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Waste Pro Closes $50 million Solid Waste Disposal Revenue Bonds

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

Investors: Ryan LeBeau
Senior Financial Analyst
(407) 937-2675
rlebeau@wasteprousa.com

LONGWOOD, FL August 16, 2017 – 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 two solid waste disposal revenue bond offerings with an aggregate principal amount of $50 million.

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

“This transaction was significantly oversold, with orders in excess of $250 million. I am pleased by the investment community’s confidence in Waste Pro’s financial strength and future growth,” stated Cort Sabina, Chief Financial Officer of Waste Pro.

“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 2,400 trucks today,” said John Jennings, Chairman and CEO of Waste Pro.

During the five year term interest rate period, the interest rate on the Florida Bonds will be 5.00%. The Florida Bonds will mature on August 1, 2029 and will be guaranteed by certain subsidiaries of Waste Pro, pursuant to the terms of the Florida Bonds indenture.

During the five year term interest rate period, the interest rate on the Mississippi Bonds will be 5.00%. The Mississippi Bonds will mature on February 1, 2036 and will be guaranteed by certain subsidiaries of Waste Pro, pursuant to the terms of the Mississippi Bonds indenture.

Citigroup Global Markets Inc. served as senior underwriter and TD Securities (USA) LLC served as co-managing underwriter for the bonds. John Ruth of CTBH Partners LLC served as financial advisor to Waste Pro.

To assist in marketing the Bonds, Waste Pro, Citigroup and CTBH Partners undertook a five-city roadshow during which they met with more than 20 mutual funds.

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

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. This notice is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

About Waste Pro USA, Inc.

Waste Pro USA, Inc. 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 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 “anticipates,” “will,” “intends,” and other similar expressions. Among the forward-looking statements in this press release are statements regarding the offering 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 change in its expectations whether as a result of new information, future events or otherwise, except as required.

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IRB Trip
Left to right: COO, Tim Herman; CEO/Chairman of the Board, John Jennings; CFO, Cort Sabina; Senior Financial Analyst, Ryan LeBeau.