Waste Pro USA, Inc. Announces Closing of $105.2 million Florida Development Finance Corporation Solid Waste Disposal Revenue Bonds

For Immediate Release

Media Contact: Ron Pecora Chief Marketing Officer
(407) 937-2653
rpecora@wasteprousa.com

Investors: Ryan LeBeau
Vice President of Finance
(407) 937-2675
rlebeau@wasteprousa.com

LONGWOOD, FL – June 8, 2021 – 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 $105,175,000 Florida Development Finance Corporation (“FDFC”) Solid Waste Disposal Revenue Bonds (Waste Pro USA, Inc. Project), Series 2021 (the “Bonds”).

The Bonds, which bear a 3.000% coupon for approximately 11 years, were priced at 104.584, with aggregate proceeds of approximately $110.0 million, to yield 2.375%. The Bonds will mature on June 1, 2032, and are guaranteed by certain subsidiaries of Waste Pro, pursuant to the terms of the indenture relating to the Bonds.

“I am pleased by the investment community’s continued confidence in Waste Pro’s financial strength and future growth,” stated Cort Sabina, Chief Financial Officer of Waste Pro. “This transaction, which was 9x oversold, marked our third tax-exempt bond offering. In 2017, the company completed a two-state $50.0 million tax-exempt bond offering consisting of the $32.5 million FDFC Solid Waste Disposal Revenue Bonds together with the $17.5 million Mississippi Business Finance Corporation Solid Waste Disposal Revenue Bonds. In 2019, the company completed the sale of an additional $46.5 million FDFC Solid Waste Disposal Revenue Bonds. In addition to the tax-exempt bond offerings, Waste Pro completed a $500 million private offering in 2018.”

“The financial stewardship of our privately-owned company provides a stable platform for the long -term. Our company has grown from a single truck in

2001 to over 3,100 trucks today and revenues exceeding $790 million,” added Sean Jennings, Chief Executive Officer of Waste Pro.

Citigroup Global Markets Inc. served as the bookrunner and senior manager and Wells Fargo Securities LLC served as the co-manager for the Bonds. John Ruth of CTBH Partners LLC served as financial advisor to Waste Pro. Greenberg Traurig, P.A. served as counsel to Waste Pro.

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 is one of the country’s fastest-growing privately owned 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 over 90 operating locations. Waste Pro is headquartered in Longwood, Florida, and maintains more than 250 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 from 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 the statements, including words such as Waste Pro “will,” “intends,” and other similar expressions. Among the forward-looking statements in this press release are statements regarding the offering and sale of the Bonds. All of these forward-looking statements are based on current expectations and estimates and management’s beliefs and assumptions. Waste Pro expressly disclaims any obligation to update such statements to reflect any change in its expectations whether as a result of new information, future events or otherwise, except as required.