New Issue: Republic Services prices $500 million 2.9% 10-year notes at 125 bps over Treasuries

By Cristal Cody

Eureka Springs, Ark., June 20 – Republic Services, Inc. sold $500 million of 2.9% 10-year notes at 99.785 to yield 2.925% on Monday, according to an FWP filing with the Securities and Exchange Commission.

The notes (Baa3/BBB+/BBB) priced with a spread of 125 basis points over Treasuries.

Barclays, J.P. Morgan Securities LLC, BofA Merrill Lynch, BNP Paribas Securities Corp., Mizuho Securities USA Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC were the bookrunners.

Proceeds will be used to fund tender offers.

Republic Services is a waste collection company based in Phoenix.

Issuer:	Republic Services, Inc.
Amount:	$500 million
Maturity:	July 1, 2026
Securities:	Senior notes
Bookrunners:	Barclays, J.P. Morgan Securities LLC, BofA Merrill Lynch, BNP Paribas Securities Corp., Mizuho Securities USA Inc., U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC
Co-managers:	BB&T Capital Markets, Deutsche Bank Securities Inc., MUFG, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., SunTrust Robinson Humphrey, Inc.
Coupon:	2.9%
Price:	99.785
Yield:	2.925%
Spread:	Treasuries plus 125 bps
Call feature:	Make-whole call three months before maturity at Treasuries plus 20 bps; par call on or after April 1, 2026
Pricing date:	June 20
Settlement date:	July 5
Ratings:	Moody’s: Baa3
	S&P: BBB+
	Fitch: BBB
Distribution:	SEC registered

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