Published on 8/11/2020 in the Prospect News Investment Grade Daily.
New Issue: Republic Services prices $650 million of 1.45% notes due 2031 at 85 bps spread
By Cristal Cody
Tupelo, Miss., Aug. 11 – Republic Services, Inc. sold $650 million of 1.45% notes due Feb. 15, 2031 (Baa2/BBB+/BBB) on Tuesday at a spread of 85 basis points over Treasuries, according to a market source and an FWP filed with the Securities and Exchange Commission.
Initial guidance was in the Treasuries plus 105 bps area.
The issued priced at 99.517 to yield 1.5%.
BofA Securities, Inc., Barclays, J.P. Morgan Securities LLC, Truist Securities, Inc., Mizuho Securities USA LLC, MUFG, Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC were the bookrunners.
The company will use the proceeds to redeem in full its $600 million of outstanding 5.25% notes due Nov. 15, 2021 and for general corporate purposes. Republic is a solid waste collection, disposal and recycling company based in Phoenix.
| Issuer: | Republic Services, Inc.
|
| Amount: | $650 million
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| Maturity: | Feb. 15, 2031
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| Description: | Notes
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| Bookrunners: | BofA Securities, Inc., Barclays, J.P. Morgan Securities LLC, Truist Securities, Inc., Mizuho Securities USA LLC, MUFG, Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC
|
| Co-managers: | BNP Paribas Securities Corp., Intesa Sanpaolo SpA, RBC Capital Markets, LLC, Academy Securities, Inc. and Siebert Williams Shank & Co., LLC
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| Coupon: | 1.45%
|
| Price: | 99.517
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| Yield: | 1.5%
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| Spread: | Treasuries plus 85 bps
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| Call features: | Make-whole call at Treasuries plus 15 bps before Nov. 15, 2030; thereafter at par
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| Trade date: | Aug. 11
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| Settlement date: | Aug. 20
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| Ratings: | Moody’s: Baa2
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| S&P: BBB+
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| Fitch: BBB
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| Distribution: | SEC registered
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| Price guidance: | Treasuries plus 105 bps area
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