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Goldman-Backed Synagro Technologies Fielding Direct Lenders for $750M TL Refi Package

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✨ Summary by AI at Octus
Synagro Technologies, a waste and recycling services company, is seeking approximately $750 million in private credit to refinance its existing debt. The refinancing package includes a $550 million term loan and a $200 million delayed-draw term loan, with plans to increase its revolver to $130 million. Synagro, backed by Goldman Sachs, generates about $150 million in EBITDA and operates facilities across the U.S. and Canada. In the waste management sector, Interstate Waste Services and WIN Waste Innovations are exploring sale processes, with Interstate Waste generating $250 million in EBITDA and WIN Waste over $300 million.

Reporting: Benjamin Taubman

Waste and recycling services company Synagro Technologies is tapping the private credit market for a roughly $750 million term loan package to refinance its existing debt, according to sources.

The proposed deal would include a $550 million term loan and a $200 million delayed-draw term loan, the sources said, adding that the company is simultaneously looking to upsize its existing revolver to $130 million.

Synagro generates about $150 million of EBITDA, sources said.

Synagro is backed by Goldman Sachs through the sponsor’s infrastructure investment fund West Street Infrastructure Partners III. Goldman acquired the borrower from EQT Infrastructure in December 2020, according to a press release at the time.

Baltimore-based Synagro processes wastewater biosolids and other organic waste into fertilizer for municipal and industrial customers, operating treatment facilities across the United States and Canada.

Elsewhere in the waste management subsector, Littlejohn and Ares Management have held preliminary talks with investment banks including JPMorgan to explore a sale of its recycling and disposal asset Interstate Waste Services, Octus reported. The New Jersey-based waste hauler generates about $250 million in EBITDA, as reported.

Other in-market waste management businesses include Macquarie Asset Management-backed WIN Waste Innovations, which is in the early stages of a sale process, Octus reported. Nomura Greentech and Macquarie Capital are acting as sell-side advisors to WIN Waste, which generates more than $300 million in EBITDA.

Average pricing on debt to support refinancings, recapitalizations or restructurings in the U.S. industrials sector tightened to SOFR+507.6 bps in the second quarter of 2026 from S+521.3 bps in the first, according to Octus’ Private Credit dashboard.

Goldman Sachs and Synagro declined to comment.

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