Banc of America Securities, Lehman Brothers and CIBC World Markets are underwriting a $305 million facility for Synagro Technologies. It will comprise a $95 million revolver, a $30 million delayed-draw term loan and a $180 million term loan. Proceeds of the new facility will be used to refinance the company's existing credit facility and call $150 million of outstanding 9 1/2% senior sub notes due 2009. The company expects to save $5 million annually as a result of the transaction. Proceeds from the delayed-draw term loan will be used to partially fund construction costs for a new facility in 2005. Houston-based Synagro provides residuals management services.