Waste Connections says 98.3% of convertibles tendered in exchange

New York, July 15 - Waste Connections, Inc. said holders of $172.022 million principal amount of its floating-rate convertible subordinated notes due 2022 or 98.3% of the amount outstanding tendered their notes in the exchange.

Waste Connections said on June 16 it had started an exchange offer for its floating-rate convertible subordinated notes due 2022 to update the terms.

Changes include adding dividend protection and net share settle provisions.

Waste Connections described the modifications as being "now prevalent in the convertible note market."

Deutsche Bank Securities Inc., which underwrote the original $175 million offering in April 2002 and currently owns $69.581 million or 40% of the notes, has agreed to tender its holdings, the Folsom, Calif., solid waster services company said.

The exchange will be on a one-for-one basis.

There is no minimum for the exchange to be completed.

U.S. Bank NA is the exchange agent (213 615-6043).

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