| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers R > Headlines for Republic Services, Inc. > News item |
Republic Services subsidiary prices tender offer for 9.25%, 7.4% notes
By Susanna Moon
Chicago, April 29 - Browning-Ferris Industries, LLC priced the tender offers for its $94.5 million of 9.25% debentures due 2021 and $360 million of 7.4% debentures due 2035, according to a news release from parent company Republic Services, Inc.
For each $1,000 principal amount, the company will pay $1,379.33 for the 9.25% notes and $1,227.27 for the 7.4% notes.
The payment per $1,000 principal amount of notes was calculated as of 2 p.m. ET on April 29 using a reference security plus a spread. The reference security was the 3.625% Treasury due February 2021 for the 9.25% debentures and the 4.25% Treasury due November 2040 for the 7.4% debentures. The spread was 120 basis points for the 9.25% debentures and 125 bps for the 7.4% debentures.
The reference yield was 3.291% for the 9.25% notes and 4.417% for the 7.4% notes.
The payments include an early tender payment of $50.00 for each note tendered by 5 p.m. ET on April 29, the early tender date.
Holders will also receive accrued interest up to but excluding the settlement date, which is expected to be May 9.
The offers began April 22 and will expire at midnight ET on May 6.
As of the early tender date, holders had tendered $59,095,000 principal amount, or 62.53%, of the 9.25% notes and $180,688,000 principal amount, or 50.19%, of the 7.4% notes.
Tendered notes could be withdrawn until 5 p.m. ET on April 29.
The completion of the tender offers is subject to Republic Services completing an offering of new debt securities and other conditions.
The dealer managers for the tender offers are Merrill Lynch (888 292-0070 or 980 387-3907), Barclays Capital Inc. (800 438-3242 or 212 528-7581) and J.P. Morgan Securities LLC (866 834-4666 or 212 834-3424). The information agent and depositary is Global Bondholder Services Corp. (866 795-2200 or 212 430-3774).
Republic Services is a waste collection company based in Phoenix.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.