Published on 11/1/2021 in the Prospect News Investment Grade Daily.
New Issue: Republic Services sells upsized $700 million 2.375% notes due 2033 at 83 bps spread
By Devika Patel and Cristal Cody
Knoxville, Tenn., Nov. 1 – Republic Services, Inc. sold an upsized $700 million of 2.375% senior notes due March 15, 2033 (Baa2/BBB+/BBB) on Monday at spread of Treasuries plus 83 basis points and a price of 99.794, according to a press release and an FWP filed with the Securities and Exchange Commission.
The notes will yield 2.396%.
Initial price talk was in the Treasuries plus 105 bps area for $600 million of notes, a market source told Prospect News.
BofA Securities Inc., BNP Paribas Securities Corp., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the active bookrunners. Passive bookrunners are Barclays, Mizuho Securities USA Inc., MUFG, Scotia Capital (USA) Inc., SMBC Nikko Securities America Inc. and Truist Securities Inc.
Proceeds will be used for general corporate purposes, including repaying borrowings under the company’s unsecured credit facilities.
The waste collection company is based in Phoenix.
| Issuer: | Republic Services, Inc.
|
| Amount: | $700 million
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| Description: | Senior notes
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| Maturity: | March 15, 2033
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| Bookrunners: | BofA Securities Inc., BNP Paribas Securities Corp., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC (active), Barclays, Mizuho Securities USA Inc., MUFG, Scotia Capital (USA) Inc., SMBC Nikko Securities America Inc. and Truist Securities Inc.
|
| Co-managers: | Intesa Sanpaolo SpA, KeyBanc Capital Markets Inc., RBC Capital Markets LLC, Academy Securities Inc., Loop Capital Markets LLC and Penserra Securities LLC
|
| Coupon: | 2.375%
|
| Price: | 99.794
|
| Yield: | 2.396%
|
| Spread: | Treasuries plus 83 bps
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| Call: | Make-whole call at Treasuries plus 15 bps until Dec. 15, 2032, then a par call
|
| Pricing date: | Nov. 1
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| Settlement date: | Nov. 8
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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
|
| Cusip: | 760759BA7
|
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