Waste Connections calls remaining $87.5 million of floating-rate convertibles

By Jennifer Chiou

New York, April 17 - Waste Connections Inc. said it will redeem the remaining $87.5 million of its $175 million principal amount of its floating-rate convertible subordinated notes due 2022 on June 5, according to a company news release.

On April 5, the company announced the May 8 redemption of the other $87.5 million of convertibles.

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 until 5 p.m. ET on June 1.

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 stock closed down $0.20, or 0.51%, at $38.70 per share on the New York Stock Exchange on Monday.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.