Swisher Hygiene Inc Sells Waste Collection Business To Progressive Waste Solutions Ltd's Subsidiary

Swisher Hygiene Inc announced that it has completed the sale of Choice Environmental Services subsidiary to Waste Services of Florida, Inc., a subsidiary of Progressive Waste Solutions Ltd., for approximately $123.3 million in cash. Under the terms of the agreement, the purchase price can be increased by up to $1.75 million upon achievement of a predetermined revenue target. In conjunction with the closing of the transaction, Swisher Hygiene will pay off Wells Fargo credit facility for $17.2 million, as well as equipment leases associated with the operations of Choice totaling $13.2 million and an outstanding note in the amount of $2 million.