PE-Backed Tervita to Refinance Credit Facility

Tervita Corp. will refinance its existing senior secured credit facilities due in 2014. The announcement came on the heels of a decision by Moody’s Investors Service to change its outlook for the Calgary, Alberta-based company from stable to negative, citing declining EBITDA in recent quarters. Moody’s said the company must improve earnings and significantly reduce leverage. Tervita was taken private in 2007 by a consortium of private equity firms, including CAI Private Equity, Goldman Sachs Capital Partners, Kelso & Co., Vestar Capital Partners, and OSS Capital Management.



CALGARY, ALBERTA (January 24, 2013) – Tervita Corporation announced today steps to refinance its existing senior secured credit facilities due in 2014.

Tervita is seeking to enter into a new U.S. dollar first-lien secured term loan and a new Canadian dollar first-lien secured revolving credit facility. Proceeds from the new credit facilities, together with proceeds from new senior secured notes that Tervita intends to offer, are expected to be used to repay all outstanding indebtedness under Tervita’s existing senior secured credit facilities. Tervita intends to enter into the new term loan and the new revolving credit facility and to issue new senior secured notes before the end of February, subject to market and other conditions. Tervita is also negotiating an extension of its existing senior subordinated notes in conjunction with this financing.

The senior secured notes will be offered and sold only to qualified institutional buyers in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”) and outside the United States to persons other than U.S. persons in reliance on the “accredited investor” prospectus exemption in Canada and Regulation S under the Securities Act. The offer and sale of the senior secured notes have not been and will not be registered under the Securities Act and the senior secured notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.

This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders or consents with respect to any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.

Cautionary Statement on Forward-Looking Statements

This press release contains forward-looking statements, which include statements about our expectations for the proposed debt financing and our ability to successfully effect the foregoing. These statements are subject to the general risks inherent in our business and in the credit markets and reflect our current expectations regarding these matters. These expectations may or may not be realized. Some of these expectations may be based upon assumptions or judgments that prove to be incorrect. The forward-looking statements are only as of the date made, and Tervita does not undertake any obligation to (and expressly disclaims any obligation to) update any forwardlooking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated events.

For more information, or to speak to a Tervita representative, please contact:
Richard Brimble
VP, Finance & Treasurer
T: (403) 234-2097
M: (403) 828-9534
Mandy Dinning
T: (403) 718-1221

About Tervita
Tervita is a leading North American environmental and energy services company. More than 4,000 dedicated employees partner with natural resource and industrial companies who share our values, and work with them to create a sustainable future. Safety is our highest priority: it influences our actions, guides our decisions and shapes our culture. We maintain a strategically located network of more than 95 state-of-the-art waste management facilities and a fleet of specialized equipment and assets to help customers address production and operational waste challenges. Our highly effective, convenient and environmentally sound solutions help minimize environmental impact and maximize returns.

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