Published on 1/21/2020 in the Prospect News Investment Grade Daily.
New Issue: Waste Connections sells upsized $600 million 2.6% notes due 2030 at 83 bps spread
By Cristal Cody
Tupelo, Miss., Jan. 21 – Waste Connections, Inc. priced an upsized $600 million of 2.6% senior notes due Feb. 1, 2030 (Baa2/BBB+/BBB+) on Tuesday at 99.991 to yield 2.601%, or a spread of 83 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes priced tighter than initial talk in the 105 bps spread area and were upsized from $500 million.
BofA Securities, Inc., J.P. Morgan Securities LLC, MUFG, Wells Fargo Securities LLC, CIBC World Markets Corp. and PNC Capital Markets LLC were the bookrunners.
Proceeds will be used to repay revolving credit facility borrowings and for general corporate purposes.
The natural gas transmission and production company is based in Houston.
| Issuer: | Waste Connections, Inc.
|
| Amount: | $600 million
|
| Description: | Senior notes
|
| Maturity: | Feb. 1, 2030
|
| Bookrunners: | BofA Securities, Inc., J.P. Morgan Securities LLC, MUFG, Wells Fargo Securities LLC, CIBC World Markets Corp. and PNC Capital Markets LLC
|
| Co-managers: | U.S. Bancorp Investments, Inc., BBVA Securities Inc., TD Securities (USA) LLC, Fifth Third Securities, Inc., SunTrust Robinson Humphrey, Inc., Scotia Capital (USA) Inc. and Citizens Capital Markets Inc.
|
| Coupon: | 2.6%
|
| Price: | 99.991
|
| Yield: | 2.601%
|
| Spread: | Treasuries plus 83 bps
|
| Call features: | Make-whole call at greater of par or Treasuries plus 15 bps before Nov. 1, 2029; thereafter at par
|
| Trade date: | Jan. 21
|
| Settlement date: | Jan. 23
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 105 bps area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
