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Waste Pro USA, Inc. Announces $715 Million Recapitalization and $500 Million Senior Note Private Offering at 5.5%

For Immediate Release

Media Contact: Ron Pecora
Senior Vice President
(407) 937-2653
rpecora@wasteprousa.com

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

LONGWOOD, FL – February 1, 2018– Waste Pro USA, Inc. (“Waste Pro”), a regional privately-held provider of waste collection, transfer, recycling and disposal services, announced today the completion of an upsized private offering of $500 million aggregate principal amount of its 5.5% Senior Notes due 2026.

Waste Pro intends to use the aggregate net proceeds of the Notes and their Credit Agreement dated as of 2014, as amended at closing (the ”ABL Facility”) to repay a portion of the amounts outstanding under their existing Credit Agreement as amended, to repay their Revolver Loan due 2019, to repay their Term Loan due 2020 and to pay the fees expenses incurred in connection with the foregoing and this offering.

The firm initially sought the amount of $450 million, but due to overwhelming interest from more than 200 investors, the offering was upsized to $500 million. Orders exceeded five times Waste Pro’s size with the offering led by Wells Fargo.

“We are very pleased with the overwhelming response and confidence of the bond investors in the Waste Pro business model,” said John Jennings, Chairman and CEO of Waste Pro.
“The improved credit structure is expected to reduce the company’s interest burden by as much as $14.5M annually giving the company flexibility to reinvest the interest savings back into the company through SMART growth initiatives to further de-lever the balance sheet,” stated Cort Sabina, Chief Financial Officer of Waste Pro.

The Senior Notes were offered and sold only to qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Senior Notes 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 unless pursuant to an exemption from or in a transaction not subject to 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 Senior Notes, nor shall there be any sale of the Senior Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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 with revenues exceeding $600 million 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 265 exclusive municipal contracts and franchises.

Forward Looking Statements
Certain matters discussed in this press release are “forward-looking statements”. Forward-looking statements can generally be identified as such by the context of the statements, including words such as “anticipates,” “will,” “intends,” and other similar expressions. Among the forward-looking statements in this press release are statements regarding the use of proceeds from the offering of the Senior Notes. All forward-looking statements are based on current expectations and estimates and management’s beliefs and assumptions. However, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. 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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