Wastequip Completes Recap with Centerbridge Partners
June 19, 2012
PE-backed Wastequip, a manufacturer of waste and recycling equipment, has completed a recapitalization of its balance sheet, eliminating more than $550 million of debt and reducing annual interest expenses by more than 80%. Wastequip's new lenders extended to the company a $150 million term loan and $40 million revolving credit facility. Centerbridge Partners now has majority ownership of the company. In conjunction with the deal, Wastequip president and CEO John G. Scott has announced his retirement.