") equal to 101% of the aggregate principal amount of senior subordinated notes repurchased, plus accrued and unpaid interest thereon, if any, to the date of purchase. Within 30 days following any Change of Control, we will mail a notice to each holder describing the transaction or transactions that constitute the Change of Control and offering to repurchase senior subordinated notes on the date (the "Change of Control Payment Date") specified in such notice, which date shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed, pursuant to the procedures required by the senior subordinated indenture and described in such notice.
On or before the Change of Control Payment Date, we will, to the extent lawful:
The paying agent will promptly mail to each holder of senior subordinated notes so tendered the Change of Control Payment for such notes, and the trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each holder a new senior subordinated note equal in principal amount to any unpurchased portion of the senior subordinated notes surrendered, if any; provided that each such new note will be in a principal amount of $1,000 or an integral multiple thereof.
Prior to complying with any of the provisions of this "Change of Control" covenant, but in any event within 90 days following a Change of Control, we are required to either repay all outstanding Senior Debt or obtain the requisite consents, if any, under all agreements governing outstanding Senior Debt to permit the repurchase of senior subordinated notes required by this covenant. We will publicly
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announce the results of the Change of Control Offer as soon as practicable after the Change of Control Payment Date.
We will not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in the senior subordinated indenture applicable to a Change of Control Offer made by us and purchases all senior subordinated notes validly tendered and not withdrawn under such Change of Control Offer.
Notwithstanding the foregoing, we shall not be required to make a Change of Control Offer, as provided above, if, in connection with or in contemplation of any Change of Control, we or a third party have made an offer to purchase (an "Alternate Offer") any and all senior subordinated notes validly tendered at a cash price equal to or higher than the Change of Control Payment and have purchased all senior subordinated notes properly tendered in accordance with the terms of such Alternate Offer. The Alternate Offer must comply with all the other provisions applicable to the Change of Control Offer, shall remain, if commenced prior to the Change of Control, open for acceptance until the consummation of the Change of Control and must permit holders to withdraw any tenders of senior subordinated notes made into the Alternate Offer until the final expiration or consummation thereof.
We will comply, and will cause any third party making a Change of Control Offer or an Alternate Offer to comply, with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with a Change of Control Offer or an Alternate Offer. To the extent the provisions of any applicable securities laws or regulations conflict with the provisions of the senior subordinated indenture relating to a Change of Control Offer, we will not be deemed to have breached our obligations under the senior subordinated indenture by virtue of complying with such laws or regulations.
The occurrence of a Change of Control would constitute an event of default under our Senior Credit Facility. In addition, the Senior Credit Facility prohibits, and the agreements governing any future Senior Debt may prohibit, us from purchasing any senior subordinated notes, and may also provide that certain change of control events with respect to us would constitute a default under such agreements. In the event a Change of Control occurs at a time when we are prohibited from purchasing senior subordinated notes, we could seek the consent of our senior lenders to the purchase of senior subordinated notes or could attempt to refinance the borrowings that contain such prohibition. If we do not obtain such a consent or repay such borrowings, we will remain prohibited from purchasing senior subordinated notes. In such case, our failure to purchase tendered senior subordinated notes would constitute an event of default under the senior subordinated indenture which would, in turn, constitute a default under such Senior Debt. In such circumstances, the subordination provisions in the senior subordinated indenture would likely restrict payments to the holders of senior subordinated notes.
The definition of Change of Control includes a phrase relating to the sale, lease, transfer, conveyance or other disposition of "all or substantially all" of our assets and the assets of our subsidiaries taken as a whole. Although there is a limited body of case law interpreting the phrase "substantially all," there is no precise established definition of the phrase under applicable law. Accordingly, the ability of a holder of senior subordinated notes to require us to repurchase such notes as a result of a sale, lease, transfer, conveyance or other disposition of less than all of our assets and the assets of our Subsidiaries taken as a whole may be uncertain.
The provisions described above that require us to make a Change of Control Offer following a Change of Control will be applicable regardless of whether or not any other provisions of the senior subordinated indenture are applicable. Except as described above with respect to a Change of Control, the senior subordinated indenture does not contain provisions that permit the holders of the senior
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subordinated notes to require that we repurchase or redeem such notes in the event of a takeover, recapitalization or similar transaction.
Asset Sales
We will not, and will not permit any of our Restricted Subsidiaries to, consummate an Asset Sale unless:
Within 365 days after the receipt of any Net Proceeds from an Asset Sale, we may apply such Net Proceeds at our option:
Pending the final application of any such Net Proceeds, we may temporarily reduce revolving credit borrowings or otherwise invest such Net Proceeds in any manner that is not prohibited by the senior subordinated indenture.
Any Net Proceeds from Asset Sales that are not applied as provided in the preceding paragraph will constitute "Excess Proceeds." When the aggregate amount of Excess Proceeds exceeds $10.0 million, we will make an offer to
to purchase (an "Asset Sale Offer") the maximum principal amount of senior subordinated notes and such other pari passu Indebtedness that may be purchased out of the Excess Proceeds. The offer price
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for senior subordinated notes in any Asset Sale Offer will be equal to 100% of the principal amount of senior subordinated notes purchased, plus accrued and unpaid interest, if any, to the date of purchase, and will be payable in cash. If the aggregate principal amount of senior subordinated notes and such other pari passu Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, we shall select the senior subordinated notes and such other pari passu Indebtedness to be purchased on a pro rata basis. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. Accordingly, if any Excess Proceeds remain after consummation of an Asset Sale Offer, Casella may use such Excess Proceeds for any purpose not otherwise prohibited by the senior subordinated indenture.
When any non-cash consideration received by us or any of our Restricted Subsidiaries in connection with any Asset Sale is converted into or sold or otherwise disposed of for cash or Cash Equivalents, such cash and Cash Equivalents must be applied in accordance with this covenant.
We will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with an Asset Sale Offer. To the extent the provisions of any applicable securities laws or regulations conflict with the provisions of the senior subordinated indenture relating to an Asset Sale Offer, we will not be deemed to have breached our obligations under the senior subordinated indenture by virtue of complying with such laws or regulations.
The Senior Credit Facility currently prohibits us from purchasing any senior subordinated notes. In addition, the agreements governing any future Senior Debt may prohibit us from purchasing any senior subordinated notes. In the event the senior subordinated indenture requires us to make an Asset Sale Offer at a time when we are prohibited from purchasing senior subordinated notes, we could seek the consent of our senior lenders to the purchase of senior subordinated notes, use the proceeds of the Asset Sale to pay down such Senior Debt, or attempt to refinance the borrowings that contain such prohibitions. If we do not obtain such consents or repay or refinance such borrowings, we would remain prohibited from purchasing senior subordinated notes. In such case, our failure to purchase tendered senior subordinated notes would constitute an event of default under the senior subordinated indenture which would, in turn, constitute a default under such Senior Debt. In such circumstances, the subordination provisions in the senior subordinated indenture would likely restrict payments to the holders of senior subordinated notes.
Junior Subordinated Indenture
The junior subordinated indenture does not contain any provisions which would give the holders of junior subordinated notes the right to require us to repurchase all or any part of that holder's notes.
Events of Default Under the Indentures
The following are events of default under the senior subordinated indenture:
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holders of at least 25% in aggregate principal amount of the outstanding senior subordinated notes of the applicable series;
The following are events of default under the junior subordinated indenture:
If an event of default with respect to notes of any series occurs and is continuing, the trustee or the holders of at least 25% in aggregate principal amount of the outstanding notes of that series, by notice to us in writing, and to the trustee if notice is given by such holders, may declare the unpaid principal of, premium, if any, and accrued interest, if any, on the notes due and payable immediately.
The holders of a majority in principal amount of the outstanding notes of an affected series may waive any default or event of default with respect to the series and its consequences, except defaults or events of default regarding payment of principal, premium, if any, or interest. Any waiver shall cure the default or event of default.
Subject to the terms of the indentures, if an event of default under an indenture shall occur and be continuing, the trustee will be under no obligation to exercise any of its rights or powers under such indenture at the request or direction of any of the holders of the applicable series of notes, unless such holders have offered the trustee reasonable indemnity. The holders of a majority in principal amount of the outstanding notes of any series will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee, or exercising any trust or power conferred on the trustee, with respect to the notes of that series, provided that:
A holder of the notes of any series will only have the right to institute a proceeding under the indentures or to appoint a receiver or trustee, or to seek other remedies if:
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These limitations do not apply to a suit instituted by a holder of notes to enforce payment if we default in the payment of the principal, premium, if any, or interest on, the notes.
We will periodically file statements with the trustee regarding our compliance with specified covenants in the indentures.
Modification of Indenture; Waiver
Senior Subordinated Indenture
With respect to the senior subordinated indenture, we and the trustee may change the senior subordinated indenture without the consent of any holders with respect to specific matters, including:
In addition, under the senior subordinated indenture, the rights of holders of a series of notes may be changed by us and the trustee with the written consent of the holders of at least a majority in aggregate principal amount of the outstanding notes of each series that is affected. However, we and the trustee may make the following changes only with the consent of each holder of any outstanding notes affected:
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Junior Subordinated Indenture
With respect to the junior subordinated indenture, we and the trustee may amend or supplement the junior subordinated indenture or the junior subordinated notes without the consent of any holders with respect to specific matters, including:
In addition, under the junior subordinated indenture, the rights of holders of a series of notes may be changed by us and the trustee with the written consent of the holders of at least a majority in aggregate principal amount of the outstanding notes of each series that is affected. However, we and the trustee may only make the following changes with the consent of each holder of any outstanding notes affected:
Discharge
Senior Subordinated Indenture
The senior subordinated indenture provides that we can elect to be discharged from our obligations with respect to one or more series of debt securities, except for:
In order to exercise our rights to be discharged, we must deposit into trust with the trustee money or government obligations sufficient to pay all the principal of, any premium, if any, and interest on, the debt securities of the series on the dates payments are due.
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The junior subordinated indenture provides that we can elect to be discharged from our obligations with respect to one or more series of debt securities, except for obligations to:
In order to exercise our rights to be discharged, we must deposit with the trustee money or government obligations sufficient to pay all the principal of, any premium, if any, and interest on, the debt securities of the series on the dates payments are due.
Form, Exchange, Registration and Transfer
We will issue the notes of each series only in fully registered form without interest coupons and, unless we otherwise specify in the applicable prospectus supplement, in denominations of $1,000 and any integral multiple thereof. The indentures provide that we may issue notes of a series in temporary or definitive global form and as book-entry securities that will be deposited with, or on behalf of, The Depository Trust Company or another depository named by us and identified in a prospectus supplement with respect to that series. See "Legal Holders" for a further description of the terms relating to any book-entry securities.
At the option of the holder, subject to the terms of the indentures and the limitations applicable to global securities described in the applicable prospectus supplement, the holder of the notes of any series can exchange the notes for other notes of the same series, in any authorized denomination and of like tenor and aggregate principal amount.
Subject to the terms of the indentures and the limitations applicable to global securities set forth in the applicable prospectus supplement, holders of the notes may present the notes for exchange or for registration of transfer, duly endorsed or with the form of transfer endorsed thereon duly executed if so required by us or the security registrar, at the office of the security registrar or at the office of any transfer agent designated by us for this purpose. Unless otherwise provided in the notes that the holder presents for transfer or exchange, we will not require any payment for any registration of transfer or exchange, but we may require payment of any taxes or other governmental charges.
We will name in the applicable prospectus supplement the security registrar, and any transfer agent in addition to the security registrar, that we initially designate for any notes. We may at any time designate additional transfer agents or rescind the designation of any transfer agent or approve a change in the office through which any transfer agent acts, except that we will be required to maintain a transfer agent in each place of payment for the notes of each series.
Junior Subordinated Indenture
If we elect to redeem the junior subordinated notes of any series, we will not be required to:
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redemption of any junior subordinated notes that may be selected for redemption and ending at the close of business on the day of the mailing; or
Information Concerning the Trustee
The trustee, other than during the occurrence and continuance of an event of default under an indenture, undertakes to perform only those duties as are specifically set forth in the applicable indenture. Upon an event of default under an indenture, the trustee must use the same degree of care as a prudent person would exercise or use in the conduct of his or her own affairs. Subject to this provision, the trustee is under no obligation to exercise any of the powers given to it by the indentures at the request of any holder of notes unless it is offered reasonable security and indemnity against the costs, expenses and liabilities that it might incur.
Payment and Paying Agents
Unless we otherwise indicate in the applicable prospectus supplement, we will make payment of the interest on any notes on any interest payment date to the person in whose name the notes, or one or more predecessor securities, are registered at the close of business on the regular record date for the interest payment.
We will pay principal of and any premium and interest on the notes of a particular series at the office of the paying agents designated by us, except that unless we otherwise indicate in the applicable prospectus supplement, will we make interest payments by check which we will mail to the holder. Unless we otherwise indicate in a prospectus supplement, we will designate the corporate trust office of the trustee in New York, New York as our sole paying agent for payments with respect to notes of each series. Our paying agent for the senior subordinated notes is U.S. Bank National Association. We will name in the applicable prospectus supplement any other paying agents that we initially designate for the notes of a particular series. We will maintain a paying agent in each place of payment for the notes of a particular series.
Under the terms of the junior subordinated indenture, all money we pay to a paying agent or the trustee for the payment of the principal of or any premium or interest on any notes which remains unclaimed at the end of two years after such principal, premium or interest has become due and payable will be repaid to us, and the holder of the security thereafter may look only to us for payment thereof.
Governing Law
The indentures and the notes will be governed by and construed in accordance with the laws of the State of New York, except to the extent that the Trust Indenture Act is applicable.
Subordination
Senior Subordinated Indenture
The payment of all obligations on or relating to the senior subordinated notes will be subordinated in right of payment to the prior payment in full in cash or cash equivalents of all obligations on our Senior Debt. Notwithstanding the foregoing, payments and distributions made from the trust established pursuant to the provisions described under "Discharge" shall not be so subordinated in right of payment so long as the payments into the trust were made in accordance with certain requirements and did not violate the subordination provisions when they were made.
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The holders of Senior Debt will be entitled to receive payment in full in cash or cash equivalents of all obligations due in respect of Senior Debt before the holders of subordinated notes will be entitled to receive any payment or distribution of any kind or character with respect to any obligations on, or relating to, the subordinated notes (other than payments or distributions of Permitted Junior Securities) in the event of any distribution to our creditors:
We also may not make any payment or distribution of any kind or character with respect to any obligations on, or relating to, the notes or acquire any notes for cash or assets or otherwise, other than payments or distributions of Permitted Junior Securities and payments and distributions made from the trust established pursuant to the provisions described under "Discharge" so long as the payments into the trust were made in accordance with certain requirements and did not violate the subordination provisions when they were made, if:
Payments on and distributions with respect to any obligations on, or with respect to, the notes may and shall be resumed:
No new Payment Blockage Notice may be delivered unless and until 360 days have elapsed since the effectiveness of the immediately prior Payment Blockage Notice.
No nonpayment default that existed or was continuing on the date of delivery of any Payment Blockage Notice to the trustee shall be, or be made, the basis for a subsequent Payment Blockage Notice unless such default shall have been cured or waived for a period of not less than 90 consecutive days (it being acknowledged that any subsequent action, or any breach of any financial covenants for a period ending after the date of delivery of such initial Payment Blockage Notice that in either case would give rise to a default pursuant to any provisions under which a default previously existed or was continuing shall constitute a new default for this purpose).
We must promptly notify holders of Senior Debt if payment of the senior subordinated notes is accelerated because of an event of default.
As a result of the subordination provisions described above, in the event of a bankruptcy, liquidation or reorganization of Casella, holders of the senior subordinated notes may recover less ratably than our creditors who are holders of Senior Debt.
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Junior Subordinated Indenture
The junior subordinated notes will be unsecured and will be subordinate and junior in priority of payment to certain of our other indebtedness, including, without limitation, to the prior payment in full in cash or cash equivalents of all obligations on our Senior Debt, to the extent described in a prospectus supplement. The junior subordinated indenture does not limit the amount of junior subordinated notes which we may issue. It also does not limit us from issuing any other secured or unsecured debt.
Certain Covenants Related to Senior Subordinated Notes
The restrictive covenants summarized below will apply (unless waived or amended) to notes issued pursuant to the senior subordinated indenture, unless the prospectus supplement states otherwise. We have provided at the end of these covenants definitions of the capitalized words used in discussing the covenants.
Restricted Payments
We will not, and will not permit any of our Restricted Subsidiaries to, directly or indirectly:
(all such payments and other actions set forth in clauses (i) through (iv) above being collectively referred to as "Restricted Payments"), unless, at the time of and after giving effect to such Restricted Payment:
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Restricted Payments permitted by clauses (2), (3), (4) (only to the extent payable to us or any of our Restricted Subsidiaries), (5), (7) and (8) of the next succeeding paragraph), is less than the sum (the "Basket"), without duplication, of
(a) 50% of our Consolidated Net Income for the period (taken as one accounting period) from the beginning of the first fiscal quarter commencing after the Issue Date to the end of our most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit), plus
(b) 100% of the aggregate net cash proceeds received by us since the Issue Date from the issuance and sale of Qualified Capital Stock or from the issuance and sale of convertible or exchangeable Disqualified Capital Stock or Indebtedness of us or any of our Restricted Subsidiaries that has been converted into or exchanged for Qualified Capital Stock (other than any issuance and sale to one of our Subsidiaries), less the amount of any cash, or the fair market value of any other assets, distributed by us or any of our Restricted Subsidiaries upon such conversion or exchange (other than to us or any of our Restricted Subsidiaries), plus
(c) to the extent not otherwise included in the calculation of Consolidated Net Income for purposes of clause (a) above, 100% of (x) any amount received in cash by us or any of our Restricted Subsidiaries as dividends, distributions or return of capital from, or payment of interest or principal on any loan or advance to, and (y) the aggregate net cash proceeds received by us or any of our Restricted Subsidiaries upon the sale or other disposition of, the investee (other than one of our Unrestricted Subsidiaries) of any Investment made by us and our Restricted Subsidiaries since the Issue Date; provided that the foregoing sum shall not exceed, in the case of any investee, the aggregate amount of Investments previously made (and treated as a Restricted Payment) by us or any of our Restricted Subsidiaries in such investee subsequent to the Issue Date, plus
(d) to the extent not otherwise included in the calculation of Consolidated Net Income for purposes of clause (a) above, 100% of (x) any amount received in cash by us or any of our Restricted Subsidiaries as dividends, distributions or return of capital from, or payment of interest or principal on any loan or advance to, or upon the sale or other disposition of the Capital Stock of, an Unrestricted Subsidiary and (y) the fair market value of the net assets of an Unrestricted Subsidiary, at the time such Unrestricted Subsidiary is redesignated as a Restricted Subsidiary or is merged, consolidated or amalgamated with or into, or is liquidated into, us or any of our Restricted Subsidiaries, multiplied by our proportionate interest in such Subsidiary; provided that the foregoing sum shall not exceed, in the case of any Unrestricted Subsidiary, the aggregate amount of Investments previously made (and treated as a Restricted Payment) by us or any of our Restricted Subsidiaries in such Unrestricted Subsidiary subsequent to the Issue Date, plus
(e) to the extent not otherwise included in the calculation of Consolidated Net Income for purposes of clause (a) above, 100% of the amount of any Investment made (and treated as a Restricted Payment) since the Issue Date in a Person that subsequently becomes our Restricted Subsidiary.
The preceding provisions will not prohibit:
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of our Subsidiaries) of, Qualified Capital Stock; provided that the amount of any such net cash proceeds that are utilized for any such redemption, repurchase, retirement, defeasance or other acquisition shall not increase the Basket;
The amount of all Restricted Payments (other than cash) shall be the fair market value on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued by us or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The fair market value of any assets or securities having a fair market value in excess of $5.0 million that are required to be valued by this covenant shall be determined in good faith by our board of directors, whose resolution with respect thereto shall be delivered to the trustee. The board of directors' determination must be based upon an opinion or appraisal issued by an accounting, appraisal or investment banking firm of national standing if the fair market value exceeds $10.0 million. Not later than the date of making any Restricted Payment, we shall deliver to the trustee an officers' certificate stating that such Restricted Payment is permitted and setting forth the basis upon which the calculations required by this "Restricted Payments" covenant were computed, together with a copy of any fairness opinion or appraisal required by the senior subordinated indenture.
In determining whether any Restricted Payment is permitted by the foregoing covenant, we may allocate or reallocate all or any portion of such Restricted Payment between clauses (6) and (8) of the second paragraph of this "Restricted Payments" covenant or between such clauses and the Basket; provided that at the time of such allocation or reallocation, all such Restricted Payments, or allocated portions thereof, would be permitted under such provisions.
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Incurrence of Indebtedness and Issuance of Preferred Stock
(i) We may not, and we will not permit any of our Restricted Subsidiaries to, directly or indirectly, incur any Indebtedness (including Acquired Debt), and (ii) we will not issue any Disqualified Capital Stock and will not permit any of our Restricted Subsidiaries to issue any shares of Preferred Stock; provided that we or any Guarantor may incur Indebtedness (including Acquired Debt), and we may issue Disqualified Capital Stock, if the Consolidated Fixed Charge Coverage Ratio is at least 2.0 to 1.0 (this proviso, the "Coverage Ratio Exception").
The first paragraph of this covenant will not prohibit the incurrence of any of the following items of Indebtedness (collectively, "Permitted Debt"):
(1) Indebtedness and letters of credit under the Senior Credit Facility (with letters of credit being deemed to have a principal amount equal to the maximum potential liability of us and our Restricted Subsidiaries thereunder) in an aggregate principal amount not to exceed $375.0 million less the aggregate amount of all Net Proceeds of Asset Sales applied by us or any of our Subsidiaries since the date of the senior subordinated indenture to repay Indebtedness under the Senior Credit Facility;
(2) the senior subordinated notes issued on the Issue Date, the Exchange Notes and the Subsidiary Guarantees thereof;
(3) Capital Lease Obligations and Purchase Money Obligations, and Permitted Refinancing Indebtedness thereof, in an aggregate amount not to exceed $10.0 million at any time outstanding;
(4) Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to refinance, (x) Existing Indebtedness or (y) Indebtedness incurred under the Coverage Ratio Exception or clause (2) of this paragraph or this clause (4);
(5) Indebtedness owed by us or any of our Restricted Subsidiaries to us or any of our Restricted Subsidiaries; provided that:
(a) if we or any Guarantor are the obligor on such Indebtedness, such Indebtedness must be expressly subordinated to the prior payment in full in cash of all Obligations with respect to the senior subordinated notes, in our case, or the Subsidiary Guarantee of such Guarantor, in the case of a Guarantor; and
(b) (x) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than us or one of our Wholly Owned Restricted Subsidiaries and (y) any sale or other transfer of any such Indebtedness to a Person that is not either us or one of our Wholly Owned Restricted Subsidiaries shall be deemed, in each case, to constitute an incurrence of such Indebtedness by us or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (5);
(6) Hedging Obligations with respect to (a) interest rates on any Indebtedness that is permitted by the terms of the senior subordinated indenture to be outstanding, (b) foreign currency exchange rates, (c) prices of recycled paper, fiber, aluminum, tin, glass, rubber, plastics or other recycled products or (d) the price of fuel required for the operations of our businesses and the business of our Restricted Subsidiaries; provided that (i) any such Hedging Obligation of the type described in clauses (b) through (d) will be permitted by this clause (6) only if it was entered into to protect us and our Restricted Subsidiaries from fluctuations in foreign currency exchange rates, the prices of recycled paper, fiber, aluminum, tin, glass, rubber, plastics or other recycled products or fuel covered by such agreements, as applicable, and not for speculative purposes, (ii) in the case of Hedging Obligations of the type described in clause (a) above, any such Hedging Obligations will be permitted by this clause (6) only to the extent the notional principal amount of such Hedging Obligations, when incurred, does not exceed the principal amount of the Indebtedness to which such Hedging Obligations relate and (iii) in the case of Hedging Obligations of the type described in clause (b) above, such Hedging Obligations do not
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increase our Indebtedness and the Indebtedness of our Restricted Subsidiaries outstanding other than as a result of fluctuations in foreign currency exchange rates or by reason of fees, indemnities and compensation payable thereunder;
(7) obligations in the ordinary course of business in respect of workers' compensation claims, self-insurance obligations, performance, surety and similar bonds and completion bonds and bid guarantees with respect to our assets or business or the assets or business of any of our Restricted Subsidiaries;
(8) (x) the Guarantee by us or any Guarantor of our Indebtedness or Indebtedness of a Guarantor and (y) the guarantee by any Restricted Subsidiary that is not a Guarantor of Indebtedness of any other Restricted Subsidiary that is not a Guarantor; provided that, in each case, the Indebtedness being guaranteed is permitted to be incurred by another provision of the senior subordinated indenture;
(9) indemnification, adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the disposition of any business or assets of Casella or any of its Restricted Subsidiaries or Capital Stock of any of its Restricted Subsidiaries; provided that the maximum aggregate liability in respect of all of such obligations outstanding under this clause (9) shall at no time exceed the gross proceeds including non-cash proceeds (the fair market value of such non-cash proceeds being measured at the time received and without giving effect to any subsequent changes in value) actually received by us and our Restricted Subsidiaries in connection with such dispositions;
(10) Acquired Debt incurred by the debtor prior to the time that the debtor thereunder was acquired by or merged into us or any of our Subsidiaries, or prior to the time that the related asset was acquired by us or any of our Subsidiaries, and was not incurred in connection with, or in contemplation of, such acquisition or merger, and Permitted Refinancing Indebtedness thereof, in an aggregate amount not to exceed $10.0 million at any time outstanding;
(11) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds; provided that such Indebtedness is extinguished within five business days of incurrence; and
(12) additional Indebtedness in an aggregate amount not to exceed $10.0 million at any time outstanding.
Notwithstanding any other provision in this covenant, the maximum amount of Indebtedness that we or any of our Restricted Subsidiaries may incur pursuant to this covenant shall not be deemed to be exceeded as a result of fluctuations in exchange rates of currencies. The outstanding principal amount of any particular Indebtedness shall be counted only once and any obligation arising under any Guarantee, Lien, letter of credit or similar instrument supporting such Indebtedness shall be disregarded, so long as the obligor is permitted to incur such obligation. For purposes of determining compliance with this covenant, in the event that an item of proposed Indebtedness meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through (12) above, or is entitled to be incurred pursuant to the Coverage Ratio Exception, we will be permitted to divide and classify such item of Indebtedness on the date of its incurrence in any manner that complies with this covenant (provided that all Indebtedness outstanding under the Senior Credit Facility on the Issue Date shall be deemed to have been incurred pursuant to clause (1) above).
No Senior Subordinated Debt
We will not, directly or indirectly, incur any Indebtedness that is, or purports to be, subordinate or junior in right of payment to any of our Senior Debt and senior in any respect in right of payment to the senior subordinated notes. No Guarantor will, directly or indirectly, incur any Indebtedness that is,
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or purports to be, subordinate or junior in right of payment to any Senior Debt of such Guarantor and senior in any respect in right of payment to such Guarantor's Subsidiary Guarantee. For purposes hereof, unsecured Indebtedness shall not be deemed to be subordinate or junior to secured Indebtedness solely because it is unsecured, and Indebtedness that is not Guaranteed by a particular Person shall not be deemed to be subordinate or junior to Indebtedness solely because it is not so Guaranteed.
Liens
We will not, and will not permit any of our Restricted Subsidiaries to, directly or indirectly, create, incur, assume or suffer to exist any Lien of any kind securing Indebtedness, Attributable Debt or trade payables on any asset now owned or hereafter acquired, except Permitted Liens, unless all payments due under the senior subordinated indenture and the senior subordinated notes are secured on an equal and ratable basis with the obligation so secured until such time as such is no longer secured by a Lien; provided that if such obligation is by its terms expressly subordinated to the senior subordinated notes or any Subsidiary Guarantee, the Lien securing such obligation shall be subordinate and junior to the Lien securing the senior subordinated notes and the Subsidiary Guarantees with the same relative priority as such subordinate or junior obligation shall have with respect to the senior subordinated notes and the Subsidiary Guarantees.
Dividend and Other Payment Restrictions Affecting Subsidiaries
We will not, and will not permit any of our Restricted Subsidiaries to, directly or indirectly, create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to:
(1) pay dividends or make any other distributions on or in respect of its Equity Interests to us or any of our Restricted Subsidiaries, or with respect to any other interest or participation in, or measured by, its profits, or pay any indebtedness owed to us or any of our Restricted Subsidiaries;
(2) make loans or advances to us or any of our Restricted Subsidiaries; or
(3) transfer any of our properties or assets to us or any of our Restricted Subsidiaries.
However, the preceding restrictions will not apply to encumbrances or restrictions existing under or by reason of:
(1) the Senior Credit Facility or any Existing Indebtedness, in each case, as in effect on the date of the senior subordinated indenture and any amendments or refinancings thereof; provided that such amendments or refinancings are not materially more restrictive, taken as a whole, with respect to such dividend and other restrictions than those contained in the Senior Credit Facility or such Existing Indebtedness, as in effect on the date of the senior subordinated indenture;
(2) the senior subordinated indenture and the senior subordinated notes;
(3) applicable law, rule, regulation or order of any governmental authority;
(4) any instrument governing Indebtedness or Capital Stock of a Person acquired by us or any of our Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness was incurred in connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided that, in the case of Indebtedness, such Indebtedness was permitted by the terms of the senior subordinated indenture to be incurred;
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(5) customary non-assignment provisions (and sublease restrictions) in leases entered into in the ordinary course of business and consistent with past practices;
(6) Purchase Money Obligations that impose restrictions only on the property acquired of the nature described in clause (3) of the preceding paragraph;
(7) any agreement for the sale or other disposition of a Restricted Subsidiary that restricts distributions by such Restricted Subsidiary pending its sale or other disposition; provided that such sale or disposition is made in compliance with the provisions of the senior subordinated indenture described under the caption "Repurchase at the Option of HoldersAsset Sales;"
(8) Permitted Refinancing Indebtedness; provided that such dividend and other restrictions contained in the agreements governing such Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced;
(9) Liens securing Indebtedness otherwise permitted to be incurred pursuant to the provisions of the covenant described above under the caption "Liens" that limit our right or the rights of any of our Restricted Subsidiaries to dispose of the assets subject to such Lien;
(10) provisions with respect to the disposition or distribution of assets or property in joint venture agreements and other similar agreements entered into in the ordinary course of business;
(11) customary restrictions on cash or other deposits or net worth imposed by customers or government authorities under contracts or other agreements entered into in the ordinary course of business; and
(12) any agreement relating to a Sale and Leaseback Transaction or Capital Lease Obligation, in each case, otherwise permitted by the senior subordinated indenture, but only on the property subject to such transaction or lease and only to the extent that such restrictions or encumbrances are customary with respect to a Sale and Leaseback Transaction or capital lease.
Transactions with Affiliates
We will not, and will not permit any of our Restricted Subsidiaries to, directly or indirectly, make any payment to, or sell, lease, transfer or otherwise dispose of any of our properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any of our Affiliates (each, an "Affiliate Transaction"), unless:
(1) such Affiliate Transaction is on terms that are no less favorable to us or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by us or such Restricted Subsidiary with an unrelated Person; and
(2) we deliver to the trustee:
(a) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $2.0 million, a resolution of our board of directors set forth in an officers' certificate certifying that such Affiliate Transaction complies with this covenant and that such Affiliate Transaction has been approved by a majority of our Disinterested Directors, if there are any such Disinterested Directors; and
(b) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $10.0 million, or in excess of $2.0 million if such transaction has not been approved by a majority of the Disinterested Directors or if at such time there are no Disinterested Directors, an opinion as to the fairness of such Affiliate Transaction
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from a financial point of view issued by an accounting, appraisal or investment banking firm of national standing.
The following items shall not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of the prior paragraph:
(1) transactions exclusively between or among us and/or one or more of our Restricted Subsidiaries; provided, in each case, such transaction is not otherwise prohibited by the senior subordinated indenture and that no Affiliate of ours (other than a Restricted Subsidiary) owns any Equity Interests in any Restricted Subsidiary that is a party to such transaction;
(2) any agreement in effect on the Issue Date as in effect on the Issue Date or as thereafter amended in a manner which is, taken as a whole, in the good faith judgment of our board of directors not materially less favorable to us or such Restricted Subsidiary than the original agreement as in effect on the Issue Date;
(3) any employment, compensation, benefit or indemnity agreements, arrangements or plans in respect of any officer, director, employee or consultant of us or any of our Restricted Subsidiaries entered into in the ordinary course of business and approved by our board of directors;
(4) loans and advances permitted by clause (6) of the definition of "Permitted Investments;"
(5) transactions between us or any of our Restricted Subsidiaries and GreenFiber; provided, in each case, that (i) such transaction (a) is on terms that are no less favorable to us or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by us or such Restricted Subsidiary with an unrelated Person and (b) is not otherwise prohibited by the senior subordinated indenture and (ii) that no Affiliate of ours (other than a Restricted Subsidiary) owns any Equity Interests in any Person that is a party to such transaction;
(6) the issuance and sale of Qualified Capital Stock; and
(7) Restricted Payments (other than Investments) that are permitted by the provisions of the senior subordinated indenture described under the caption "Restricted Payments."
Additional Subsidiary Guarantees
If we or any of our Restricted Subsidiaries transfers, acquires or creates another Restricted Subsidiary (other than any Foreign Subsidiary) after the date of the senior subordinated indenture or transfers or causes to be transferred, in any one transaction or a series of related transactions, any assets in excess of $1,000 to any Restricted Subsidiary (other than a Foreign Subsidiary or our captive insurance subsidiary) that is not a Guarantor, or designates any Unrestricted Subsidiary (other than a Foreign Subsidiary) as a Restricted Subsidiary, then that newly acquired, created, capitalized or designated Restricted Subsidiary must become a Guarantor and shall, within ten business days of the date on which it was so acquired, created, capitalized or designated:
Thereafter, such Restricted Subsidiary shall be a Guarantor for all purposes of the senior subordinated indenture.
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Notwithstanding the preceding paragraph, any Subsidiary Guarantee will provide by its terms that it will be automatically and unconditionally released and discharged under the circumstances set forth in the senior subordinated debenture. The form of the Subsidiary Guarantee will be attached as an exhibit to the senior subordinated indenture.
Designation of Restricted and Unrestricted Subsidiaries
Our board of directors may designate (a "Designation") any Restricted Subsidiary to be an Unrestricted Subsidiary if such Designation would not cause a Default. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, all outstanding Investments owned by us and our Restricted Subsidiaries in the Subsidiary so designated will be deemed to be an Investment made as of the time of such Designation and will reduce the amount available for Restricted Payments under the first paragraph of the covenant described above under the caption "Restricted Payments" or for Permitted Investments, as applicable. All such outstanding Investments will be valued at their fair market value at the time of such Designation in accordance with the provisions of the second to last paragraph under "Restricted Payments." Such Designation will be permitted only if such Investment would be a Permitted Investment or otherwise would at the time of such Designation not be prohibited under provisions of the senior subordinated indenture described under the caption "Restricted Payments."
Our board of directors may revoke any Designation of a Subsidiary as an Unrestricted Subsidiary (a "Revocation"); provided that (a) no Default exists at the time of or after giving effect to such Revocation; and (b) all Liens and Indebtedness of such Unrestricted Subsidiary outstanding immediately after such Revocation would, if incurred at such time, have been permitted to be incurred (and shall be deemed to have been incurred) for all purposes of the senior subordinated indenture.
Any such Designation or Revocation by our board of directors after the Issue Date shall be evidenced to the trustee by promptly filing with the trustee a copy of the resolution of our board of directors giving effect to such Designation or Revocation and an officers' certificate certifying that such Designation or Revocation complied with the foregoing provisions.
Sale and Leaseback Transactions
We will not, and will not permit any of our Restricted Subsidiaries to, enter into any Sale and Leaseback Transaction; provided that we or any of our Restricted Subsidiaries that is a Guarantor may enter into a Sale and Leaseback Transaction if:
(1) we or that Guarantor, as applicable, could have (a) incurred Indebtedness in an amount equal to the Attributable Debt relating to such Sale and Leaseback Transaction pursuant to the covenant described under "Incurrence of Indebtedness and Issuance of Preferred Stock" and (b) incurred a Lien to secure such Indebtedness pursuant to the covenant described above under the caption "Liens;"
(2) the gross cash proceeds of such Sale and Leaseback Transaction are at least equal to the fair market value, as determined in good faith by the board of directors and set forth in an officers' certificate delivered to the trustee, of the assets that are the subject of such Sale and Leaseback Transaction; and
(3) the transfer of assets in such Sale and Leaseback Transaction is permitted by, and we apply the proceeds of such transaction in compliance with, the provisions of the senior subordinated indenture relating to the sale of assets (unless the sale of such assets would not constitute an Asset Sale under the definition of "Asset Sale").
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Limitation on Issuances and Sales of Equity Interests in Wholly Owned Subsidiaries
We will not, and will not permit any of our Restricted Subsidiaries to, transfer, convey, sell, lease or otherwise dispose of any Equity Interests in any of our Wholly Owned Restricted Subsidiaries to any Person (other than ourselves or our Wholly Owned Restricted Subsidiaries), unless the transfer, conveyance, sale, lease or other disposition is of all the Equity Interests in such Wholly Owned Restricted Subsidiary and the Net Proceeds from such transfer, conveyance, sale, lease or other disposition are applied in accordance with the provisions of the senior subordinated indenture described above under the caption "Repurchase at the Option of HoldersAsset Sales." In addition, we will not permit any of our Wholly Owned Restricted Subsidiaries to issue any of their Equity Interests (other than, if necessary, shares of their Capital Stock constituting directors' qualifying shares) to any Person other than to us or our Wholly Owned Restricted Subsidiaries. This covenant will not apply with respect to the Equity Interests of GreenFiber or any of its Subsidiaries or its direct parent if or when GreenFiber becomes our Wholly Owned Restricted Subsidiary.
Business Activities
We will not, and will not permit any Restricted Subsidiary to, engage in any business other than Permitted Businesses.
Payments for Consent
We will not, and will not permit any of our Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any holder of senior subordinated notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of the senior subordinated indenture or the senior subordinated notes unless such consideration is offered to be paid and is paid to all holders of the senior subordinated notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or amendment.
Consolidation, Merger or Asset Sale
Senior Subordinated Indenture
(a) We may not, directly or indirectly: (1) consolidate or merge with or into another Person (whether or not we are the surviving corporation); or (2) sell, assign, lease, transfer, convey or otherwise dispose of all or substantially all of our properties or assets (determined on a consolidated basis for us and our Restricted Subsidiaries), in one or more related transactions, to another Person, unless:
(1) either: (A) we are the surviving corporation; or (B) the Person formed by or surviving any such consolidation or merger (if other than us) or to which such sale, assignment, transfer, conveyance or other disposition shall have been made (the "Surviving Person") is a corporation organized under the laws of the United States, any state thereof or the District of Columbia;
(2) the Surviving Person assumes all our obligations under the senior subordinated notes, and the senior subordinated indenture pursuant to agreements reasonably satisfactory to the trustee;
(3) immediately after such transaction no Default exists (including, without limitation, after giving effect to any Indebtedness or Liens incurred, assumed or granted in connection with or in respect of such transaction); and
(4) we or the Surviving Person: (x) will have a Consolidated Net Worth immediately after the transaction equal to or greater than our Consolidated Net Worth immediately preceding the transaction; and (y) will be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Coverage Ratio Exception.
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The foregoing clauses (3) and (4) shall not apply to (a) a merger or consolidation of any Restricted Subsidiary with or into us or (b) a transaction solely for the purpose of and with the effect of reincorporating us in another jurisdiction and/or forming a holding company to hold all of our Capital Stock or forming an intermediate holding company to hold all of the Capital Stock of our Subsidiaries.
In the event of any transaction described in and complying with the conditions listed in the preceding paragraph in which we are not the continuing corporation, the successor Person formed or remaining shall succeed to, and be substituted for, and may exercise all of our rights and powers, and we will be discharged from all obligations and covenants under the senior subordinated indenture and the senior subordinated notes.
(b) No Guarantor may, and we will not cause or permit any Guarantor to, consolidate with or merge with or into (whether or not such Guarantor is the surviving Person), another Person unless:
(1) immediately after such transaction, no Default exists (including, without limitation, after giving effect to any Indebtedness or Liens incurred, assumed or granted in connection with or in respect of such transaction); and
(2) the Person formed by or surviving any such consolidation or merger (if other than such Guarantor) assumes all the obligations of such Guarantor under its Subsidiary Guarantee and the senior subordinated indenture pursuant to agreements reasonably satisfactory to the trustee.
The requirements of this clause (b) shall not apply to (x) a consolidation or merger of any Guarantor with or into us or any other Guarantor so long as we or a Guarantor survives such consolidation or merger or (y) the sale by consolidation or merger of a Guarantor, which sale is covered by and complies with the provisions of the senior subordinated indenture described under "Repurchase at the Option of HoldersAsset Sales."
(c) We will deliver to the trustee prior to the consummation of each proposed transaction an officers' certificate certifying that the conditions set forth above are satisfied and an Opinion of Counsel, which opinion may contain customary exceptions and qualifications, that the proposed transaction and the supplemental indenture, if any, comply with the senior subordinated indenture.
Definitions Related to the Senior Subordinated Indenture
We have summarized below the definitions of some of the terms used in the senior subordinated indenture. In the definitions, all references to "us," "we," or "our" means Casella Waste Systems, Inc. only.
"Acquired Debt" means, with respect to any specified Person:
(1) Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Restricted Subsidiary of such specified Person or which is assumed by such specified Person at the time such specified Person acquires the assets of such other Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or selling its assets to, or becoming a Restricted Subsidiary of, such specified Person; and
(2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.
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"Affiliate" of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, "control," as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms "controlling," "controlled by" and "under common control with" shall have correlative meanings.
"Asset Sale" means:
(a) the sale, lease, conveyance or other disposition of any assets, other than sales of inventory in the ordinary course of business consistent with past practices (such inventory to include solid waste, recyclables and other by-products of the wastestream collected by Casella and its Restricted Subsidiaries and sold to, or disposed of with, third parties in the ordinary course of business consistent with past practices); and
(b) the issuance of Equity Interests by any of Casella's Restricted Subsidiaries or the sale of Equity Interests in any of its Restricted Subsidiaries or the sale of Equity Interests held by Casella or its Restricted Subsidiaries in any of its Unrestricted Subsidiaries.
Notwithstanding the preceding, the following shall not be deemed to be Asset Sales:
(1) any single transaction or series of related transactions that (x) involves assets having a fair market value of less than $5.0 million or (y) results in net proceeds to Casella and its Restricted Subsidiaries of less than $5.0 million;
(2) a transfer of assets between or among Casella and/or one or more of its Wholly Owned Restricted Subsidiaries;
(3) an issuance of Equity Interests by, or a transfer of Equity Interests in, a Wholly Owned Restricted Subsidiary to Casella or to another Wholly Owned Restricted Subsidiary;
(4) the sale, lease, conveyance or other disposition of the assets or Equity Interests of the Specified Assets for fair market value thereof; provided that the aggregate net proceeds thereof are used as provided in clause (1), (2) or (3) of the second paragraph of Section 4.13 of the Indenture or to fund working capital of Casella and its Restricted Subsidiaries;
(5) disposals or replacements in the ordinary course of business of equipment that has become worn-out, obsolete or damaged or otherwise unsuitable for use in connection with the business of Casella and its Restricted Subsidiaries;
(6) the sale or disposition of cash or Cash Equivalents;
(7) the release, surrender or waiver of contract, tort or other claims of any kind as a result of the settlement of any litigation or threatened litigation;
(8) the granting or existence of Liens (and foreclosure thereon) not prohibited by the Indenture; and
(9) a Restricted Payment or a Permitted Investment that is not prohibited by Section 4.11 of the senior subordinated indenture.
"Attributable Debt" in respect of a Sale and Leaseback Transaction means, at the time of determination, the present value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction including any period for which such lease has been extended or may, at the option of the lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP.
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"Beneficial Owner" has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular "person" (as such term is used in Section 13(d)(3) of the Exchange Act), such "person" shall be deemed to have beneficial ownership of all securities that such "person" has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition.
"Capital Lease Obligation" means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP.
"Capital Stock" means:
(1) in the case of a corporation, corporate stock;
(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock;
(3) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and
(4) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person.
"Cash Equivalents" means:
(1) a marketable obligation, maturing within one year after issuance thereof, issued, guaranteed or insured by the government of the United States of America or an instrumentality or agency thereof;
(2) demand deposits, certificates of deposit, eurodollar time deposits, banker's acceptances, in each case, maturing within one year after issuance thereof, and overnight bank deposits, in each case, issued by any lender under the Senior Credit Facility, or a U.S. national or state bank or trust company or a European, Canadian or Japanese bank having capital, surplus and undivided profits of at least $500.0 million and whose long-term unsecured debt has a rating of "A" or better by S&P or A2 or better by Moody's or the equivalent rating by any other nationally recognized rating agency; provided that the aggregate face amount of all Investments in certificates of deposit or bankers' acceptances issued by the principal offices of or branches of such European or Japanese banks located outside the United States shall not at any time exceed 331/3% of all Investments described in this definition;
(3) open market commercial paper, maturing within 270 days after issuance thereof, which has a rating of A-2 or better by S&P or P-2 or better by Moody's, or the equivalent rating by any other nationally recognized rating agency;
(4) repurchase agreements and reverse repurchase agreements with a term not in excess of one year with any financial institution which has been elected a primary government securities dealer by the Federal Reserve Board or whose securities are rated AA- or better by S&P or Aa3 or better by Moody's or the equivalent rating by any other nationally recognized rating agency relating to marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or instrumentality thereof and backed by the full faith and credit of the United States of America; and
(5) shares of any money market mutual fund rated at least AAA or the equivalent thereof by S&P or at least Aaa or the equivalent thereof by Moody's or any other mutual fund at least 95% of the assets of which consist of the type specified in clauses (1) through (4) above.
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"Change of Control" means the occurrence of any of the following:
(1) any "person" or "group" (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than the Permitted Holder, is or becomes the Beneficial Owner, directly or indirectly, of securities representing 35% or more of the voting power of all Voting Stock of Casella; or
(2) Continuing Directors shall cease to constitute at least a majority of the directors constituting the board of directors of Casella; or
(3) the sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of Casella and its Restricted Subsidiaries taken as a whole to any "person" or "group" (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) other than the Permitted Holder; or
(4) Casella consolidates with, or merges with or into, any Person other than the Permitted Holder, or any Person other than the Permitted Holder consolidates with, or merges with or into, Casella, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of Casella is converted into or exchanged for cash, securities or other property, other than any such transaction where the Voting Stock of Casella outstanding immediately prior to such transaction is converted into or exchanged for Voting Stock (other than Disqualified Capital Stock) of the surviving or transferee Person or the parent of such surviving or transferee Person representing a majority of the voting power of all Voting Stock of such surviving or transferee Person or the parent of such surviving or transferee Person immediately after giving effect to such issuance; or
(5) the adoption by the stockholders of Casella of a plan or proposal for the liquidation or dissolution of Casella.
"Consolidated EBITDA" means, with respect to any Person, for any period, the sum (without duplication) of
(1) Consolidated Net Income, and
(2) to the extent Consolidated Net Income has been reduced thereby,
all as determined on a consolidated basis for such Person and its Restricted Subsidiaries in accordance with GAAP.
"Consolidated Fixed Charge Coverage Ratio" means, with respect to any Person, the ratio of (x) Consolidated EBITDA of such Person during the four full fiscal quarters for which financial statements are available (the "Four Quarter Period") ending on or prior to the Transaction Date to (y) Consolidated Fixed Charges of such Person for the Four Quarter Period.
For purposes of this definition, "Consolidated EBITDA" and "Consolidated Fixed Charges" shall be calculated after giving effect on a pro forma basis in accordance with Regulation S-X under the Exchange Act to the incurrence, repayment or redemption of any Indebtedness of such Person or any of its Restricted Subsidiaries giving rise to the need to make such calculation and any incurrence,
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repayment or redemption of other Indebtedness, other than the incurrence, repayment or redemption of Indebtedness in the ordinary course of business for working capital purposes pursuant to working capital facilities, occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and prior to the Transaction Date, as if such incurrence, repayment or redemption, as the case may be, occurred on the first day of the Four Quarter Period.
In addition, Investments (including any Designation of Unrestricted Subsidiaries), Revocations, acquisitions, dispositions, mergers and consolidations that have been made by Casella or any of its Restricted Subsidiaries during the Four Quarter Period or subsequent to the Four Quarter Period and on or prior to the Transaction Date shall be given effect on a pro forma basis in accordance with Regulation S-X under the Exchange Act, to the extent applicable, assuming that all such Investments, Revocations, acquisitions, dispositions, mergers and consolidations (and the reduction or increase of any associated Consolidated Fixed Charges and the change in Consolidated EBITDA, resulting therefrom) had occurred on the first day of the Four Quarter Period. If, since the beginning of such period, any Person (that subsequently became a Restricted Subsidiary or was merged with or into Casella or any Restricted Subsidiary since the beginning of such period) shall have made any Investment, Revocation, acquisition, disposition, merger or consolidation that would have required adjustment pursuant to this definition, then the Consolidated Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, Revocation, acquisition, disposition, merger or consolidation had occurred at the beginning of the applicable Four Quarter Period.
If such Person or any of its Restricted Subsidiaries directly or indirectly Guarantees Indebtedness of a Person other than Casella or a Restricted Subsidiary, the preceding paragraph will give effect to the incurrence of such Guaranteed Indebtedness as if such Person or any Restricted Subsidiary of such Person had directly incurred or otherwise assumed such Guaranteed Indebtedness.
Furthermore, in calculating "Consolidated Fixed Charges" for purposes of determining the denominator (but not the numerator) of this "Consolidated Fixed Charge Coverage Ratio,"
(1) interest on outstanding Indebtedness determined on a fluctuating basis as of the Transaction Date and which will continue to be so determined thereafter shall be deemed to have accrued at a fixed rate per annum equal to the weighted average rate of interest during the Four Quarter Period;
(2) if interest on any Indebtedness actually incurred on the Transaction Date may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rates, then the interest rate in effect on the Transaction Date will be deemed to have been in effect during the Four Quarter Period; and
(3) notwithstanding clause (1) above, interest on Indebtedness determined on a fluctuating basis, to the extent such interest is covered by agreements relating to Hedging Obligations, shall be deemed to accrue at the weighted average rate per annum during the Four Quarter Period resulting after giving effect to the operation of such agreements.
"Consolidated Fixed Charges" means, with respect to any Person for any period, the sum, without duplication, of
(1) Consolidated Interest Expense, plus
(2) the amount of all dividend payments on any series of Preferred Stock of such Person and its Restricted Subsidiaries (other than dividends paid in Qualified Capital Stock and other than dividends paid to such Person or to a Restricted Subsidiary of such Person) paid, accrued or scheduled to be paid or accrued during such period (provided that dividends paid by the increase in liquidation preference, or the issuance, of Disqualified Capital Stock shall be valued at the amount of such increase in liquidation preference or the value of the liquidation preference of such issuance, as applicable).
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"Consolidated Interest Expense" means, with respect to any Person for any period, the sum of, without duplication,
(1) the aggregate of the interest expense of such Person and its Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP, including, without limitation,
(2) the interest component of Capital Lease Obligations and Attributable Debt paid, accrued and/or scheduled to be paid or accrued by such Person and its Restricted Subsidiaries during such period as determined on a consolidated basis in accordance with GAAP; and
(3) all interest on any Indebtedness of the type described in clause (a) or (b) of the concluding sentence of the first paragraph of the definition of "Indebtedness."
"Consolidated Net Income" means, with respect to any Person (such Person, for purposes of this definition, the "Referent Person"), for any period, the net income (or loss) of the Referent Person and its Restricted Subsidiaries for such period on a consolidated basis, determined in accordance with GAAP; provided that there shall be excluded from such net income (loss), to the extent otherwise included therein, without duplication,
(1) after-tax gains or losses on Asset Sales or other asset sales outside the ordinary course of business or abandonments or reserves relating thereto;
(2) after-tax extraordinary gains or extraordinary losses determined in accordance with GAAP;
(3) the net income (but not loss) of any Restricted Subsidiary of the Referent Person to the extent that the declaration of dividends or similar distributions by that Restricted Subsidiary of that income is restricted;
(4) the net income or loss of any Person that is not a Restricted Subsidiary of the Referent Person except to the extent of cash dividends or distributions paid to the Referent Person or to a Wholly Owned Restricted Subsidiary of the Referent Person (subject, in the case of a dividend or distribution paid to a Restricted Subsidiary, to the limitation contained in clause (3) above);
(5) any restoration to income of any contingency reserve, except to the extent that provision for such reserve was made out of Consolidated Net Income accrued at any time following the Issue Date;
(6) the net income of any Person earned prior to the date it becomes a Restricted Subsidiary of the Referent Person or is merged or consolidated with the Referent Person or any Restricted Subsidiary of the Referent Person;
(7) in the case of a successor to the Referent Person by consolidation or merger or as a transferee of the Referent Person's assets, any earnings of the successor corporation prior to such consolidation, merger or transfer of assets;
(8) gains or losses from the cumulative effect of any change in accounting principles; and
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(9) the write-off of deferred financing costs as a result of, and the costs of terminating interest rate swaps in connection with, the prepayments of Indebtedness on the Issue Date described in the Offering Circular.
"Consolidated Net Worth" means, with respect to any Person as of any date, the sum of:
(1) the consolidated equity of the common stockholders of such Person and its consolidated Subsidiaries as of such date; plus
(2) the respective amounts reported on such Person's balance sheet as of such date with respect to any series of preferred stock (other than Disqualified Capital Stock) that by its terms is not entitled to the payment of dividends unless such dividends may be declared and paid only out of net earnings in respect of the year of such declaration and payment, but only to the extent of any cash received by such Person upon issuance of such preferred stock.
"Consolidated Non-cash Charges" means, with respect to any Person, for any period, the aggregate depreciation, amortization and other non-cash charges of such Person and its Restricted Subsidiaries reducing the Consolidated Net Income of such Person and its Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP (excluding any such charges constituting an extraordinary item or loss or any such charge which requires an accrual of or a reserve for cash charges for any future period).
"Continuing Director" means, as of any date of determination, any member of the board of directors of Casella who:
(1) was a member of such board of directors on the date of this Indenture; or
(2) was nominated for election or elected to such board of directors with the approval of a majority of the Continuing Directors who were members of such board at the time of such nomination or election.
"Coverage Ratio Exception" has the meaning set forth in the first paragraph of Section 4.10 of the Indenture.
"Default" means any event that is, or with the passage of time or the giving of notice or both would be, an event of default as described under "Events of Default Under the Indentures."
"Designated Senior Debt" means (1) the Senior Credit Facility and all Hedging Obligations with respect thereto and (2) any other Senior Debt permitted under the Indenture (a) the principal amount of which is $25.0 million or more and (b) that has been designated by Casella as "Designated Senior Debt."
"Disinterested Director" means, with respect to any transaction or series of related transactions, a member of the board of directors of Casella who (1) does not have any material direct or indirect financial interest in or with respect to such transaction or series of related transactions and (2) is not an Affiliate, officer, director or employee of any Person (other than Casella or any Restricted Subsidiary) who has any direct or indirect financial interest in or with respect to such transaction or series of related transactions.
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"Disqualified Capital Stock" means any class or series of Capital Stock of any Person that by its terms or otherwise is
(1) required to be redeemed or is redeemable at the option of the holder of such class or series of Capital Stock at any time on or prior to the date that is 91 days after the Stated Maturity of the principal of the Notes; or
(2) convertible into or exchangeable at the option of the holder thereof for Capital Stock referred to in clause (1) above or Indebtedness having a scheduled maturity on or prior to the date that is 91 days after the Stated Maturity of the principal of the Notes.
Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Capital Stock solely because the holders of the Capital Stock have the right to require the issuer thereof to repurchase such Capital Stock upon the occurrence of a "change of control" or "asset sale" will not constitute Disqualified Capital Stock if such requirement only becomes operative after compliance with such terms applicable to the Notes, including the purchase of any Notes tendered pursuant thereto.
"Equity Interests" means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock).
"Exchange Notes" has the meaning set forth in the Exchange and Registration Rights Agreement.
"Existing Indebtedness" means Indebtedness of Casella and its Restricted Subsidiaries in existence on the Issue Date (after giving effect to the use of proceeds from the offering of the Notes on the Issue Date and the initial borrowings under the Senior Credit Facility as described in the Offering Circular under the caption "Use of Proceeds") other than Indebtedness under the Senior Credit Facility and Indebtedness owed to Casella or any of its Subsidiaries, until such amounts are repaid.
"Foreign Subsidiary" means any Restricted Subsidiary of Casella organized under the laws of, and conducting a substantial portion of its business in, any jurisdiction other than the United States of America or any state thereof or the District of Columbia.
"GreenFiber" means US GreenFiber LLC, a Delaware limited liability company.
"Guarantee" means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness.
"Guarantors" means:
(1) each of the following Restricted Subsidiaries of Casella:
All
Cycle Waste, Inc., a Vermont corporation;
Atlantic Coast Fibers, Inc., a Delaware corporation;
B. and C. Sanitation Corporation, a New York corporation;
Blasdell Development Group, Inc., a New York corporation;
Bristol Waste Management, Inc., a Vermont corporation;
C.V. Landfill, Inc., a Vermont corporation;
Casella Major Accounts Services, LLC, a Vermont limited liability company;
Casella NH Investors Co., LLC, a Delaware limited liability company;
Casella NH Power Co., LLC, a Delaware limited liability company;
Casella RTG Investors Co., LLC, a Delaware limited liability company;
Casella Transportation, Inc., a Vermont corporation;
Casella Waste Management of Cape Cod, Inc., a Massachusetts corporation;
Casella Waste Management of Holliston, Inc., a Massachusetts corporation;
Casella Waste Management of Massachusetts, Inc., a Massachusetts corporation;
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Casella
Waste Management of N.Y., Inc., a New York corporation;
Casella Waste Management of Pennsylvania, Inc., a Pennsylvania corporation;
Casella Waste Management, Inc., a Vermont corporation;
Casella Waste Services of Ontario, LLC a New York limited liability company;
CWM All Waste, LLC, a New Hampshire limited liability company;
Data Destruction Services, Inc., a Maine corporation;
Fairfield County Recycling, Inc., a Delaware corporation;
FCR Camden, Inc., a Delaware corporation;
FCR Florida, Inc., a Delaware corporation;
FCR Greensboro, Inc., a Delaware corporation;
FCR Greenville, Inc., a Delaware corporation;
FCR Morris, Inc., a Delaware corporation;
FCR Redemption, Inc., a Delaware corporation;
FCR Tennessee, Inc., a Delaware corporation;
FCR, Inc., a Delaware corporation;
Forest Acquisitions, Inc., a New Hampshire corporation;
Grasslands Inc., a New York corporation;
Ground Co., LLC, a New York limited liability company;
Hakes C & D Disposal, Inc., a New York corporation;
Hardwick Landfill, Inc., a Massachusetts corporation;
Hiram Hollow Regeneration Corp., a New York corporation;
The Hyland Facility Associates, a New York general partnership;
K-C International, Ltd., an Oregon corporation;
KTI Bio Fuels, Inc., a Maine corporation;
KTI Environmental Group, Inc., a New Jersey corporation;
KTI New Jersey Fibers, Inc., a Delaware corporation;
KTI Operations Inc., a Delaware corporation;
KTI Recycling of New England, Inc., a Maine corporation;
KTI Specialty Waste Services, Inc., a Maine corporation;
KTI, Inc., a New Jersey corporation;
Lewiston Landfill, LLC, a Maine limited liability company
Maine Energy Recovery Company, Limited Partnership, a Maine limited partnership;
Mecklenburg County Recycling, Inc., a Connecticut corporation;
Natural Environmental, Inc., a New York corporation;
New England Waste Services of Massachusetts, Inc., a Massachusetts corporation;
New England Waste Services of ME, Inc., a Maine corporation;
New England Waste Services of N.Y., Inc., a New York corporation;
New England Waste Services of Vermont, Inc., a Vermont corporation;
New England Waste Services, Inc., a Vermont corporation;
Newbury Waste Management, Inc., a Vermont corporation;
News of Worcester, LLC, a Massachusetts limited liability company;
Newsme Landfill Operations, LLC, a Maine limited liability company;
NH Investor Co., LLC, a Delaware limited liability company;
North Country Environmental Services, Inc., a Virginia corporation;
Northern Properties Corporation of Plattsburgh, a New York corporation;
Northern Sanitation, Inc., a New York corporation;
PERC, Inc., a Delaware corporation;
PERC Management Company Limited Partnership, a Maine limited partnership;
Pine Tree Waste, Inc., a Maine corporation;
R.A. Bronson Inc., a New York corporation;
Recovery Technologies Operations, LLC, an Illinois limited liability company;
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Resource
Recovery Systems of Sarasota, Inc., a Florida corporation;
Resource Recovery Systems, Inc., a Delaware corporation;
ReSource Transfer Services, Inc., a Massachusetts corporation;
ReSource Waste Systems, Inc., a Massachusetts corporation;
Rochester Environmental Park, LLC, a Massachusetts limited liability company;
Rockingham Sand and Gravel, LLC, a Vermont limited liability company;
Schultz Landfill, Inc., a New York corporation;
Southbridge Recycling and Disposal Park, LLC, a Massachusetts corporation;
Sunderland Waste Management, Inc., a Vermont corporation;
Templeton Landfill, LLC, a Massachusetts limited liability company;
Trilogy Glass, LLC, a New York limited liability company;
U.S. Fiber, Inc., a North Carolina corporation;
Waste-Stream Inc., a New York corporation;
Westfield Disposal Service, Inc., a New York corporation;
Winters Brothers, Inc., a Vermont corporation; and
(2) each other Subsidiary of Casella that executes a Subsidiary Guarantee in accordance with the provisions of the Indenture;
and their respective successors and assigns, and in each case, until such Person is released from its Subsidiary Guarantee in accordance with the provisions of the Indenture.
"Hedging Obligations" means, with respect to any Person, the obligations of such Person under:
(1) interest rate swap agreements, interest rate cap agreements and interest rate collar agreements, foreign currency collar agreements, foreign currency hedging agreements or foreign currency swap agreements or other similar arrangements or agreements; and
(2) forward contracts, commodity swap agreements, commodity option agreements or other similar agreements or arrangements.
"Holder" means the registered holder of any Note.
"Indebtedness" means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent:
(1) in respect of borrowed money;
(2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof);
(3) in respect of banker's acceptances;
(4) representing Capital Lease Obligations;
(5) representing the balance deferred and unpaid of the purchase price of any property, except any such balance that constitutes an accrued expense or trade payable;
(6) representing any Hedging Obligations;
(7) representing any Disqualified Capital Stock of such Person and any Preferred Stock issued by a Restricted Subsidiary of such Person; or
(8) in respect of Attributable Debt,
if and to the extent any of the preceding items (other than letters of credit, Hedging Obligations, Disqualified Capital Stock and Preferred Stock) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term "Indebtedness" includes (a) all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not
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such Indebtedness is assumed by the specified Person), and (b) to the extent not otherwise included, the Guarantee by such Person of any Indebtedness of any other Person.
The amount of any Indebtedness outstanding as of any date shall be:
(1) the accreted value thereof, in the case of any Indebtedness issued with original issue discount;
(2) the maximum fixed price upon the mandatory redemption or repurchase (including upon the option of the holder), in the case of Disqualified Capital Stock of such Person;
(3) the maximum voluntary or involuntary liquidation preferences plus accrued and unpaid dividends, in the case of Preferred Stock of a Restricted Subsidiary of such Person; and
(4) the principal amount thereof, together with any interest thereon that is more than 30 days past due or is redeemable at the option of the holder, in the case of any other Indebtedness.
"Investments" means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the forms of direct or indirect loans (including guarantees of Indebtedness or other obligations), advances or capital contributions, purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. "Investment" excludes (1) extensions of trade credit by Casella and its Restricted Subsidiaries on commercially reasonable terms in accordance with normal trade practices of Casella or such Restricted Subsidiary, as the case may be, and (2) any purchase, redemption or other acquisition or retirement for value of any Capital Stock of Casella or any warrants, options or other rights to purchase or acquire any such Capital Stock. If Casella or any Restricted Subsidiary of Casella sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of Casella such that, after giving effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary of Casella, Casella shall be deemed to have made an Investment on the date of any such sale or disposition equal to the fair market value of the Equity Interests of such Restricted Subsidiary not sold or disposed of in an amount determined as provided in the penultimate paragraph of Section 4.11 of the Indenture. The amount of any Investment shall be the original cost of such Investment, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment but less all cash distributions constituting a return of capital.
"Issue Date" means January 24, 2003, the date of original issuance of the Notes.
"Lien" means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof (other than an operating lease), any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction.
"Net Proceeds" means the aggregate cash proceeds received by Casella or any of its Restricted Subsidiaries in respect of any Asset Sale, net of the direct costs relating to such Asset Sale, including, without limitation, legal, accounting and investment banking fees, and sales commissions, and any relocation expenses incurred as a result thereof, taxes paid or payable as a result thereof, in each case after taking into account any available tax credits or deductions and any tax sharing arrangements and amounts required to be applied to the repayment of Indebtedness, other than Senior Debt, secured by a Lien on the asset or assets that were the subject of such Asset Sale.
"Notes" means, collectively, Casella's 9.75% Senior Subordinated Notes due 2013 issued in accordance with Section 2.02 of the Indenture (whether on the Issue Date or thereafter) treated as a single class of securities under this Indenture, as amended or supplemented from time to time in accordance with the terms of this Indenture.
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"Obligations" means, with respect to any Indebtedness, the principal, premium, if any, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing such Indebtedness.
"Offering Circular" means the offering circular of Casella and the Guarantors dated January 21, 2003 relating to the Notes.
"Opinion of Counsel" means a written opinion from legal counsel who is reasonably acceptable to the trustee. The counsel may be an employee of or counsel to Casella, a Guarantor or the trustee.
"Permitted Business" means the business of Casella and its Restricted Subsidiaries conducted on the Issue Date and businesses ancillary or reasonably related thereto, which, for purposes hereof, shall include the business conducted by GreenFiber and businesses ancillary or reasonably related thereto.
"Permitted Holder" means Berkshire Partners LLC and its Affiliates.
"Permitted Investments" means:
(1) any Investment in Cash Equivalents;
(2) any Investment in Casella or any Guarantor;
(3) any Investment by Casella or any of its Restricted Subsidiaries in a Person, if as a result of such Investment:
(a) such Person becomes a Guarantor; or
(b) such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, Casella or a Guarantor;
(4) any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with the provisions of Section 4.13 of the Indenture or any transaction not constituting an Asset Sale by reason of the $5.0 million threshold contained in clause (1) of the definition thereof;
(5) any Investment acquired in exchange for the issuance of, or acquired with the net cash proceeds of any substantially concurrent issuance and sale of, Qualified Capital Stock; provided that no such issuance or sale shall increase the Basket;
(6) loans and advances in the ordinary course of business to employees, officers or directors of Casella or any of its Restricted Subsidiaries in an aggregate amount not to exceed $2.0 million at any one time outstanding;
(7) Hedging Obligations permitted by clause (6) of the second paragraph of Section 4.10 of the Indenture;
(8) Investments in securities of trade creditors or customers received in settlement of obligations or upon the bankruptcy or insolvency of such trade creditors of customers pursuant to any plan of reorganization or similar arrangement; and
(9) other Investments in any Person having an aggregate fair market value (measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (9) since the date of this Indenture, not exceeding $15.0 million at any one time outstanding.
The amount of Investments outstanding at any time pursuant to clause (9) above shall be deemed to be reduced, without duplication:
(a) upon the disposition or repayment of or return on any Investment made pursuant to clause (9) above, by an amount equal to the return of capital with respect to such Investment to
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Casella or any of its Restricted Subsidiaries (to the extent not included in the computation of Consolidated Net Income), less the cost of the disposition of such Investment and net of taxes;
(b) upon a redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary, by an amount equal to the lesser of (x) the fair market value of Casella's proportionate interest in such Subsidiary immediately following such redesignation, and (y) the aggregate amount of Investments in such Subsidiary that increased (and did not previously decrease) the amount of Investments outstanding pursuant to clause (9) above; and
(c) upon the making of an Investment in a Person that was not a Restricted Subsidiary of Casella immediately prior to the making of such Investment but that subsequently becomes a Restricted Subsidiary of Casella, by an amount equal to the lesser of (x) the fair market value of Casella's proportionate interest in such Subsidiary immediately following such redesignation, and (y) the aggregate amount of Investments in such Subsidiary that increased (and did not previously decrease) the amount of Investments outstanding pursuant to clause (9) above.
"Permitted Junior Securities" means: (1) Equity Interests in Casella or any Guarantor; or (2) debt securities of Casella or any Guarantor that are subordinated to all Senior Debt and any debt securities issued in exchange for Senior Debt to substantially the same extent as, or to a greater extent than, the Notes and the Subsidiary Guarantees are subordinated to Senior Debt pursuant to the Indenture.
"Permitted Liens" means:
(1) Liens on assets of Casella or any Guarantor to secure Senior Debt of Casella or such Guarantor;
(2) Liens in favor of Casella or any Restricted Subsidiary;
(3) Liens on property of a Person existing at the time such Person is merged with or into or consolidated with Casella or any Restricted Subsidiary of Casella; provided that such Liens were in existence prior to the contemplation of such merger or consolidation and do not extend to any assets other than those of the Person merged into or consolidated with Casella or its Restricted Subsidiary;
(4) Liens on property existing at the time of acquisition thereof by Casella or any Restricted Subsidiary of Casella; provided that such Liens were in existence prior to the contemplation of such acquisition and do not extend to any assets other than the property so acquired;
(5) Liens to secure the performance of statutory obligations, surety or appeal bonds, performance bonds or other obligations of a like nature incurred in the ordinary course of business;
(6) Liens to secure Indebtedness permitted by clause (3) of the second paragraph of Section 4.10 of the Indenture covering only the assets acquired with such Indebtedness;
(7) Liens existing on the date of this Indenture and continuation statements with respect to such Liens filed in accordance with the provisions of the Uniform Commercial Code or similar state commercial codes;
(8) judgment Liens not giving rise to an event of default so long as such Lien is adequately bonded and any appropriate legal proceedings which may have been duly initiated for the review of such judgment shall not have been finally terminated or the period within which such proceedings may be initiated shall not have expired;
(9) Liens securing Permitted Refinancing Indebtedness which is incurred to refinance any Indebtedness which has been secured by a Lien permitted under the Indenture and which has been incurred in accordance with the provisions of the Indenture; provided that such Liens (A) are not materially less favorable to the Holders and are not materially more favorable to the lienholders with respect to such Liens than the Liens in respect of the Indebtedness being refinanced and (B) do not
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extend to or cover any property or assets of Casella or any of its Restricted Subsidiaries not securing the Indebtedness so refinanced;
(10) Liens upon specific items of inventory or other goods and proceeds of any Person securing such Person's obligations in respect of bankers' acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods;
(11) Liens securing reimbursement obligations with respect to letters of credit which encumber documents and other property relating to such letters of credit and products and proceeds thereof;
(12) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by appropriate proceedings promptly instituted and diligently concluded, provided that any reserve or other appropriate provision as shall be required in conformity with GAAP shall have been made therefor;
(13) Liens securing Hedging Obligations;
(14) deposits or pledges made in connection with, or to secure payment of, workmen's compensation, unemployment insurance, old age pensions or other social security obligations;
(15) Liens of carriers, warehousemen, mechanics and materialmen, and other like liens incurred in the ordinary course of business;
(16) Liens on any landfill acquired after the Issue Date securing reasonable royalty or similar payments (determined by reference to volume or weight utilized) due to the seller of such landfill as a consequence of such acquisition;
(17) Liens on the Capital Stock of Hardwick Landfill, Inc., Roach Enterprises, LLC or their successors or on the Capital Stock of any Restricted Subsidiary acquiring the assets of such companies securing the Obligations of Casella incurred in connection with the acquisition of Hardwick Landfill, Inc., Roach Enterprises, LLC or their assets to the sellers thereof; and
(18) other Liens incurred in the ordinary course of business of Casella or any Restricted Subsidiary of Casella with respect to obligations that do not exceed $5.0 million at any one time outstanding.
"Permitted Refinancing Indebtedness" means any Indebtedness of Casella or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to refinance other Indebtedness of Casella or any of its Restricted Subsidiaries; provided that:
(1) the principal amount (or accreted value, if applicable) or liquidation preference of such Permitted Refinancing Indebtedness does not exceed the principal amount of (or accreted value, if applicable), plus accrued interest and premium, if any, on the Indebtedness, or the liquidation preference, plus accrued dividends and premium, if any, on the Preferred Stock, so refinanced (plus the amount of reasonable expenses incurred in connection therewith);
(2) such Permitted Refinancing Indebtedness has a final maturity date, or mandatory redemption date, later than the final maturity date, or mandatory redemption date as applicable, of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness or Preferred Stock being refinanced;
(3) if the Indebtedness being refinanced is subordinated in right of payment to the Notes, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Notes on terms at least as favorable to the Holders of Notes as those contained in the documentation governing the Indebtedness being refinanced;
(4) if the Indebtedness being refinanced ranks pari passu with the Notes, such Permitted Refinancing Indebtedness ranks pari passu with, or is subordinated in right of payment to, the Notes;
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(5) Preferred Stock shall be refinanced only with Preferred Stock; and
(6) the obligor(s) on the Permitted Refinancing Indebtedness thereof shall include only obligor(s) on such Indebtedness being refinanced, Casella and/or one or more of the Guarantors.
"Person" means an individual, partnership, corporation, limited liability company, unincorporated organization, trust or joint venture or a governmental agency or political subdivision thereof.
"Preferred Stock" of any Person means any Capital Stock of such Person that has preferential rights to any other Capital Stock of such Person with respect to dividends or redemption or upon liquidation.
"Purchase Money Obligations" means Indebtedness of Casella or any of its Restricted Subsidiaries incurred for the purpose of financing all or any part of the purchase price, or the cost of construction or improvement, of any assets to be used in the business of Casella or such Restricted Subsidiary; provided, however, that (1) the aggregate amount of such Indebtedness shall not exceed such purchase price or cost, (2) such Indebtedness shall be incurred no later than 180 days after the acquisition of such assets or such construction or improvement and (3) such Indebtedness shall not be secured by any assets of Casella or any of its Restricted Subsidiaries other than the assets so acquired, constructed or improved.
"Qualified Capital Stock" means any Capital Stock of Casella that is not Disqualified Capital Stock.
"Representative" means the indenture trustee or other trustee, agent or representative in respect of any Designated Senior Debt; provided that if, and for so long as, any Designated Senior Debt lacks such a representative, then the Representative for such Designated Senior Debt shall at all times constitute the holders of a majority in outstanding principal amount of such Designated Senior Debt.
"Restricted Investment" means an Investment other than a Permitted Investment.
"Restricted Subsidiary" of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary.
"Sale and Leaseback Transaction" means an arrangement relating to property now owned or hereafter acquired whereby Casella or a Restricted Subsidiary of Casella transfers such property to a Person and Casella or a Restricted Subsidiary of Casella leases it from such Person.
"Senior Credit Facility" means the Amended and Restated Revolving Credit Agreement, dated April 28, 2005, by and among Casella, the Guarantors, Bank of America, N.A., individually and as administration agent, Bank of America Securities LLC, as sole arranger and sole book manager, Citizens Bank, as syndication agent, Sovereign Bank, Wachovia Bank and Calyon New York Branch, as co-documentation agents, and the lenders party thereto, including any notes, guarantees, collateral and security documents (including mortgages, pledge agreements and other security arrangements), instruments and agreements executed in connection therewith, and in each case as amended or refinanced from time to time, including any agreement or agreements extending the maturity of, refinancing or otherwise restructuring (including increasing the amount of borrowings or other Indebtedness outstanding or available to be borrowed thereunder) all or any portion of the Indebtedness under such agreement, and any successor or replacement agreement or agreements with the same or any other borrowers, agents, creditors, lenders or group of creditors or lenders.
"Senior Debt" means:
(1) all Indebtedness outstanding under the Senior Credit Facility, and all Hedging Obligations with respect thereto;
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(2) any other Indebtedness permitted to be incurred by Casella or a Guarantor under the terms of the Indenture, unless the instrument under which such Indebtedness is incurred expressly provides that it is on a parity with the Notes or subordinated in right of payment to the Notes or any other Indebtedness of Casella; and
(3) all Obligations with respect to the items listed in the preceding clauses (1) and (2) (including any interest accruing subsequent to the filing of a petition of bankruptcy at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable law).
Notwithstanding anything to the contrary in the preceding, Senior Debt will not include:
(1) any liability for federal, state, local or other taxes owed or owing by Casella;
(2) any Indebtedness of Casella to any of its Subsidiaries or other Affiliates;
(3) any trade payables; or
(4) any Indebtedness that is incurred in violation of the Indenture (but, as to any such obligation, no such violation shall be deemed to exist for purposes of this clause (4) if the holders(s) of such obligation or their Representative shall have received an officers' certificate of Casella to the effect that the incurrence of such Indebtedness does not (or, in the case of revolving credit Indebtedness, that the incurrence of the entire committed amount thereof at the date of the initial borrowing thereunder is made would not) violate the Indenture).
"Specified Assets" means K-C International Ltd., the brokerage business of KTI Recycling of New England Inc., the brokerage business of Pine Tree Waste Inc., US GreenFiber LLC, KTI New Jersey Fibers, Inc., Atlantic Coast Fibers, Inc., Casella NH Investors Co., LLC, Casella NH Power Co., LLC, Casella RTG Investors Co., LLC, RTG Holdings Corporation and the companies and assets comprising the FCR operating segment, or the successors of the foregoing only with respect to the businesses conducted by the foregoing on the date of this Indenture.
"Stated Maturity" means, with respect to any installment of interest or principal on any Indebtedness, the date on which such payment of interest or principal is scheduled to be paid in the documentation governing such Indebtedness, and shall not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof.
"Subsidiary" means, with respect to any Person:
(1) any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and
(2) any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the only general partners of which are such Person or of one or more Subsidiaries of such Person (or any combination thereof).
"Subsidiary Guarantee" means the subordinated Guarantee by each Guarantor of Casella's payment obligations under the Indenture and the Notes, executed pursuant to the Indenture.
"Transaction Date" means the date of the transaction giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio.
"Unrestricted Subsidiary" of any Person means
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"Voting Stock" of any Person as of any date means the Capital Stock of such Person that is entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees of such Person.
"Weighted Average Life to Maturity" means, when applied to any Indebtedness or Disqualified Capital Stock at any date, the number of years obtained by dividing:
(1) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payment of principal or liquidation preference, including payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by
(2) the then outstanding principal amount or liquidation preference of such Indebtedness or Disqualified Capital Stock.
"Wholly Owned Restricted Subsidiary" of any Person means a Restricted Subsidiary of such Person all of the outstanding Capital Stock or other ownership interests of which (other than directors' qualifying shares) shall at the time be owned by such Person and/or by one or more Wholly Owned Restricted Subsidiaries of such Person.
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The following description, together with the additional information we may include in any applicable prospectus supplements, summarizes the material terms and provisions of the warrants that we may offer under this prospectus and the related warrant agreements and warrant certificates. While the terms summarized below will apply generally to any warrants that we may offer, we will describe the particular terms of any series of warrants in more detail in the applicable prospectus supplement. If we indicate in the prospectus supplement, the terms of any warrants offered under that prospectus supplement may differ from the terms described below. Specific warrant agreements will contain additional important terms and provisions and will be incorporated by reference as an exhibit to the registration statement which includes this prospectus.
General
We may issue warrants for the purchase of common stock, preferred stock or debt securities in one or more series. We may issue warrants independently or together with common stock, preferred stock and debt securities, and the warrants may be attached to or separate from these securities.
We will evidence each series of warrants by warrant certificates that we will issue under a separate agreement. We may enter into the warrant agreement with a warrant agent. We will indicate the name and address and other information regarding the warrant agent in the applicable prospectus supplement relating to a particular series of warrants.
We will describe in the applicable prospectus supplement the terms of the series of warrants, including:
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Before exercising their warrants, holders of warrants will not have any of the rights of holders of the securities purchasable upon such exercise, including:
Exercise of Warrants
Each warrant will entitle the holder to purchase the securities that we specify in the applicable prospectus supplement at the exercise price that we describe in the applicable prospectus supplement. Unless we otherwise specify in the applicable prospectus supplement, holders of the warrants may exercise the warrants at any time up to 5:00 p.m. New York time on the expiration date that we set forth in the applicable prospectus supplement. After the close of business on the expiration date, unexercised warrants will become void.
Holders of the warrants may exercise the warrants by delivering the warrant certificate representing the warrants to be exercised together with specified information, and paying the required amount to the warrant agent in immediately available funds, as provided in the applicable prospectus supplement. We will set forth on the reverse side of the warrant certificate and in the applicable prospectus supplement the information that the holder of the warrant will be required to deliver to the warrant agent.
Upon receipt of the required payment and the warrant certificate properly completed and duly executed at the corporate trust office of the warrant agent or any other office indicated in the applicable prospectus supplement, we will issue and deliver the securities purchasable upon such exercise. If fewer than all of the warrants represented by the warrant certificate are exercised, then we will issue a new warrant certificate for the remaining amount of warrants. If we so indicate in the applicable prospectus supplement, holders of the warrants may surrender securities as all or part of the exercise price for warrants.
Enforceability of Rights by Holders of Warrants
Each warrant agent will act solely as our agent under the applicable warrant agreement and will not assume any obligation or relationship of agency or trust with any holder of any warrant. A single bank or trust company may act as warrant agent for more than one issue of warrants. A warrant agent will have no duty or responsibility in case of any default by us under the applicable warrant agreement or warrant, including any duty or responsibility to initiate any proceedings at law or otherwise, or to make any demand upon us. Any holder of a warrant may, without the consent of the related warrant agent or the holder of any other warrant, enforce by appropriate legal action its right to exercise, and receive the securities purchasable upon exercise of, its warrants.
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We may issue units, consisting of one or more securities, including common stock, preferred stock, debt securities and warrants, in any combination, as described in a prospectus supplement.
The applicable prospectus supplement will describe:
The terms and conditions described under "Description of Common Stock," "Description of Preferred Stock," "Description of Debt Securities," and "Description of Warrants" and those described below under "Significant Provisions of the Unit Agreement" will apply to each unit and to any security included in each unit, unless otherwise specified in the applicable prospectus supplement.
We will issue the units under one or more unit agreements, each referred to as a unit agreement, to be entered into between us and a bank or trust company, as unit agent. We may issue units in one or more series, which will be described in a prospectus supplement. The following descriptions of the material provisions and terms of the unit agreement and units are not complete, and you should review the detailed provisions of the unit agreement to be filed with the SEC in connection with the offering of specific units for a full description and for other information regarding the units.
Significant Provisions of the Unit Agreement
Obligations of Unit Holder. Under the terms of a unit agreement, each owner of a unit consents to and agrees to be bound by the terms of the unit agreement.
Assumptions of Obligations by Transferee. Upon the registration of transfer of a unit, the transferee will assume the obligations, if any, of the transferor under any security constituting that unit and the transferor will be released from those obligations. Under the unit agreement, we consent to the transfer of these obligations to the transferee, to the assumption of these obligations by the transferee and to the release of the transferor, if the transfer is made in accordance with the provisions of the unit agreement.
Remedies. Upon the acceleration of the debt securities constituting all or part of any units, our obligations may also be accelerated upon the request of the owners of not less than 50% of the affected units, on behalf of all the owners.
Limitation on Actions by You as an Individual Holder. No owner of any unit will have any right under the unit agreement to institute any action or proceeding at law or in equity or in bankruptcy or otherwise regarding the unit agreement, or for the appointment of a trustee, receiver, liquidator, custodian or other similar official, unless the owner has given written notice to the unit agent and to us of the occurrence and continuance of a default thereunder, and in the case of an event of default under the debt securities or the relevant indenture, unless the procedures, including notice to us and the trustee, described in the applicable indenture have been complied with. If these conditions have been satisfied, any owner of an affected unit may then, but only then, institute an action or proceeding.
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Absence of Protections Against Certain Potential Events. There are no covenants or other provisions in the unit agreement providing for a put right or increased interest, or providing for any other right or benefit, that would afford holders of units additional protection in the event of a recapitalization transaction, a change of control or a highly leveraged transaction.
Modification Without Consent of Holders. We and the unit agent may amend the unit agreement without the consent of the holders to:
Modification With Consent of Holders. We and the unit agent, with the consent of the holders of not less than a majority of all series of outstanding units affected, voting as one class, may modify the rights of the holders of the units of each series so affected. However, we and the unit agent may not without the consent of the holder of each outstanding unit affected modify the holders' units or the terms of the unit agreement in any manner that would:
Modifications of any debt securities included in units may only be made in accordance with the applicable indenture, as described under "Description of Debt SecuritiesModification of Indenture; Waiver."
Consolidation, Merger or Sale of Assets. The unit agreement provides that we will not consolidate or combine with or merge with or into or, directly or indirectly, sell, assign, convey, lease, transfer or otherwise dispose of all or substantially all of our properties and assets to any person or persons in a single transaction or through a series of transactions, unless:
If any consolidation or merger or any sale, assignment, conveyance, lease, transfer or other disposition of all or substantially all of our assets occurs in accordance with the indentures, the successor corporation will succeed to, and be substituted for, and may exercise our rights and powers under the indentures with the same effect as if such successor corporation had been named as us and we will be discharged from all obligations and covenants under the indentures and the debt securities.
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Unit Agreements Not Qualified Under Trust Indenture Act. A unit agreement will not be qualified as an indenture under, and the unit agent will not be required to qualify as a trustee under, the Trust Indenture Act. Accordingly, the holders of units will not have the benefits of the protections of the Trust Indenture Act. However, any debt securities issued as part of a unit will be issued under an indenture qualified under the Trust Indenture Act, and the trustee under that indenture will be qualified as a trustee under the Trust Indenture Act.
Title. We, the unit agent, the trustees, the warrant agent and any of their agents will treat the registered owner of any unit as its owner, notwithstanding any notice to the contrary, for all purposes.
New York Law to Govern. The unit agreement and the units will be governed by, and construed in accordance with, the laws of the State of New York.
We can issue securities in registered form or in the form of one or more global securities. We describe global securities in greater detail below. We refer to those persons who have securities registered in their own names on the books that we or any applicable trustee maintain for this purpose as the "holders" of those securities. These persons are the legal holders of the securities. We refer to those persons who, indirectly through others, own beneficial interests in securities that are not registered in their own names, as "indirect holders" of those securities. As we discuss below, indirect holders are not legal holders, and investors in securities issued in book-entry form or in street name will be indirect holders.
Book-Entry Holders
We may issue securities in book-entry form only, as we will specify in the applicable prospectus supplement. This means securities may be represented by one or more global securities registered in the name of a financial institution that holds them as depositary on behalf of other financial institutions that participate in the depositary's book-entry system. These participating institutions, which are referred to as participants, in turn, hold beneficial interests in the securities on behalf of themselves or their customers.
Only the person in whose name a security is registered is recognized as the holder of that security. Securities issued in global form will be registered in the name of the depositary or its participants. Consequently, for securities issued in global form, we will recognize only the depositary as the holder of the securities, and we will make all payments on the securities to the depositary. The depositary passes along the payments it receives to its participants, which in turn pass the payments along to their customers who are the beneficial owners. The depositary and its participants do so under agreements they have made with one another or with their customers; they are not obligated to do so under the terms of the securities.
As a result, investors in a book-entry security will not own securities directly. Instead, they will own beneficial interests in a global security, through a bank, broker or other financial institution that participates in the depositary's book-entry system or holds an interest through a participant. As long as the securities are issued in global form, investors will be indirect holders, and not holders, of the securities.
Street Name Holders
We may terminate a global security or issue securities in non-global form. In these cases, investors may choose to hold their securities in their own names or in "street name." Securities held by an investor in street name would be registered in the name of a bank, broker or other financial institution
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that the investor chooses, and the investor would hold only a beneficial interest in those securities through an account he or she maintains at that institution.
For securities held in street name, we will recognize only the intermediary banks, brokers and other financial institutions in whose names the securities are registered as the holders of those securities, and we will make all payments on those securities to them. These institutions pass along the payments they receive to their customers who are the beneficial owners, but only because they agree to do so in their customer agreements or because they are legally required to do so. Investors who hold securities in street name will be indirect holders, not holders, of those securities.
Legal Holders
Our obligations, as well as the obligations of any applicable trustee and of any third parties employed by us or a trustee, run only to the legal holders of the securities. We do not have obligations to investors who hold beneficial interests in global securities, in street name or by any other indirect means. This will be the case whether an investor chooses to be an indirect holder of a security or if we issue the securities only in global form.
For example, once we make a payment or give a notice to the holder, we have no further responsibility for the payment or notice even if that holder is required, under agreements with depositary participants or customers or by law, to pass it along to the indirect holders but does not do so. Similarly, we may want to obtain the approval of the holders to amend an indenture, to relieve us of the consequences of a default or of our obligation to comply with a particular provision of the indenture or for other purposes. In such an event, we would seek approval only from the holders, and not the indirect holders, of the securities. Whether and how the holders contact the indirect holders is up to the holders.
Special Considerations For Indirect Holders
If you hold securities through a bank, broker or other financial institution, either in book-entry form or in street name, you should check with your own institution to find out:
Global Securities
A global security is a security held by a depositary which represents one or any other number of individual securities. Generally, all securities represented by the same global securities will have the same terms.
Each security issued in book-entry form will be represented by a global security that we deposit with and register in the name of a financial institution or its nominee that we select. The financial institution that we select for this purpose is called the depositary. Unless we specify otherwise in the
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applicable prospectus supplement, The Depository Trust Company, New York, New York, known as DTC, will be the depositary for all securities issued in book-entry form.
A global security may not be transferred to or registered in the name of anyone other than the depositary, its nominee or a successor depositary, unless special termination situations arise. We describe those situations below under "Special Situations When a Global Security Will Be Terminated." As a result of these arrangements, the depositary, or its nominee, will be the sole registered owner and holder of all securities represented by a global security, and investors will be permitted to own only beneficial interests in a global security. Beneficial interests must be held by means of an account with a broker, bank or other financial institution that in turn has an account with the depositary or with another institution that does. Thus, an investor whose security is represented by a global security will not be a holder of the security, but only an indirect holder of a beneficial interest in the global security.
If the prospectus supplement for a particular security indicates that the security will be issued in global form only, then the security will be represented by a global security at all times unless and until the global security is terminated. If termination occurs, we may issue the securities through another book-entry clearing system or decide that the securities may no longer be held through any book-entry clearing system.
Special Considerations For Global Securities
As an indirect holder, an investor's rights relating to a global security will be governed by the account rules of the investor's financial institution and of the depositary, as well as general laws relating to securities transfers. We do not recognize an indirect holder as a holder of securities and instead deal only with the depositary that holds the global security.
If securities are issued only in the form of a global security, an investor should be aware of the following:
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Special Situations When a Global Security Will Be Terminated
In a few special situations described below, the global security will terminate and interests in it will be exchanged for physical certificates representing those interests. After that exchange, the choice of whether to hold securities directly or in street name will be up to the investor. Investors must consult their own banks or brokers to find out how to have their interests in securities transferred to their own name, so that they will be direct holders. We have described the rights of holders and street name investors above.
The global security will terminate when the following special situations occur:
The prospectus supplement may also list additional situations for terminating a global security that would apply only to the particular series of securities covered by the prospectus supplement. When a global security terminates, the depositary, and not we or any applicable trustee, is responsible for deciding the names of the institutions that will be the initial direct holders.
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The shares of our class A common stock being sold by the selling stockholders consist of 4,833,010 shares of our class A common stock issuable upon conversion of 52,750 shares of our series A redeemable convertible preferred stock that we issued pursuant to a preferred stock purchase agreement dated as of June 28, 2000.
In connection with the registration rights we granted to the selling stockholders, we filed with the Securities and Exchange Commission a registration statement on Form S-3, of which this prospectus forms a part, with respect to the resale or other disposal of the shares of class A common stock offered by this prospectus or interests therein from time to time on The NASDAQ National Market, in privately negotiated transactions or otherwise. We have also agreed to prepare and file amendments and supplements to the registration statement to the extent necessary to keep the registration statement effective for the period of time required under our agreement with the selling stockholder.
The actual number of shares of class A common stock covered by this prospectus to be sold by the selling stockholders, and included in the registration statement of which this prospectus forms a part, includes additional shares of class A common stock that may be issued with respect to the shares of class A common stock as a result of stock splits, stock dividends, reclassifications, recapitalizations, combinations or similar events.
Percentage ownership calculations are based on 23,860,498 shares of our class A common stock outstanding as of June 15, 2005. The number of shares of class A common stock outstanding as of June 15, 2005 does not include (i) 53,750 shares of our series A redeemable convertible preferred stock issued and outstanding and convertible as of the date of this prospectus into an aggregate of 4,924,631 shares of our class A common stock or (ii) 988,200 shares of our class B common stock issued and outstanding and convertible as of the date of this prospectus into an aggregate of 988,200 shares of our class A common stock. The following table sets forth, to our knowledge, information about the selling stockholders as of June 15, 2005. Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission, or SEC, and includes voting or investment power with respect to shares. Shares of class A common stock as to which the selling stockholder has the right to acquire within 60 days after June 15, 2005 through the exercise or conversion of any stock option, warrant, preferred stock or other right are deemed outstanding for computing the percentage ownership of the person holding such stock option, warrant, preferred stock or other right. Unless otherwise indicated below, to our knowledge, each selling stockholder named in the table has sole voting and investment power with respect to its shares of class A common stock. The inclusion of any shares in this table does not constitute an admission of beneficial ownership for the selling stockholder named below.
The following table sets forth the name of each selling stockholder who may offer its class A common stock pursuant to this prospectus and its relationship to Casella. If and when shares of class A common stock are to be offered and sold by a selling stockholder, the relevant prospectus supplement will identify the selling stockholder selling in that offering and its relationship to Casella as well as the number of shares then owned, and to be offered, by such selling stockholder, and the percentage of class A common stock owned after the completion of the offering by the selling stockholder.
|
Beneficial Ownership Before Offering(2) |
|
Beneficial Ownership After Offering(2) |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Name of Selling Stockholder(1) |
Shares Being Offered |
||||||||||
Amount(1) |
Percentage(2) |
Amount |
Percentage |
||||||||
Funds affiliated with Berkshire Partners LLC (3)(4) | 5,292,310 | 18.4 | % | 4,833,010 | 459,300 | 1.6 | % |
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Relationships with certain Selling Stockholders
D. Randolph Peeler, a member of our board of directors, is one of the managing members of Fifth Berkshire Associates LLC and Berkshire Investors LLC. Mr. Peeler is also the managing director of Berkshire Partners LLC.
Other than as set forth above, the selling stockholders have not held any position or office with, and have not otherwise had a material relationship with, us within the past three years.
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We and the selling stockholders may sell the securities being offered hereby in one or more of the following ways from time to time:
We will set forth in a prospectus supplement the terms of the offering of securities, including:
The securities we and the selling stockholders distribute by any of these methods may be sold to the public, in one or more transactions, either:
Agents
We and the selling stockholders may designate agents who agree to use their reasonable efforts to solicit purchases for the period of their appointment or to sell securities on a continuing basis.
Underwriters
We and the selling stockholders may sell securities from time to time to one or more underwriters, who would purchase the securities as principal for resale to the public, either on a firm-commitment or best-efforts basis. If we and the selling stockholders sell securities to underwriters, we and the selling stockholders may execute an underwriting agreement with them at the time of sale, and we will name them in the applicable prospectus supplement. In connection with those sales, underwriters may be deemed to have received compensation from us and the selling stockholders in the form of underwriting discounts or commissions and may also receive commissions from purchasers of the securities for whom they may act as agents. Underwriters may resell the securities to or through dealers, and those dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from purchasers for whom they may act as agents.
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Direct Sales
We and the selling stockholders may also sell securities directly to one or more purchasers without using underwriters or agents.
Underwriters, dealers and agents that participate in the distribution of our securities may be underwriters as defined in the Securities Act and any discounts or commissions they receive from us or the selling stockholders and any profit on their resale of the securities may be treated as underwriting discounts and commissions under the Securities Act. We will identify in the applicable prospectus supplement any underwriters, dealers or agents and will describe their compensation. We and the selling stockholders may have agreements with the underwriters, dealers and agents to indemnify them against specified civil liabilities, including liabilities under the Securities Act. Underwriters, dealers and agents may engage in transactions with or perform services for us or our subsidiaries in the ordinary course of their businesses.
Derivative Sales
We may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the applicable prospectus supplement indicates, in connection with those derivatives, the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party may use securities pledged by us or borrowed from us or others to settle those sales or to close out any related open borrowings of stock, and may use securities received from us in settlement of those derivatives to close out any related open borrowings of stock. The third party in such sale transactions will be an underwriter and, if not identified in this prospectus, will be identified in the applicable prospectus supplement (or a post-effective amendment).
Trading Markets and Listing of Securities
Unless otherwise specified in the applicable prospectus supplement, each class or series of securities will be a new issue with no established trading market, other than our class A common stock, which is listed on The NASDAQ National Market. We may elect to list any other class or series of securities on any exchange, but we are not obligated to do so. It is possible that one or more underwriters may make a market in a class or series of securities, but the underwriters will not be obligated to do so and may discontinue any market making at any time without notice. We cannot give any assurance as to the liquidity of the trading market for any of the securities.
In connection with an offering, an underwriter may purchase and sell securities in the open market. These transactions may include short sales, stabilizing transactions and purchases to cover positions created by short sales. Short sales involve the sale by the underwriters of a greater number of securities than they are required to purchase in the offering. "Covered" short sales are sales made in an amount not greater than the underwriters' option to purchase additional securities from us in the offering, if any. If the underwriters have an over-allotment option to purchase additional securities of ours, the underwriters may close out any covered short position by either exercising their over-allotment option or purchasing securities in the open market. In determining the source of securities to close out the covered short position, the underwriters may consider, among other things, the price of securities available for purchase in the open market as compared to the price at which they may purchase securities through the over-allotment option. "Naked" short sales are any sales in excess of such option or where the underwriters do not have an over-allotment option. The underwriters must close out any naked short position by purchasing securities in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the securities in the open market after pricing that could adversely affect investors who purchase in the offering.
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The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased shares sold by or for the account of such underwriter in stabilizing or short covering transactions.
Purchases to cover a short position and stabilizing transactions may have the effect of preventing or retarding a decline in the market price of our stock, and together with the imposition of the penalty bid, may stabilize, maintain or otherwise affect the market price of our class A common stock. As a result, the price of our class A common stock may be higher than the price that otherwise might exist in the open market. If these activities are commenced, they may be discontinued at any time. These transactions may be effected on the NASDAQ National Market, in the over-the-counter market or otherwise.
Indemnity
Underwriters, dealers, agents and other persons may be entitled, under agreements that they may enter into with us and the selling stockholders, to indemnification by us against certain liabilities, including liabilities under the Securities Act.
The validity of the securities offered hereby will be passed upon for us by Wilmer Cutler Pickering Hale and Dorr LLP, Boston, Massachusetts.
The financial statements incorporated in this prospectus by reference to the Annual Report on Form 10-K for the year ended April 30, 2005 have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.
WHERE YOU CAN FIND MORE INFORMATION
We file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission. Our SEC filings are available to the public over the Internet at the SEC's web site at http://www.sec.gov. Copies of the documents we file with the SEC can be read at the SEC's public reference facility at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. You can also obtain copies of our filings at prescribed rates by writing to the Public Reference Section of the SEC at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the operation of its public reference facility.
We have filed this prospectus with the SEC as part of a registration statement on Form S-3 under the Securities Act. This prospectus does not contain all of the information set forth in the registration statement because some parts of the registration statement are omitted in accordance with the rules and regulations of the SEC. The registration statement and its exhibits are available for inspection and copying as set forth below.
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
We are "incorporating by reference" in this prospectus some of the documents we file with the SEC. This means that we can disclose important information to you by referring you to those documents. The information in the documents incorporated by reference is considered to be part of this prospectus. Information in specified documents that we file with the SEC after the date of this prospectus will automatically update and supersede information in this prospectus. We incorporate by
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reference the documents listed below and any future filings we may make with the SEC under Section 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this prospectus and prior to the termination of any offering of securities offered by this prospectus.
(1) Our Annual Report on Form 10-K for the fiscal year ended April 30, 2005;
(4) Our Current Reports on Form 8-K as filed with the SEC on May 31, 2005, and June 21, 2005;
(5) All our filings pursuant to the Exchange Act after the date of the initial registration statement and prior to effectiveness of the registration statement; and
(6) The description of our class A common stock contained in our Registration Statement on Form 8-A dated October 15, 1997.
Information contained in this prospectus supplements, modifies or supersedes, as applicable, the information contained in earlier-dated documents incorporated by reference. Information contained in later-dated documents incorporated by reference supplements, modifies or supersedes, as applicable, the information contained in this prospectus or in earlier-dated documents incorporated by reference.
We will provide a copy of the documents we incorporate by reference (other than exhibits, unless the exhibit is specifically incorporated by reference into the filing requested), at no cost, to you if you submit a request to us by writing to or telephoning us at the following address or telephone number:
Casella Waste Systems, Inc.
25 Greens Hill Lane
Rutland, Vermont 05701
Telephone: (802) 775-0325
Attention: Joseph S. Fusco
You should rely only on the information contained in this prospectus, including information incorporated by reference as described above, or any prospectus supplement that we have specifically referred you to. We have not authorized anyone else to provide you with different information. You should not assume that the information in this prospectus or any prospectus supplement is accurate as of any date other than the date on the front of those documents or that any document incorporated by reference is accurate as of any date other than its filing date. You should not consider this prospectus to be an offer or solicitation relating to the securities in any jurisdiction in which such an offer or solicitation relating to the securities is not authorized. Furthermore, you should not consider this prospectus to be an offer or solicitation relating to the securities if the person making the offer or solicitation is not qualified to do so, or if it is unlawful for you to receive such an offer or solicitation.
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PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 14. Other Expenses of Issuance and Distribution.
The following table sets forth the various expenses to be incurred in connection with the registration of the securities being registered hereby, all of which will be borne by Casella Waste Systems, Inc. All amounts shown are estimates except the SEC registration fee.
SEC registration fee | $ | 39,155 | ||
Transfer agent's, trustee's and depository's fees and expenses | 10,000 | |||
Printing and engraving expenses | 20,000 | |||
Legal fees and expenses | 40,000 | |||
Accounting fees and expenses | 25,000 | |||
Miscellaneous | 23,325 | |||
Total expenses | $ | 150,000 |
Item 15. Indemnification of Directors and Officers.
Section 102 of the Delaware corporate law statute allows a corporation to eliminate the personal liability of directors of a corporation to the corporation or its stockholders for monetary damages for a breach of fiduciary duty as a director, except where the director breached his duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved a stock repurchase in violation of Delaware corporate law or obtained an improper personal benefit.
Section 145 of the Delaware General Corporation Law statute permits a Delaware corporation to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of the corporation) by reason of the fact that he is or was a director, officer, employee, or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, against expenses (including attorneys' fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred by him in connection with the action, suit, or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.
In the case of an action by or in the right of the corporation, Section 145 permits the corporation to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending, or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director, officer, employee, or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by him in connection with the defense or settlement of the action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation. No indemnification may be made in respect of any claim, issue, or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or the court in which the action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to be indemnified for such expenses which the Court of Chancery or such other court shall deem proper.
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To the extent that a director, officer, employee, or agent of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in the preceding two paragraphs, Section 145 requires that he be indemnified against expenses, including attorneys' fees, actually and reasonably incurred by him in connection therewith.
Section 145 provides that expenses, including attorneys' fees, incurred by an officer or director in defending any civil, criminal, administrative, or investigative action, suit, or proceeding may be paid by the corporation in advance of the final disposition of the action, suit, or proceeding upon receipt of an undertaking by or on behalf of the director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the corporation as authorized in Section 145.
Article Sixth of Casella's Amended and Restated Certificate of Incorporation eliminates the personal liability of the directors of Casella to Casella or its stockholders for monetary damages for breach of fiduciary duty as directors, with certain exceptions, and Article Seventh requires indemnification of directors and officers of Casella, and for advancement of litigation expenses to the fullest extent permitted by Section 145.
Item 16. Exhibits and Financial Statement Schedules.
Exhibit Number |
Description |
|
---|---|---|
1.1 | The form of equity underwriting agreement will be filed as an exhibit to a Current Report of the Registrant on Form 8-K and incorporated herein by reference. | |
1.2 | The form of debt underwriting agreement will be filed as an exhibit to a Current Report of the Registrant on Form 8-K and incorporated herein by reference. | |
4.1 | (1) | Amended and Restated Certificate of Incorporation of the Registrant, as amended. |
4.2 | (2) | Second Amended and Restated By-laws of the Registrant. |
4.3 | (3) | Certificate of Designations of Series A Convertible Preferred Stock. |
4.4 | (4) | Indenture, dated as of January 24, 2003, by and among the Registrant, the Guarantors named therein and U.S. Bank National Association. |
4.5 | (4) | Form of junior subordinated indenture. |
4.6 | (5) | Form of stock certificate of the Registrant's Class A Common Stock, $.01 par value per share. |
4.7 | The form of any senior subordinated note with respect to each particular series of senior subordinated notes issued hereunder will be filed as an exhibit to a Current Report of the Registrant on Form 8-K and incorporated herein by reference. | |
4.8 | The form of any junior subordinated note with respect to each particular series of junior subordinated notes issued hereunder will be filed as an exhibit to a Current Report on the Registrant of Form 8-K and incorporated hereby by reference. | |
4.9 | The form of any certificate of designation with respect to any preferred stock issued hereunder and the related form of preferred stock certificate will be filed as exhibits to a Current Report of the Registrant on Form 8-K and incorporated herein by reference. | |
4.10 | The form of any warrant agreement will be filed as an exhibit to a Current Report of the Registrant on Form 8-K and incorporated herein by reference. | |
4.11 | The form of any unit agreement, including the form of unit certificate, will be filed as an exhibit to a Current Report of the Registrant on Form 8-K and incorporated herein by reference. | |
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5.1 | (4) | Opinion of Wilmer Cutler Pickering Hale and Dorr LLP. |
12.1 | (4) | Statement of Computation of Ratio of Earnings to Fixed Charges and Earnings to Combined Fixed Charges and Preferred Stock Dividends. Filed herewith. |
23.1 | Consent of PricewaterhouseCoopers LLP. Filed herewith. | |
23.2 | (4) | Consent of Wilmer Cutler Pickering Hale and Dorr LLP (included in Exhibit 5.1). |
23.3 | Consent of PricewaterhouseCoopers LLP on Financial Statements of US GreenFiber, LLC. Filed herewith. | |
24.1 | (4) | Power of Attorney (see page II-5 of this Registration Statement). |
25.1 | The Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of the Trustee under the Senior Subordinated Indenture will be incorporated herein by reference from a subsequent filing in accordance with Section 305(b)(2) of the Trust Indenture Act of 1939. | |
25.2 | The Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of the Trustee under the Junior Subordinated Indenture will be incorporated herein by reference from a subsequent filing in accordance with Section 305(b)(2) of the Trust Indenture Act of 1939. |
Item 512(a) of Regulation S-K. The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
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provided, however, that paragraphs (1)(i) and (1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act that are incorporated by reference in this Registration Statement.
(2) That, for the purposes of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at the time shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
Item 512(b) of Regulation S-K. The Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein and the offering of such securities at the time shall be deemed to be the initial bona fide offering thereof.
Item 512(h) of Regulations S-K. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the indemnification provisions described herein, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefor, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
Item 512(i) of Regulation S-K. The undersigned Registrant hereby undertakes that:
(1) For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in the form of prospectus filed by the Registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.
(2) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
Item 512(j) of Regulation S-K. The undersigned registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under Subsection (a) of Section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Commission under Section 305(b)(2) of the Trust Indenture Act.
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Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
CASELLA WASTE SYSTEMS, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Chairman and Chief Executive Officer |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities indicated and on the 23rd day of August, 2005.
Signature |
Title |
|
||
---|---|---|---|---|
* John W. Casella |
Chairman and Chief Executive Officer (Principal Executive Officer) | |||
* James W. Bohlig |
President and Chief Operating Officer, Director |
|||
* Richard A. Norris |
Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) |
|||
* James F. Callahan, Jr. |
Director |
|||
* Douglas R. Casella |
Director |
|||
* John F. Chapple III |
Director |
|||
* Joseph G. Doody |
Director |
|||
II-5
* D. Randolph Peeler |
Director |
|||
* Gregory B. Peters |
Director |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-6
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
ALL CYCLE WASTE, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
ATLANTIC COAST FIBERS, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-8
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
B. AND C. SANITATION CORPORATION | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-9
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
BLASDELL DEVELOPMENT GROUP, INC. | |||
By: |
/s/ JOHN W. CASELLA |
||
John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
BRISTOL WASTE MANAGEMENT, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-11
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
C.V. LANDFILL, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-12
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
CASELLA MAJOR ACCOUNT SERVICES LLC | |||
By: |
/s/ JAMES W. BOHLG James W. Bohlg President |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
James W. Bohlg |
President (Principal Executive Officer) | August 23, 2005 | ||
Richard A. Norris |
Vice President & Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
John W. Casella |
Vice President & Secretary |
August 23, 2005 |
CASELLA WASTE SYSTEMS, INC.
By: | John W. Casella Chairman and Chief Executive Officer |
Sole Member | ||||
*By: |
John W. Casella Attorney-in-fact |
II-13
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
CASELLA NH INVESTORS CO., LLC | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
KTI, INC. | ||||||
By: |
* John W. Casella President and Director |
Sole Member |
August 23, 2005 |
|||
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-14
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
CASELLA NH POWER CO., LLC | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
KTI, INC. | ||||||
By: |
* John W. Casella President and Director |
Sole Member |
August 23, 2005 |
|||
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-15
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
CASELLA RTG INVESTORS CO., LLC | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
CASELLA WASTE SYSTEMS, INC. | ||||||
By: |
* John W. Casella Chairman and Chief Executive Officer |
Sole Member |
August 23, 2005 |
|||
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-16
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
CASELLA TRANSPORTATION, INC. | |||
By: |
/s/ JOHN W. CASELLA |
||
John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* Douglas R. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-17
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
CASELLA WASTE MANAGEMENT OF CAPE COD, INC. (F/K/A RESOURCE RECOVERY OF CAPE COD, INC.) |
|||
By: |
John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: | John W. Casella Attorney-in-fact |
II-18
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
CASELLA WASTE MANAGEMENT OF HOLLISTON, INC. (F/K/A ALTERNATE ENERGY, INC.) |
|||
By: |
John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: | John W. Casella Attorney-in-fact |
II-19
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
CASELLA WASTE MANAGEMENT OF MASSACHUSETTS, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-20
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
CASELLA WASTE MANAGEMENT OF N.Y., INC. | |||
*By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-21
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
CASELLA WASTE MANAGEMENT OF PENNSYLVANIA, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-22
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
CASELLA WASTE MANAGEMENT, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* Douglas R. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-23
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
CASELLA WASTE SERVICES OF ONTARIO, LLC | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Vice President and Director |
SIGNATURES AND POWER OF ATTORNEY
We, New England Waste Services of N.Y., Inc., the sole member of Casella Waste Services of Ontario, LLC, and the undersigned officers of Casella Waste Services of Ontario, LLC, hereby severally constitute and appoint John W. Casella and James W. Bohlig and each of them singly, our true and lawful attorneys with full power to them, and to each of them singly, to sign for us and in our names in the capacities indicated below the Amendment No. 2 to the Registration Statement on Form S-3 filed herewith and any and all pre-effective and post-effective amendments to said Amendment No. 2 to the Registration Statement and generally to do all such things in our name and behalf in our capacities as the sole member of Casella Waste Services of Ontario, LLC and officers of Casella Waste Services of Ontario, LLC to enable Casella Waste Services of Ontario, LLC to comply with the provisions of the Securities Act of 1933, as amended, and all requirements of the Securities and Exchange Commission, hereby ratifying and confirming our signatures as they may be signed by our said attorneys, or either of them, to said Amendment No. 2 to the Registration Statement and any and all amendments thereto.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
/s/ JAMES W. BOHLIG James W. Bohlig |
President (Principal Executive Officer) | August 23, 2005 | ||
/s/ RICHARD A. NORRIS Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
II-24
/s/ JOHN W. CASELLA John W. Casella |
Vice President and Secretary |
August 23, 2005 |
NEW ENGLAND WASTE SERVICES OF N.Y., INC. | ||||||
By: |
/s/ JAMES W. BOHLIG James W. Bohlig President and Director |
Sole Member* |
August 23, 2005 |
II-25
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
CWM ALL WASTE LLC | |||
*By: |
/s/ JOHN W. CASELLA John W. Casella President |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
CASELLA WASTE MANAGEMENT, INC. | ||||||
By: |
* John W. Casella Vice President and Secretary |
Sole Member |
August 23, 2005 |
|||
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-26
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
DATA DESTRUCTION SERVICES, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-27
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
FAIRFIELD COUNTY RECYCLING, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-28
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
FCR CAMDEN, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-29
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
FCR FLORIDA, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-30
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
FCR GREENSBORO, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-31
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
FCR GREENVILLE, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-32
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
FCR MORRIS, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-33
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
FCR REDEMPTION, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-34
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
FCR TENNESSEE, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-35
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
FCR, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-36
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
FOREST ACQUISITIONS, INC. | |||
By: |
/s/ JAMES W. BOHLIG James W. Bohlig President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
||
* John W. Casella |
Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-37
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
GRASSLANDS INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-38
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
GROUNDCO LLC | |||
By: |
/s/ JAMES W. BOHLIG James W. Bohlig President |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
NEW ENGLAND WASTE SERVICES OF VERMONT, INC.
By: |
* John W. Casella Vice President and Secretary |
Sole Member |
August 23, 2005 |
|||
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-39
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
HAKES C & D DISPOSAL, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-40
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
HARDWICK LANDFILL, INC. | |||
By: |
/s/ JAMES W. BOHLIG James W. Bohlig President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-41
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
HIRAM HOLLOW REGENERATION CORP. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-42
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
THE HYLAND FACILITY ASSOCIATES | |||
By: |
Casella Waste Management of N.Y., Inc., its managing partner |
By: | /s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||||
---|---|---|---|---|---|---|
CASELLA WASTE MANAGEMENT OF N.Y., INC. | ||||||
By: |
* John W. Casella President and Director |
General Partner |
August 23, 2005 |
* John W. Casella |
Director of Casella Waste Management of N.Y., Inc. | August 23, 2005 | ||
* James W. Bohlig |
Director of Casella Waste Management of N.Y., Inc. |
August 23, 2005 |
||
* Douglas R. Casella |
Director of Casella Waste Management of N.Y., Inc. |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-43
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
K-C INTERNATIONAL, LTD. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-44
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
KTI BIO FUELS, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-45
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
KTI ENVIRONMENTAL GROUP, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-46
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
KTI NEW JERSEY FIBERS, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-47
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
KTI OPERATIONS INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-48
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
KTI RECYCLING OF NEW ENGLAND, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-49
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
KTI SPECIALTY WASTE SERVICES, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-50
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
KTI, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-51
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
LEWISTON LANDFILL, LLC | |||
By: |
/s/ JAMES W. BOHLG James W. Bohlg President |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlg |
President | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer |
August 23, 2005 |
||
* John W. Casella |
Vice President and Secretary |
August 23, 2005 |
||
* Brian Oliver |
Vice President |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-52
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
MAINE ENERGY RECOVERY COMPANY, LIMITED PARTNERSHIP | |||
By: |
KTI Environmental Group, Inc., its general partner |
By: | /s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||||
---|---|---|---|---|---|---|
KTI ENVIRONMENTAL GROUP, INC. | ||||||
By: |
* John W. Casella President and Director |
General Partner |
August 23, 2005 |
* John W. Casella |
Director of KTI Environmental Group, Inc. | August 23, 2005 | ||
* James W. Bohlig |
Director of KTI Environmental Group, Inc. |
August 23, 2005 |
||
* Douglas R. Casella |
Director of KTI Environmental Group, Inc. |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-53
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
MECKLENBURG COUNTY RECYCLING, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-54
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
NATURAL ENVIRONMENTAL, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-55
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
NEW ENGLAND WASTE SERVICES OF MASSACHUSETTS, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* Douglas R. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-56
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
NEW ENGLAND WASTE SERVICES OF ME, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-57
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
NEW ENGLAND WASTE SERVICES OF N.Y., INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-58
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
NEW ENGLAND WASTE SERVICES OF VERMONT, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-59
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
NEW ENGLAND WASTE SERVICES, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-60
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
NEWBURY WASTE MANAGEMENT, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-61
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
NEWS OF WORCESTER LLC | |||
By: |
Casella Waste Systems, Inc., its sole member* |
||
By: |
/s/ JOHN W. CASELLA John W. Casella Chairman and Chief Executive Officer |
SIGNATURES AND POWER OF ATTORNEY
We, Casella Waste Systems, Inc., the sole member of NEWS of Worcester LLC, hereby severally constitute and appoint John W. Casella and James W. Bohlig and each of them singly, our true and lawful attorneys with full power to them, and to each of them singly, to sign for us and in our names in the capacities indicated below the Amendment No. 2 to the Registration Statement on Form S-3 filed herewith and any and all pre-effective and post-effective amendments to said Amendment No. 2 to the Registration Statement and generally to do all such things in our name and behalf in our capacities as the sole member of NEWS of Worcester LLC to enable NEWS of Worcester LLC to comply with the provisions of the Securities Act of 1933, as amended, and all requirements of the Securities and Exchange Commission, hereby ratifying and confirming our signatures as they may be signed by our said attorneys, or either of them, to said Amendment No. 2 to the Registration Statement and any and all amendments thereto.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||||
---|---|---|---|---|---|---|
CASELLA WASTE SYSTEMS, INC. | ||||||
By: |
/s/ JOHN W. CASELLA John W. Casella Chairman and Chief Executive Officer |
Sole Member* |
August 23, 2005 |
II-62
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
NEWSME LANDFILL OPERATIONS, LLC | |||
By: |
/s/ JAMES W. BOHLIG James W. Bohlig President |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
NEW ENGLAND WASTE SERVICES OF ME, INC. | ||||||
By: |
* John W. Casella Vice President and Secretary |
Sole Member |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-63
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
NH INVESTORS CO., LLC | |||
By: |
Casella NH Investors Co., LLC, its managing partner* |
||
By: |
/s/ JOHN W. CASELLA John W. Casella President |
SIGNATURES AND POWER OF ATTORNEY
We, Casella NH Investors Co., LLC, the managing partner of NH Investors Co., LLC, and the undersigned officers of Casella NH Investors Co., LLC, hereby severally constitute and appoint John W. Casella and James W. Bohlig and each of them singly, our true and lawful attorneys with full power to them, and to each of them singly, to sign for us and in our names in the capacities indicated below the Amendment No. 2 to the Registration Statement on Form S-3 filed herewith and any and all pre-effective and post-effective amendments to said Amendment No. 2 to the Registration Statement and generally to do all such things in our name and behalf in our capacities as the managing partner of NH Investors Co., LLC and officers of Casella NH Investors Co., LLC to enable NH Investors Co., LLC to comply with the provisions of the Securities Act of 1933, as amended, and all requirements of the Securities and Exchange Commission, hereby ratifying and confirming our signatures as they may be signed by our said attorneys, or either of them, to said Amendment No. 2 to the Registration Statement and any and all amendments thereto.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||||
---|---|---|---|---|---|---|
CASELLA NH INVESTORS CO., LLC | ||||||
By: |
/s/ JOHN W. CASELLA John W. Casella President |
Managing Partner* |
August 23, 2005 |
|||
/s/ RICHARD A. NORRIS Richard A. Norris |
Vice President and Treasurer of Casella NH Investors Co., LLC |
August 23, 2005 |
||||
/s/ JAMES W. BOHLIG James W. Bohlig |
Vice President of Casella NH Investors Co., LLC |
August 23, 2005 |
||||
II-64
/s/ DOUGLAS R. CASELLA Douglas R. Casella |
Vice President of Casella NH Investors Co., LLC |
August 23, 2005 |
II-65
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
NORTH COUNTRY ENVIRONMENTAL SERVICES, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-66
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
NORTHERN PROPERTIES CORPORATION OF PLATTSBURGH | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-67
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
NORTHERN SANITATION, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-68
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
PERC, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-69
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
PERC MANAGEMENT COMPANY LIMITED PARTNERSHIP | |||
By: |
PERC, Inc., its general partner |
By: | /s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||||
---|---|---|---|---|---|---|
PERC, INC. | ||||||
By: |
* John W. Casella President and Director |
General Partner |
August 23, 2005 |
* John W. Casella |
Director of PERC, Inc. | August 23, 2005 | ||
* James W. Bohlig |
Director of PERC, Inc. |
August 23, 2005 |
||
* Douglas R. Casella |
Director of PERC, Inc. |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-70
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
PINE TREE WASTE, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-71
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
R.A. BRONSON INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-72
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
RECOVERY TECHNOLOGIES OPERATIONS LLC |
|||
By: |
Casella NH Investors Co., LLC, its sole member |
||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Secretary |
SIGNATURES AND POWER OF ATTORNEY
We, Casella NH Investors Co., LLC, the sole member of Recovery Technologies Operations, LLC, and the undersigned officers of Casella NH Investors Co., LLC, hereby severally constitute and appoint John W. Casella and James W. Bohlig and each of them singly, our true and lawful attorneys with full power to them, and to each of them singly, to sign for us and in our names in the capacities indicated below the Amendment No. 2 to the Registration Statement on Form S-3 filed herewith and any pre-effective and post-effective amendments to said Amendment No. 2 to the Registration Statement and generally to do all such things in our name and behalf in our capacities as the sole member of Recovery Technologies Operations, LLC and officers of Casella NH Investors Co., LLC to enable Recovery Technologies Operations, LLC to comply with the provisions of the Securities Act of 1933, as amended, and all requirements of the Securities and Exchange Commission, hereby ratifying and confirming our signatures as they may be signed by our said attorneys, or either of them, to said Amendment No. 2 to the Registration Statement and any and all amendments thereto.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
|
Signatures |
Title |
Date |
|||
---|---|---|---|---|---|---|
CASELLA NH INVESTORS CO., LLC | ||||||
By: |
/s/ JOHN W. CASELLA John W. Casella |
President and Secretary (Principal Executive Officer) of Casella NH Investors Co., LLC |
August 23, 2005 |
|||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) of Casella NH Investors Co., LLC |
August 23, 2005 |
||||
II-73
* James W. Bohlig |
Vice President of Casella NH Investors Co., LLC |
August 23, 2005 |
||||
* Douglas R. Casella |
Vice President of Casella NH Investors Co., LLC |
August 23, 2005 |
||||
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-fact |
II-74
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
RESOURCE RECOVERY SYSTEMS OF SARASOTA, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-75
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
RESOURCE RECOVERY SYSTEMS, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-76
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
RESOURCE TRANSFER SERVICES, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-77
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
RESOURCE WASTE SYSTEMS, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-78
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
ROCHESTER ENVIRONMENTAL PARK, LLC | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
CASELLA WASTE SYSTEMS, INC. |
||||||
By: |
* John W. Casella Chairman and Chief Executive Officer |
Manager |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-79
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
ROCKINGHAM SAND & GRAVEL, LLC | |||
By: |
/s/ JAMES W. BOHLIG James W. Bohlig President |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
NEW ENGLAND WASTE SERVICES OF VERMONT, INC. |
||||||
By: |
* John W. Casella Vice President and Secretary |
Sole Member |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-80
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
SCHULTZ LANDFILL, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-81
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
SOUTHBRIDGE RECYCLING & DISPOSAL PARK, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-82
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
SUNDERLAND WASTE MANAGEMENT, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-83
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
TEMPLETON LANDFILL LLC | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
NEW ENGLAND WASTE SERVICES OF MASSACHUSETTS, INC. | ||||||
By: |
* John W. Casella President |
Sole Member |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-84
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
TRILOGY GLASS LLC | |||
By: |
/s/ JAMES W. BOHLIG James W. Bohlig President |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
/s/ JAMES W. BOHLIG James W. Bohlig |
President (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President & Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
/s/ JOHN W. CASELLA John W. Casella |
Vice President & Secretary |
August 23, 2005 |
NEW ENGLAND WASTE SERVICES OF N.Y., INC.
By: | /s/ JAMES W. BOHLIG James W. Bohlig President |
Sole Member* | ||||
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-fact |
II-85
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
U.S. FIBER, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-86
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
WASTE-STREAM INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-87
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
WESTFIELD DISPOSAL SERVICE, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* John W. Casella |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* James W. Bohlig |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-88
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rutland, State of Vermont, on this 23rd day of August, 2005.
WINTERS BROTHERS, INC. | |||
By: |
/s/ JOHN W. CASELLA John W. Casella Vice President and Director |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date |
||
---|---|---|---|---|
* James W. Bohlig |
President and Director (Principal Executive Officer) | August 23, 2005 | ||
* Richard A. Norris |
Vice President and Treasurer (Principal Financial and Accounting Officer) |
August 23, 2005 |
||
* John W. Casella |
Vice President and Director |
August 23, 2005 |
||
* Douglas R. Casella |
Vice President and Director |
August 23, 2005 |
*By: |
/s/ JOHN W. CASELLA John W. Casella Attorney-in-Fact |
II-89
Exhibit Number |
Description |
|
---|---|---|
1.1 |
The form of equity underwriting agreement will be filed as an exhibit to a Current Report of the Registrant on Form 8-K and incorporated herein by reference. |
|
1.2 | The form of debt underwriting agreement will be filed as an exhibit to a Current Report of the Registrant on Form 8-K and incorporated herein by reference. | |
4.1 | (1) | Amended and Restated Certificate of Incorporation of the Registrant, as amended. |
4.2 | (2) | Second Amended and Restated By-laws of the Registrant. |
4.3 | (3) | Certificate of Designations of Series A Convertible Preferred Stock. |
4.4 | (4) | Indenture, dated as of January 24, 2003, by and among the Registrant, the Guarantors named therein and U.S. Bank National Association. |
4.5 | (4) | Form of junior subordinated indenture. |
4.6 | (5) | Form of stock certificate of the Registrant's Class A Common Stock, $.01 par value per share. |
4.7 | The form of any senior subordinated note with respect to each particular series of senior subordinated notes issued hereunder will be filed as an exhibit to a Current Report of the Registrant on Form 8-K and incorporated herein by reference. | |
4.8 | The form of any junior subordinated note with respect to each particular series of junior subordinated notes issued hereunder will be filed as an exhibit to a Current Report on the Registrant of Form 8-K and incorporated hereby by reference. | |
4.9 | The form of any certificate of designation with respect to any preferred stock issued hereunder and the related form of preferred stock certificate will be filed as exhibits to a Current Report of the Registrant on Form 8-K and incorporated herein by reference. | |
4.10 | The form of any warrant agreement will be filed as an exhibit to a Current Report of the Registrant on Form 8-K and incorporated herein by reference. | |
4.11 | The form of any unit agreement, including the form of unit certificate, will be filed as an exhibit to a Current Report of the Registrant on Form 8-K and incorporated herein by reference. | |
5.1 | (4) | Opinion of Wilmer Cutler Pickering Hale and Dorr LLP. |
12.1 | (4) | Statement of Computation of Ratio of Earnings to Fixed Charges and Earnings to Combined Fixed Charges and Preferred Stock Dividends. Filed herewith. |
23.1 | Consent of PricewaterhouseCoopers LLP. Filed herewith. | |
23.2 | (4) | Consent of Wilmer Cutler Pickering Hale and Dorr LLP (included in Exhibit 5.1). |
23.3 | Consent of PricewaterhouseCoopers LLP on Financial Statements of US GreenFiber, LLC. Filed herewith. | |
24.1 | (4) | Power of Attorney (see page II-5 of this Registration Statement). |
25.1 | The Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of the Trustee under the Senior Subordinated Indenture will be incorporated herein by reference from a subsequent filing in accordance with Section 305(b)(2) of the Trust Indenture Act of 1939. | |
25.2 | The Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of the Trustee under the Junior Subordinated Indenture will be incorporated herein by reference from a subsequent filing in accordance with Section 305(b)(2) of the Trust Indenture Act of 1939. |
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in this Registration Statement on Form S-3 of our reports dated June 27, 2005 relating to the financial statements, financial statement schedules, management's assessment of the effectiveness of internal control over financial reporting and the effectiveness of internal control over financial reporting, which appears in Casella Waste System Inc.'s Annual Report on Form 10-K for the year ended April 30, 2005. We also consent to the references to us under the headings "Experts" and "Selected Financial Data" in such Registration Statement.
/s/
PricewaterhouseCoopers LLP
Boston, Massachusetts
August 22, 2005
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in the Registration Statement on Form S-3 of Casella Waste Systems, Inc. of our report dated January 26, 2005, on the financial statements of US GreenFiber, LLC, which appears in Casella Waste Systems Inc.'s Annual Report on Form 10-K for the year ended April 30, 2005.
/s/
PricewaterhouseCoopers LLP
Charlotte, North Carolina
August 17, 2005