...- Following the sale of its U.K. waste-to-energy (WtE) business this year, Granite Acquisition Inc. is merging its legacy Wheelabrator business with Tunnel Hill Partners L.P. The new entity will be branded WIN Waste Innovations (WIN). Previously, both companies operated under a shared services agreement within Macquarie Infrastructure Partners IV. - Concurrent with the transaction, the company is issuing a $1 billion, seven-year first-lien term loan B and five-year $400 million revolving credit facility. The proceeds will be used to pay down Tunnel Hill debt, fund a distribution to the owner (an affiliate of Macquarie Infrastructure and Real Assets; MIRA), fund cash on the balance sheet, and pay fees. - We believe the full run rate of recent acquisitions, along with pricing and volume increases, will help drive top-line revenue growth in the high-single-digit percent area. This, coupled with EBITDA margins in the low-20% area, will result in leverage of about 5x in 2021 from approximately...
