New Issue: Republic Services prices $1.2 billion of notes due 2029, 2034

By Marisa Wong

Los Angeles, March 21 – Republic Services, Inc. priced $1.2 billion of fixed-rate notes (Baa2/BBB+/BBB+) in two parts on Tuesday, according to an FWP filing with the Securities and Exchange Commission.

The company priced $400 million of 4.875% notes due April 1, 2029 at 99.578 to yield 4.957%, or with a spread of 120 basis points over Treasuries.

The issuer also sold $800 million of 5% notes due April 1, 2034 at 99.489 to yield 5.061%, or a spread of 145 bps over Treasuries.

Each tranche will feature a make-whole call followed by a par call.

Barclays, BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Scotia Capital (USA) Inc., BNP Paribas Securities Corp., MUFG Securities Americas Inc., RBC Capital Markets, LLC and U.S. Bancorp Investments, Inc. are joint bookrunners for the 2029 notes.

BofA, JPMorgan, SMBC Nikko Securities America, Inc., Truist Securities, Inc., Wells Fargo Securities, LLC, BNP Paribas, PNC Capital Markets LLC, RBC and U.S. Bancorp are joint bookrunners for the 2034 notes.

Proceeds will be used for general corporate purposes, including repayment of portions of the company’s outstanding credit facilities, term facility and commercial paper.

As of March 17, $380.7 million was outstanding under the company’s unsecured revolver, including drawdowns totaling C$240 million. The revolver will mature Aug. 17, 2026 and has a weighted average interest rate of 5.74%. Likewise, $91.8 million was outstanding under the company’s unsecured uncommitted revolving credit facility, which currently bears interest at 5.4%, with no maturity date defined.

As of the same date, $1 billion was outstanding under the term facility, which will mature April 29, 2025 and bears interest at 5.52%. The term loan was used to fund a portion of the company’s purchase of US Ecology, Inc.

Also of the same date, outstanding commercial paper totaled $1 billion with a weighted average interest rate of 4.99% and a weighted average maturity of 19.4 days.

The solid waste collection company is based in Phoenix.

Issuer:	Republic Services, Inc.
Amount:	$1.2 billion
Issue:	Notes
Trustee:	U.S. Bank Trust Co., NA
Counsel to issuer:	Covington & Burling LLP
Counsel to underwriters:	Freshfields Bruckhaus Deringer US LLP
Trade date:	March 21
Settlement date:	March 28
Ratings:	Moody’s: Baa2
	S&P: BBB+
	Fitch: BBB+
2029 notes
Amount:	$400 million
Maturity:	April 1, 2029
Bookrunners:	Barclays, BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Scotia Capital (USA) Inc., BNP Paribas Securities Corp., MUFG Securities Americas Inc., RBC Capital Markets, LLC and U.S. Bancorp Investments, Inc.
Co-managers:	Intesa Sanpaolo SpA, Loop Capital Markets LLC, PNC Capital Markets LLC, Ramirez & Co., Inc. and Wells Fargo Securities, LLC
Coupon:	4.875%
Price:	99.578
Yield:	4.957%
Spread:	Treasuries plus 120 bps
Call option:	Make-whole call at Treasuries plus 20 bps prior to March 1, 2029; par call after that
Cusip:	760759BB5
2034 notes
Amount:	$800 million
Maturity:	April 1, 2034
Bookrunners:	BofA Securities, Inc., J.P. Morgan Securities LLC, SMBC Nikko Securities America, Inc., Truist Securities, Inc., Wells Fargo Securities, LLC, BNP Paribas Securities Corp., PNC Capital Markets LLC, RBC Capital Markets, LLC and U.S. Bancorp Investments, Inc.
Co-managers:	Academy Securities, Inc., Barclays, Intesa Sanpaolo SpA, KeyBanc Capital Markets Inc., MUFG Securities Americas Inc. and Siebert Williams Shank & Co., LLC
Coupon:	5%
Price:	99.489
Yield:	5.061%
Spread:	Treasuries plus 145 bps
Call option:	Make-whole call at Treasuries plus 25 bps prior to Jan. 1, 2034; par call after that
Cusip:	760759BC3

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