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Published on 2/15/2024 in the Prospect News Investment Grade Daily.

Waste Connections to sell senior notes via four bookrunners

By Mary-Katherine Stinson

Lexington, Ky., Feb. 15 – Waste Connections, Inc. is offering a tranche of dollar-denominated senior notes (//A-) via four bookrunners, according to a 424B5 filing with the Securities and Exchange Commission.

The notes have a make-whole call followed by a par call.

The notes will be redeemable at 101 following a change-of-control event.

BofA Securities, Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC and Truist Securities, Inc. are the bookrunners.

U.S. Bank Trust Co., NA is the trustee.

Counsel for the issuer regarding U.S. legal matters is provided by Latham & Watkins LLP and for Canadian legal matters by Bennett Jones LLP. Simpson Thacher & Bartlett LLP is counsel for the underwriters.

Proceeds will be used to pay outstanding borrowings under the company’s revolving credit facility and 2021 term credit facility. As of Dec. 31, the issuer had $453.2 million in borrowings outstanding under the revolver (exclusive of outstanding standby letters of credit of $39.7 million), bearing interest ranging from 6.46% to 8.5%, and had $650 million outstanding on the term loan under the 2021 facility, bearing interest of 6.5%.

The natural gas transmission and production company is based in The Woodlands, Tex.


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