Waste Pro USA, Inc. Announces Closing of $50.0 Million Revenue Bond for Remarketed Solid Waste Disposal

LONGWOOD, Florida., August 1, 2022 /PRNewswire/ — Waste Pro UNITED STATESInc. (“Waste Pro”), a private regional provider of non-hazardous waste collection, transfer, recycling and disposal services, announced today that it has completed the remarketing of two bond offerings of solid waste disposal revenue with a total principal amount of $50.0 million.

The remarketing consisted of $32.5 million of Florida Development Finance Corporation Solid Waste Disposal Revenue Bonds (Waste Pro UNITED STATESInc. Project), Series 2017 (the “Florida Bonds”), and $17.5 million of Mississippi Business Finance Corporation Solid Waste Disposal Revenue Bonds (Waste Pro UNITED STATESInc. Project), Series 2017 (the “Mississippi Bonds” and, together with the Florida Bonds, the “Bonds”).

The Florida Bonds, which bear a coupon of 5.25% for a period of seven years at a fixed rate, will mature on August 1, 2029and are guaranteed by certain subsidiaries of Waste Pro, pursuant to the terms of the Florida Bond Deed.

The Mississippi bonds, which bear a coupon of 5.00% for a five-year fixed term interest rate period, will mature on February 1, 2036and are also guaranteed by certain Waste Pro subsidiaries under the terms of the Mississippi Bonds Act.

“Despite tougher market conditions than in previous years, this transaction was significantly oversold,” said Cort Sabine, CFO of Waste Pro. “I am delighted with the investment community’s continued confidence in Waste Pro’s financial strength and future growth.”

“As a privately owned family business, Waste Pro has proven to be a financially stable platform committed to long-term sustainable growth. Our focus on service and commitment to our employees has paved the way for operations are growing from a single truck in 2001 to more than 3,000 trucks today in nine states with revenues expected to exceed $900 million this year,” added Sean JenningsPresident and CEO of Waste Pro.

Citigroup Global Markets Inc. was the sole remarketing agent for the bonds. CTBH Partners LLC served as financial advisor to Waste Pro. Greenberg Traurig, PA served as legal counsel to Waste Pro.

The Bonds have been offered only to qualified institutional purchasers as defined in Rule 144A of 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 under United States lack of registration or an applicable exemption from the registration requirements of the Securities Act and other applicable securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Bonds, and there will be no 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 such jurisdiction.

About Waste Pro UNITED STATESInc.

Professional Waste UNITED STATES, Inc. is one of the nation’s fastest growing private waste collection, recycling, treatment and disposal companies, operating in nine southeastern states. Waste Pro, whose revenues are expected to exceed $900 million in 2022, serves more than two million residential customers and approximately 100,000 commercial customers from 95 operating sites. Waste Pro is headquartered in Longwood, Floridaand maintains over 260 exclusive municipal contracts and franchises.

Safe Harbor Statement

Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors of 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 statements, including words such as Waste Pro “will”, “intend” and other similar expressions. Among the forward-looking statements contained in this press release are statements regarding the offer and sale of the Bonds. All of these forward-looking statements are based on current expectations and estimates and on management’s beliefs and assumptions. Waste Pro expressly disclaims any obligation to update these statements to reflect any changes in its expectations, whether as a result of new information, future events or otherwise, except as necessary.

PRO WASTE SOURCE UNITED STATESINC.

Comments are closed.