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Waste Pro Closes $46.5M Sale of Solid Waste Disposal Revenue Bonds

The bonds will mature in May 2029 and are guaranteed by certain subsidiaries of Waste Pro.

Waste Pro USA, Inc., a regional privately held provider of non-hazardous waste collection, transfer, recycling and disposal services, announced that it has completed the sale of the $46,515,000 Florida Development Finance Corporation (FDFC) Solid Waste Disposal Revenue Bonds, Series 2019.

The bonds, which bear a 5 percent coupon for 10 years, were priced at 107.492, with aggregate proceeds of $50 million, to yield 3.875 percent. The bonds will mature on May 1, 2029, and are guaranteed by certain subsidiaries of Waste Pro, pursuant to the terms of the indenture relating to the bonds.

“I am pleased by the investment community’s continued confidence in Waste Pro’s financial strength and future growth,” said Cort Sabina, chief financial officer of Waste Pro, in a statement. “This transaction, which was 12 times oversold, marked our third bond offering. In 2017, the company completed a two-state, $50 million tax-exempt bond offering consisting of the $32.5 million FDFC Solid Waste Disposal Revenue Bonds together with the $17.5 million Mississippi Business Finance Corporation Solid Waste Disposal Revenue Bonds. In 2018, Waste Pro completed a $500 million private offering.”

“The financial stewardship of our privately owned company provides a stable platform for the long term. Our company has grown from a single truck in 2001 to 2,700 trucks today and revenues exceeding $690 million,” said Sean Jennings, president of Waste Pro, in a statement.

Citigroup Global Markets Inc. served as the sole underwriter for the bonds. John Ruth of CTBH Partners LLC served as financial advisor to Waste Pro. Greenberg Traurig served as counsel to Waste Pro.

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