Waste Pro USA, Inc. announced the closing of a private offering of $850 million in aggregate principal amount of 7.000% senior unsecured notes due 2033. The Notes are guaranteed on a senior unsecured basis by Waste Pro鈥檚 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.
鈥淭his 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,鈥� stated Cort Sabina, Executive Vice President and Chief Financial Officer.
鈥淲aste 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,鈥� added Sean Jennings, President and Chief Executive Officer of Waste Pro.