Published on 3/2/2022 in the Prospect News Investment Grade Daily.
New Issue: Waste Connections sells $500 million of 3.2% senior notes due 2032
Chicago, March 2 – Waste Connections, Inc. priced $500 million of 3.2% senior notes due June 1, 2032 (Baa2/BBB+/BBB+) on Wednesday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at a discount of 99.925 to yield 3.209%.
Pricing on the spread came out at 135 basis points over the 1.875% U.S. Treasury due Feb. 15, 2032.
The notes may be redeemed early with a Treasuries plus 25 bps make-whole premium before March 1, 2032. After that date, the notes may be redeemed at par.
BofA Securities Inc., J.P. Morgan Securities LLC, MUFG, Wells Fargo Securities LLC, CIBC World Markets Corp., PNC Capital Markets LLC, Fifth Third Securities Inc. and Truist Securities Inc. are the bookrunners.
Proceeds will be used to pay down borrowings under the company’s revolving credit facility.
The natural gas transmission and production company is based in Houston.
| Issuer: | Waste Connections, Inc.
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| Amount: | $500 million
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| Issue: | Senior notes
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| Maturity: | June 1, 2032
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| Bookrunners: | BofA Securities Inc., J.P. Morgan Securities LLC, MUFG, Wells Fargo Securities LLC, CIBC World Markets Corp., PNC Capital Markets LLC, Fifth Third Securities Inc. and Truist Securities Inc.
|
| Co-managers: | Scotia Capital (USA) Inc., TD Securities (USA) LLC, U.S. Bancorp Investments, Inc., Citizens Capital Markets, Inc. and Zions Direct, Inc.
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| Trustee: | U.S. Bank Trust Co., NA
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| Counsel to issuer: | Latham & Watkins LLP, Bennett Jones LLP
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| Counsel to underwriters: | Simpson Thacher & Bartlett LLP
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| Coupon: | 3.2%
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| Price: | 99.925
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| Yield: | 3.209%
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| Spread: | Treasuries plus 135 bps
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| Call features: | Make-whole call at 25 bps before March 1, 2032; thereafter at par
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| Trade date: | March 2
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| Settlement date: | March 9
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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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| Cusip: | 94106BAE1
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