Waste Pro issues $120M in bonds

Waste Pro USA Inc., a Longwood, Florida-based regional, privately held provider of nonhazardous waste collection, transfer, recycling and disposal services, has completed the sale of $120 million in Florida Development Finance Corporation Solid Waste Disposal Revenue bonds.

During the three-year term interest rate period, the interest rate on the bonds will be 6.125 percent with a maturity date of July 1, 2032. The bonds are guaranteed by certain subsidiaries of Waste Pro pursuant to a guarantee agreement.

“I am humbled by the investment community’s continued confidence in Waste Pro’s financial strength and future growth, especially in today’s uncertain fixed-income markets,” Waste Pro Chief Financial Officer Cort Sabina says. “Since 2017, Waste Pro has been supported by over a dozen new and existing institutional investors and worked diligently to optimize its balance sheet towards long-term, fixed-rate debt with over $320 million in tax-exempt bonds outstanding. In addition, Waste Pro completed a $500 million private debt offering in 2018.

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Citigroup Global Markets Inc., New York City, served as the sole underwriter for the bonds. CTBH Partners LLC served as financial advisor to Waste Pro. Greenberg Traurig served as counsel to Waste Pro.

“The financial stewardship of our privately-owned, family-run company provides a stable platform for the long term. Our company has grown from a single truck in 2001 to a fleet of over 3,500 trucks today, 4,400 employees, and annual revenue exceeding $950 million,” Waste Pro CEO Sean Jennings says.