Waste Pro Announces Closing of Upsized Private Offering of $850 Million of 7.000% Senior Notes due 2033
Summary
The Notes are guaranteed on a senior unsecured basis by Waste Pros current and future significant domestic restricted subsidiaries.Waste Pro intends to use the net proceeds from this offering to redeem its existing 5.500% senior notes due 2026 in full, to repay in full the outstanding balances under its revolving credit facility and certain equipment loans, and for general corporate purposes. "Waste Pro has experienced significant growth over the last 24 years, starting with one truck in 2001 and growing to a team of approximately 5,000 dedicated employees with a fleet of more than 3,700 collection vehicles serving 10 states and annual revenues exceeding $1 billion for each of the last two years. The Notes were offered only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States in accordance with Regulation S under the Securities Act.Greenberg Traurig, P.A., acted as legal counsel to Waste Pro, and Latham & Watkins LLP acted as legal counsel to the initial purchasers of the Notes.This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of the Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.Waste Pro is a leading waste services company, providing non-hazardous solid waste collection, recycling, transfer and disposal services to residential, commercial and industrial customers in ten states across the Southeastern United States. Waste Pro is headquartered in Longwood, Florida, and maintains more than 250 exclusive municipal contracts and franchises.Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. Waste Pro expressly disclaims any obligation to update such statements to reflect any change in its expectations whether as a result of new information, future events or otherwise, except as required by law.