Waste Pro Announces Recapitalization, $500M Senior Note Private Offering

Waste Pro USA, Inc., the private waste services provider, announced the completion of an increased private offering of $500 million aggregate principal amount of its 5.5 percent Senior Notes, which will be due in 2026.

Waste Pro will uses the funds from these notes to repay loans and outstanding amounts in existing credit agreements.

“We are very pleased with the overwhelming response and confidence of the bond investors in the Waste Pro business model,” said John Jennings, chairman and CEO of Waste Pro.

Initially, Waste Pro sought an offering of $450 million, but it increased the offering to $500 million after a great deal of interest from investors.

“The improved credit structure is expected to reduce the company’s interest burden by as much as $14.5 million annually, giving the company flexibility to reinvest the interest savings back into the company through SMART growth initiatives to further de-lever the balance sheet,” stated Cort Sabina, CFO of Waste Pro, in a statement.