Waste Pro USA, Inc. Announces Closing of $120.0 million Florida Development Finance Corporation Solid Waste Disposal Revenue Bonds (Waste Pro USA, Inc. Project), Series 2023

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Jun 22, 2023, 16:58 ET

LONGWOOD, Fla., June 22, 2023 /PRNewswire/ -- Waste Pro USA, Inc. ("Waste Pro"), a regional privately-held provider of non-hazardous waste collection, transfer, recycling and disposal services, announced today that it has completed the sale of $120,000,000 Florida Development Finance Corporation Solid Waste Disposal Revenue Bonds (Waste Pro USA, Inc. Project), Series 2023 (the "Bonds").

During the three-year term interest rate period, the interest rate on the Bonds will be 6.125% with a maturity of July 1, 2032. The Bonds are guaranteed by certain subsidiaries of Waste Pro pursuant to a guaranty agreement and as described in the indenture relating to the Bonds.

"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," stated Cort Sabina, Chief Financial Officer of Waste Pro. "This transaction, which was 5x oversold, was broadly supported by over a dozen new and existing institutional investors, and marked our fourth new money tax-exempt bond offering. Since 2017, Waste Pro has worked diligently to optimize its balance sheet towards long-term, fixed rate debt with over $320.0 million in tax-exempt bonds outstanding. In addition, Waste Pro completed a $500.0 million private debt offering in 2018."

"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 revenues exceeding $950.0 million," added Sean Jennings, Chief Executive Officer of Waste Pro.

Citigroup Global Markets Inc. 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 Bonds were offered only to qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933, as amended (the "Securities Act").

The Bonds have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and other applicable securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Bonds, nor shall there be any sale of the Bonds in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Waste Pro USA, Inc.

Waste Pro USA, Inc. is one of the country's fastest-growing privately owned non-hazardous solid waste collection, recycling, processing and disposal companies, operating in nine southeastern states. Waste Pro serves more than two million residential and 40,000 commercial customers from 99 operating locations. Waste Pro is headquartered in Longwood, Florida, and maintains more than 260 exclusive municipal contracts and franchises.

Safe Harbor Statement

Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by the context of the statements, including words such as Waste Pro "will," "intends," and other similar expressions. Among the forward-looking statements in this press release are statements regarding the offering and sale of the Bonds. All of these forward-looking statements are based on current expectations and estimates and management's beliefs and assumptions. Waste Pro expressly disclaims any obligation to update such statements to reflect any change in its expectations whether as a result of new information, future events or otherwise, except as required.

Media Contact: Tracy Meehan
Communications Director
(407) 883-3791
[email protected]

Investors: Ryan LeBeau
Vice President of Finance
(407) 937-2675
[email protected]

SOURCE WASTE PRO USA, INC.