By Lisa Kerner
Charlotte, N.C., July 28 – Waste Connections, Inc. intends to issue and sell $500 million of senior notes in a private placement on Aug. 20, according to a 10-Q filing with the Securities and Exchange Commission.
The 2015A notes will be issued as follows:
• $125 million of 3.09% notes due Aug. 20, 2022; and
• $375 million of 3.41% notes due Aug. 20, 2025.
The notes rank pari passu with the $600 million of existing notes outstanding under the company’s master note agreement and the obligations under its credit agreement.
Proceeds will be used to reduce borrowings under the company’s credit facility and for general corporate purposes, including acquisitions.
The notes may be prepaid at any time at par plus a make-whole amount.
The notes will be issued under a third supplement made to the company’s master note purchase agreement on June 11.
The total amount outstanding under the master note agreement may not exceed $1.25 billion. Following the issue of the 2015A notes, $1.1 billion of notes will be outstanding under the agreement.
Waste Connections is a Folsom, Calif.-based solid waste services company.
| Issuer: | Waste Connections, Inc.
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Distribution: | Private placement
|
| Announcement date: | July 28
|
| Placement date: | Aug. 20
|
|
|
| Seven-year notes
|
| Amount: | $125 million
|
| Coupon: | 3.09%
|
| Maturity: | Aug. 20, 2022
|
|
|
| 10-year notes
|
| Amount: | $375 million
|
| Coupon: | 3.41%
|
| Maturity: | Aug. 20, 2025
|
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