Waste Pro USA, Inc. Completes $150M Bond Offering for Sustainable Waste Management
In a notable move aimed at strengthening its financial foundation, Waste Pro USA, Inc. has formally announced the successful closure of a $150 million bond offering. The Florida Development Finance Corporation Solid Waste Disposal Revenue Bonds, designated under the Waste Pro USA, Inc. Project, Series 2026, reflect a critical step for the privately-held company that specializes in providing non-hazardous waste collection, recycling, and disposal services across various regions in the southeastern United States.
The Series 2026 bonds will carry an interest rate of 4.35% during the initial five-year period, maturing on April 1, 2037. These bonds are backed by guarantees from specific subsidiaries of Waste Pro, as outlined in the relevant indenture. Sean Jennings, CEO of Waste Pro, shared his enthusiasm about this milestone, noting that this year marks the company's 25th anniversary. Founded by his father, John Jennings, in 2001 with just a single truck, Waste Pro has grown tremendously into a fleet of over 4,300 vehicles, supported by a workforce exceeding 5,500 employees. With operations extending across ten states, Waste Pro has always placed an emphasis on long-term strategies, viewing the future with excitement as it aims to sustain its growth for the next century.
Cort Sabina, Chief Financial Officer of Waste Pro, highlighted the noteworthy trajectory of the company’s financing endeavors, stating that the tax-exempt debt portfolio has expanded from zero to approximately $736.7 million in just under nine years since the initial tax-exempt financing was completed in August 2017. He also pointed out that the recent bonds attracted substantial interest, being significantly oversubscribed, which reflects the strong confidence and backing of both new and existing institutional investors in the company's vision. The ongoing focus of Waste Pro remains on optimizing its balance sheet to favor long-term, fixed-rate debt, with these tax-exempt financings forming a pivotal part of their capital structure.
The sale was managed by Barclays Capital Inc. as the senior manager and sole bookrunner, with BofA Securities, Inc. and J.P. Morgan Securities LLC serving as co-managers. CTBH Partners LLC acted as Waste Pro's financial advisor, while Greenberg Traurig provided legal counsel.
This bond offering was tailored exclusively for qualified institutional buyers, in accordance with Rule 144A under the Securities Act of 1933. As such, it is important to note that these bonds have not been registered under the Securities Act, which imposes limitations on their offering and sale within the United States unless properly registered or exempted under relevant securities laws.
Waste Pro is one of the fastest-growing privately owned companies in the field of non-hazardous solid waste management, operating in ten southeastern states and servicing over 2.5 million residential customers along with 50,000 commercial clients from 130 operational sites. Their headquarters are located in Longwood, Florida, where the company holds nearly 300 exclusive municipal contracts. As they move forward, the announcement of this bond closure positions Waste Pro as a key player in the waste management sector, reinforcing its commitment to sustainable practices and enhanced service delivery across its operational footprint.
The Series 2026 bonds will carry an interest rate of 4.35% during the initial five-year period, maturing on April 1, 2037. These bonds are backed by guarantees from specific subsidiaries of Waste Pro, as outlined in the relevant indenture. Sean Jennings, CEO of Waste Pro, shared his enthusiasm about this milestone, noting that this year marks the company's 25th anniversary. Founded by his father, John Jennings, in 2001 with just a single truck, Waste Pro has grown tremendously into a fleet of over 4,300 vehicles, supported by a workforce exceeding 5,500 employees. With operations extending across ten states, Waste Pro has always placed an emphasis on long-term strategies, viewing the future with excitement as it aims to sustain its growth for the next century.
Cort Sabina, Chief Financial Officer of Waste Pro, highlighted the noteworthy trajectory of the company’s financing endeavors, stating that the tax-exempt debt portfolio has expanded from zero to approximately $736.7 million in just under nine years since the initial tax-exempt financing was completed in August 2017. He also pointed out that the recent bonds attracted substantial interest, being significantly oversubscribed, which reflects the strong confidence and backing of both new and existing institutional investors in the company's vision. The ongoing focus of Waste Pro remains on optimizing its balance sheet to favor long-term, fixed-rate debt, with these tax-exempt financings forming a pivotal part of their capital structure.
The sale was managed by Barclays Capital Inc. as the senior manager and sole bookrunner, with BofA Securities, Inc. and J.P. Morgan Securities LLC serving as co-managers. CTBH Partners LLC acted as Waste Pro's financial advisor, while Greenberg Traurig provided legal counsel.
This bond offering was tailored exclusively for qualified institutional buyers, in accordance with Rule 144A under the Securities Act of 1933. As such, it is important to note that these bonds have not been registered under the Securities Act, which imposes limitations on their offering and sale within the United States unless properly registered or exempted under relevant securities laws.
Waste Pro is one of the fastest-growing privately owned companies in the field of non-hazardous solid waste management, operating in ten southeastern states and servicing over 2.5 million residential customers along with 50,000 commercial clients from 130 operational sites. Their headquarters are located in Longwood, Florida, where the company holds nearly 300 exclusive municipal contracts. As they move forward, the announcement of this bond closure positions Waste Pro as a key player in the waste management sector, reinforcing its commitment to sustainable practices and enhanced service delivery across its operational footprint.
Topics Consumer Products & Retail）
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