By Paul A. Harris
Portland, Ore., Jan. 25 – Waste Pro USA Inc. priced an upsized $500 million issue of eight-year senior notes (B3/B+) at par to yield 5½% on Thursday, according to a syndicate source.
The issue size was increased from $450 million.
The yield printed at the tight end of price talk in the 5 5/8% area.
Lead left active bookrunner Wells Fargo Securities LLC will bill and deliver.
The Longwood, Fla.-based solid waste services company plans to use the proceeds to refinance its existing credit facilities. The additional proceeds resulting from the $50 million upsize in the deal will be used to pay down the ABL facility.
| Issuer: | Waste Pro USA, Inc.
|
| Amount: | $500 million, increased from $450 million
|
| Maturity: | Feb. 15, 2026
|
| Securities: | Senior notes
|
| Left active bookrunner: | Wells Fargo Securities LLC (bill and deliver)
|
| Passive bookrunners: | Regions, SunTrust Robinson Humphrey Inc.
|
| Co-manager: | Raymond James
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Spread: | 287 bps
|
| Call protection: | Three years
|
| Trade date: | Jan. 25
|
| Settlement date: | Feb. 1
|
| Ratings: | Moody's: B3
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5 5/8% area
|
| Marketing: | Roadshow
|
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