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 – May 23, 2019 – 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 the $46,515,000 Florida Development Finance Corporation (“FDFC”) Solid Waste Disposal Revenue Bonds (Waste Pro USA, Inc. Project), Series 2019 (the “Bonds”).
The Bonds, which bear a 5.0% coupon for 10 years, were priced at 107.492, with aggregate proceeds of $50.0 million, to yield 3.875%. The Bonds will mature on May 1, 2029 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 12x oversold, marked our third 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 2018, Waste Pro completed a $500 million private offering.”
“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 2,700 trucks today and revenues exceeding $690 million,” added Sean Jennings, President of Waste Pro.
Citigroup Global Markets Inc. served as the sole underwriter for the Bonds. John Ruth of CTBH Partners LLC served as financial advisor to Waste Pro. Greenberg Traurig 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 75 operating locations. Waste Pro is headquartered in Longwood, Florida, and maintains more than 270 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.