Waste Pro sells $40M worth of bonds

Waste Pro USA Inc., a Longwood, Florida-based solid waste and recycling firm, has completed the sale of $40 million worth of Louisiana Public Facilities Authority solid waste disposal revenue bonds, calling them Series 2023 bonds.

During the five-year term rate period, the interest rate on the bonds will be 6.75 percent, Waste Pro says. The bonds have a final maturity of Oct. 1, 2053, and are guaranteed by certain subsidiaries of Waste Pro pursuant to a guaranty agreement.

“The sound financial stewardship of our privately owned, family-run company provides a stable platform for Waste Pro’s long-term growth,” CEO Sean Jennings says. “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 revenue exceeding $1.05 billion.”

Jennings adds he is “thankful to the over 4,500 Waste Pro team members for their contributions to the company’s growth.”

Cort Sabina, chief financial officer of Waste Pro, says, “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.

“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 toward long-term, fixed-rate debt, which includes more than $360 million in tax-exempt bonds outstanding. In addition, Waste Pro completed a $500 million private debt offering in 2018.”

New York-based Citigroup Global Markets Inc. served as the sole underwriter for the bonds and Hanover, New Hampshire-based CTBH Partners LLC served as its financial advisor while Miami-based Greenberg Traurig served as legal counsel to Waste Pro.

The company says the Louisiana bonds were offered only to qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933, as amended.