Waste Industries sets roadshow for $305 million eight-year notes

By Paul A. Harris

Portland, Ore., Sept. 13 – Waste Industries plans to start a roadshow on Thursday in New York for a $305 million offering of eight-year senior notes (CCC+), according to a market source.

An investor conference call is also set to take place on Thursday.

The roadshow travels to Boston on Friday, to Los Angeles on Monday and to San Francisco on Tuesday, and the Rule 144A and Regulation S for life offering is set to price thereafter.

Barclays is the left bookrunner. Macquarie Capital and SunTrust Robinson Humphrey Inc. are the joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon and feature a 101% poison put.

Proceeds will be used to finance the acquisition of Waste Industries by HPS Investment Partners LLC and Equity Group Investments from Macquarie Infrastructure Partners.

The issuing entity will be special purpose vehicle Wrangler Buyer Corp.

Waste Industries is a Raleigh, N.C.-based solid waste management company.

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