Waste Pro Announces Closing of Upsized Private Offering of $850 Million of 7.000% Senior Notes due 2033

LONGWOOD, Fla., Jan. 21, 2025 /PRNewswire/ -- Waste Pro USA, Inc. ("Waste Pro") announced today the closing of a private offering of $850 million in aggregate principal amount of 7.000% senior unsecured notes due 2033 (the "Notes"). The Notes are guaranteed on a senior unsecured basis by Waste Pro's current and future significant domestic restricted subsidiaries.

Waste Pro intends to use the net proceeds from this offering to redeem its existing 5.500% senior notes due 2026 in full, to repay in full the outstanding balances under its revolving credit facility and certain equipment loans, and for general corporate purposes.

"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," stated Cort Sabina, Executive Vice President and Chief Financial Officer.

"Waste Pro has experienced significant growth over the last 24 years, starting with one truck in 2001 and growing to a team of approximately 5,000 dedicated employees with a fleet of more than 3,700 collection vehicles serving 10 states and annual revenues exceeding $1 billion for each of the last two years. We believe that our privately owned, family-run company provides a stable platform for the long term," added Sean Jennings, President and Chief Executive Officer of Waste Pro.

The offering and sale of the Notes was not registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and, unless so registered, the Notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Notes were offered only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States in accordance with Regulation S under the Securities Act.

Greenberg Traurig, P.A., acted as legal counsel to Waste Pro, and Latham & Watkins LLP acted as legal counsel to the initial purchasers of the Notes.

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

About Waste Pro

Waste Pro is a leading waste services company, providing non-hazardous solid waste collection, recycling, transfer and disposal services to residential, commercial and industrial customers in ten states across the Southeastern United States. Waste Pro serves more than two million residential and 100,000 commercial customers from more than 90 operating locations. Waste Pro is headquartered in Longwood, Florida, and maintains more than 250 exclusive municipal contracts and franchises.

Forward-Looking Statements

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 use of proceeds from the offering. All of these forward-looking statements are based on current expectations and estimates and management's beliefs and assumptions. Such forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those contemplated by such forward-looking statements. 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 by law.

Contact

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.