New Issue: WCA Waste prices $175 million eight-year notes at par to yield 7½%

By Paul A. Harris

Portland, Ore., May 26 - WCA Waste Corp. priced a $175 million issue of eight-year senior notes (B3/B-/) at par to yield 7½% on Thursday, according to an informed source.

The yield printed at the tight end of the 7½% to 7¾% price talk.

Credit Suisse Securities (USA) LLC ran the books.

The Houston-based provider of non-hazardous solid waste disposal services plans to use the proceeds to fund a tender offer for its existing senior notes and to repay a portion of its revolving credit facility.

Issuer:	WCA Waste Corp.
Amount:	$175 million
Maturity:	June 15, 2019
Securities:	Senior notes
Bookrunner:	Credit Suisse Securities (USA) LLC
Co-managers:	Banco Bilbao Vizcaya Argentaria, SA, BB&T Capital Markets, Morgan Keegan & Co., Inc. Comerica Securities, Inc., BOSC, Inc., Fifth Third Securities, Inc.
Coupon:	7½%
Price:	Par
Yield:	7½%
Spread:	487 bps
Call features:	Make-whole call at Treasuries plus 50 bps until June 15, 2014, then callable at 105.625, 103.75, 101.875, par on and after June 15, 2017
Equity clawback:	35% at 107.5 until June 15, 2014
Trade date:	May 26
Settlement date:	June 7
Ratings:	Moody's: B3
	Standard & Poor's: B-
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	7½% to 7¾%
Marketing:	Roadshow

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