Waste Pro Successfully Closes Upsized Private Offering of $850 Million Senior Notes for 2033 Maturity

Waste Pro USA Announces Successful Closing of a Private Offering

In a significant move aimed at bolstering its financial standing, Waste Pro USA, Inc. has announced the closing of a private offering totaling $850 million in senior unsecured notes that carry an interest rate of 7.000% and are due in 2033. This offering marks an important milestone for the company, underlining its growth trajectory and financial strength.

The newly issued notes come with extensive guarantees from Waste Pro's current and prospective significant domestic subsidiaries, enhancing their attractiveness to investors. The company plans to utilize the net proceeds from this transaction for several strategic purposes. This includes the complete redemption of its existing 5.500% senior notes that are set to mature in 2026, paying off outstanding balances under its revolving credit facility, and addressing certain equipment loans. Further, these funds will also support ongoing corporate activities aimed at sustaining and expanding Waste Pro's operations.

Cort Sabina, Waste Pro's Executive Vice President and Chief Financial Officer, expressed appreciation for the overwhelming support shown by investors. Sabina stated, "This transaction was well oversold, and I am humbled by the sustained confidence placed not only in the Waste Pro brand but also in our financial strength and continued growth."

Sean Jennings, the President and Chief Executive Officer of Waste Pro, highlighted the company’s remarkable journey over the last 24 years. From humble beginnings in 2001 with just one truck, Waste Pro has evolved to encompass a dedicated team of about 5,000 employees and a fleet exceeding 3,700 collection vehicles. The firm currently operates across ten states and has generated over $1 billion in annual revenue for the past two years.

Waste Pro’s successful growth trajectory reflects its foundational structure as a privately owned, family-run enterprise, providing a reliable platform for future developments. The demand for the offerings showcases the confidence investors have in Waste Pro as a stable entity in the waste management sector. As stated in industry documentation, the offering of the notes was not registered under the Securities Act of 1933 or corresponding state laws; hence, their sale is subject to specific regulations and restrictions.

Legal counsel for Waste Pro was provided by Greenberg Traurig, P.A., while Latham & Watkins LLP represented the initial purchasers of the notes. It’s essential to note that this announcement does not constitute an offer to sell or a request for offers to buy the notes in jurisdictions where such transactions would be illegal without appropriate registration.

Headquartered in Longwood, Florida, Waste Pro is a premier waste services firm focused on non-hazardous solid waste collection, recycling, transfer, and disposal for a wide range of residential, commercial, and industrial sectors across the Southeastern United States. With a reach extending to over two million residential and 100,000 commercial customers and supported by more than 90 operational sites, the company has established a robust presence in the industry with over 250 exclusive municipal contracts.

In conclusion, as Waste Pro maneuvers through this financial milestone, it reinforces its dedication to enhancing operational stability while committing to sustainable growth. The firm’s strategic redirection of resources, combined with its expanding services and customer base, fortifies its position as a leader in the waste management field.

For further inquiries or updates, stakeholders and interested parties are encouraged to connect with Waste Pro’s communications and investor relations teams for additional insights and developments regarding this offering and the company’s future plans.