Waste Pro Closes $40 Million Louisiana Public Facilities Authority Solid Waste Disposal Revenue Bonds

LONGWOOD, FL – October 26, 2023 – 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 $40,000,000 Louisiana Public Facilities Authority Solid Waste Disposal Revenue Bonds (Waste Pro USA, Inc. Project), Series 2023 (the “Bonds”).

During the five-year term interest rate period, the interest rate on the Bonds will be 6.750%. The Bonds have a final maturity of October 1, 2053. 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.

“The sound financial stewardship of our privately-owned, family-run company provides a stable platform for Waste Pro’s long-term growth. Our company has grown from a single truck in 2001 – with monthly revenues of $580 – to a fleet of over 3,500 trucks today and annual revenues exceeding $1.05 billion,” stated Sean Jennings, Chief Executive Officer of Waste Pro. “I am thankful to the over 4,500 Waste Pro team members for their contributions to the company’s growth.”

“This transaction, which supports Waste Pro’s investments in essential solid waste infrastructure throughout the State of Louisiana, marked our fifth new money tax-exempt bond offering,” added Cort Sabina, Chief Financial Officer of Waste Pro. “The offering was well received by both new and existing institutional investors despite today’s turbulent fixed-income markets. Since 2017, Waste Pro has worked diligently to optimize its balance sheet towards long-term, fixed-rate debt, which includes over $360.0 million in tax-exempt bonds outstanding. In addition, Waste Pro completed a $500.0 million private debt offering in 2018.”

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 270 exclusive municipal contracts and franchises.