Waste Connections calls $87.5 million of floating-rate convertibles

By Angela McDaniels

Seattle, April 5 - Waste Connections Inc. will redeem $87.5 million of the $175 million principal amount of its floating-rate convertible subordinated notes due 2022 on May 8, according to a company news release.

The company will pay $1,020 per $1,000 principal amount of the convertibles plus accrued interest up to the redemption date.

The convertibles may be converted into par in cash and, if there is additional value, shares of Waste Connections common stock until 5 p.m. ET on May 4.

The conversion price is $32.26, which is equivalent to 30.988 shares of Waste Connections common stock per $1,000 principal amount of convertibles. Waste Connections will pay cash in lieu of fractional shares.

The Folsom, Calif.-based solid waste services company's common stock closed at $40.38 per share on the New York Stock Exchange on Wednesday.

Copies of the redemption notice may be obtained from U.S. Bank NA (213 615-6043).

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