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.

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