Wastequip formally announced the completion of its reorganization as of Friday, which put it into the hands of distressed investor Centerbridge Partners. Wastequip concurrently announced that its CEO John Scott would be stepping down now that the company has completed the transaction.

The Charlotte, N.C.-based waste management company shed $550 million of debt in the process, according to the announcement, dropping its interest expense by 80%.

As LCD reported, the deal included a new $150 million term loan, which allocated June 8, opening at 97.75/98.5, versus issuance at 97.5. The 5.5-year term loan is priced at L+675, with a 1.5% LIBOR floor. It carries 103, 101 call premiums in years one and two, respectively. The recap also included a new $40 million revolving credit facility.

Scott joined Wastequip in April 2007 following its acquisition of Toter Inc., of which he was CEO. Scott was later named CEO of Wastequip in 2008, taking over for the retiring Robert Rasmussen, according to a press release at the time. Scott’s successor as CEO will be Marty Bryant, according to the announcement. Bryant previously worked at Dana Corp. from 2008 to 2011, most recently as president of the light vehicle products division, according to the announcement.

Latham & Watkins served as the company’s legal advisor, and Rothschild served as the company’s financial advisor for the recapitalization. – Staff reports

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