By Aleesia Forni
Virginia Beach, March 4 – Republic Services Inc. sold $500 million of 3.2% 10-year senior notes (Baa3/BBB+/BBB) on Wednesday at Treasuries plus 113 basis points, according to a market source and an FWP filed with the Securities and Exchange Commission.
Pricing was at 99.584 to yield 3.249%.
The notes were sold at the tight end of the Treasuries plus 115 bps area guidance, which firmed from initial talk set in the 130 bps area.
Barclays, BofA Merrill Lynch, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., MUFG and SunTrust Robinson Humphrey Inc. are the bookrunners.
The company expects to use the net proceeds to refinance debt incurred in connection with its acquisition of Tervita, LLC.
The collector of non-hazardous solid waste is based in Phoenix.
| Issuer: | Republic Services Inc.
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | March 15, 2025
|
| Bookrunners: | Barclays, BofA Merrill Lynch, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., MUFG, SunTrust Robinson Humphrey Inc.
|
| Co-managers: | Mizuho Securities USA Inc., RBS Securities Inc.
|
| Coupon: | 3.2%
|
| Price: | 99.584
|
| Yield: | 3.249%
|
| Spread: | 113 bps over Treasuries
|
| Make-whole call: | 20 bps prior to Dec. 15, 2024, then callable at par
|
| Trade date: | March 4
|
| Settlement date: | March 11
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB+
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
| Price talk: | 115 bps area, tightened from 130 bps area
|
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