Waste Connections says $25 million greenshoe exercised, convertibles now $175 million

New York, May 13 - Waste Connections, Inc. said the underwriters of its recent offering of floating-rate convertible subordinated notes due 2022 exercised the $25 million over-allotment option, raising the deal size to $175 million.

The Folsom, Calif. solid waste services company originally priced $150 million of 20-year floating-rate convertible subordinated notes after the market closed on April 24 in an overnight Rule 144A deal via Deutsche Bank Securities Inc.

The securities priced at par with a coupon of Libor plus 50 basis points and an initial conversion premium of 32%.

Waste Connections said proceeds will be used to repay debt under its credit facility and for general corporate purposes.

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