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Republic Services unit announces final results of tender offers for 9.25%, 7.4% notes
By Marisa Wong
Madison, Wis., May 9 - Browning-Ferris Industries, LLC announced that as of the expiration date of its previously announced tender offers, it received tenders for $59.17 million, or 62.61%, of its $94.5 million of outstanding 9.25% debentures due 2021 and $180,733,000, or 50.2%, of its $360 million of 7.4% debentures due 2035, according to a news release from parent company Republic Services, Inc.
The offers for any and all of the 9.25% debentures and 7.4% debentures began April 22 and expired at midnight ET on May 6.
For each $1,000 principal amount of debentures tendered by April 29, the early tender date, the company will pay total considerations of $1,379.33 for the 9.25% notes and $1,227.27 for the 7.4% notes. The total consideration for each note includes an early tender payment of $50.00.
Holders who tendered their notes after the early tender date will receive the total consideration less the early tender payment.
The payment per $1,000 principal amount of notes was calculated as of 2 p.m. ET on April 29 using a reference security plus a spread. The reference security was the 3.625% Treasury due February 2021 for the 9.25% debentures and the 4.25% Treasury due November 2040 for the 7.4% debentures. The spread was 120 basis points for the 9.25% debentures and 125 bps for the 7.4% debentures.
The reference yield was 3.291% for the 9.25% notes and 4.417% for the 7.4% notes.
Holders will also receive accrued interest up to but excluding the settlement date, which is May 9.
The dealer managers for the tender offers were Merrill Lynch (888 292-0070 or 980 387-3907), Barclays Capital Inc. (800 438-3242 or 212 528-7581) and J.P. Morgan Securities LLC (866 834-4666 or 212 834-3424). The information agent and depositary is Global Bondholder Services Corp. (866 795-2200 or 212 430-3774).
Republic Services is a waste collection company based in Phoenix.
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