Waste Pro USA, Inc. Announces Closing of $50.0 million of Remarketed Solid Waste Disposal Revenue Bonds

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Aug 01, 2022, 14:37 ET

LONGWOOD, Fla., Aug. 1, 2022 /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 remarketing of two solid waste disposal revenue bond offerings with an aggregate principal amount of $50.0 million.

The remarketing consisted of $32.5 million of Florida Development Finance Corporation Solid Waste Disposal Revenue Bonds (Waste Pro USA, Inc. Project), Series 2017 (the "Florida Bonds"), and $17.5 million of Mississippi Business Finance Corporation Solid Waste Disposal Revenue Bonds (Waste Pro USA, Inc. Project), Series 2017 (the "Mississippi Bonds" and, together with the Florida Bonds, the "Bonds").

The Florida Bonds, which bear a 5.25% coupon for a seven-year fixed term interest rate period, will mature on August 1, 2029, and are guaranteed by certain subsidiaries of Waste Pro, pursuant to the terms of the Indenture relating to the Florida Bonds.

The Mississippi Bonds, which bear a 5.00% coupon for a five-year fixed term interest rate period, will mature on February 1, 2036, and are also guaranteed by certain subsidiaries of Waste Pro, pursuant to the terms of the Indenture relating to the Mississippi Bonds.

"Despite more challenging market conditions than in previous years, this transaction was significantly oversold," stated Cort Sabina, Chief Financial Officer of Waste Pro. "I am pleased by the investment community's continued confidence in Waste Pro's financial strength and future growth."

"As a privately owned, family-run company, Waste Pro has proven itself to be a financially stable platform committed to long-term, sustainable growth. Our focus on service and commitment to our people has led the way for operations to go from a single truck in 2001 to over 3,000 trucks today in nine states with revenues projected to exceed $900 million this year," added Sean Jennings, President and Chief Executive Officer of Waste Pro.

Citigroup Global Markets Inc. served as the sole remarketing agent for the Bonds. CTBH Partners LLC served as financial advisor to Waste Pro. Greenberg Traurig, P.A. 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 waste collection, recycling, processing, and disposal companies, operating in nine southeastern states. Waste Pro, with revenues projected to exceed $900 million in 2022, serves more than two million residential and approximately 100,000 commercial customers from 95 operating locations. Waste Pro is headquartered in Longwood, Florida, and maintains over 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.

SOURCE WASTE PRO USA, INC.