By Paul A. Harris
Portland, Ore., Sept. 25 - ADS Waste Holdings Inc. priced a downsized $550 million issue of eight-year senior notes (Caa1/CCC+/) at par to yield 8¼% on Tuesday, according to a market source.
The deal was downsized from $700 million, with $150 million of proceeds shifted to the company's bank loan.
The yield printed at the tight end of the 8¼% to 8½% yield talk.
Deutsche Bank Securities Inc., Macquarie Capital, UBS Investment Bank, Barclays and Credit Suisse Securities (USA) LLC were the joint bookrunners.
Proceeds will be used to help fund the purchase of Veolia ES Solid Waste Inc. from Veolia Environmental Services North America Corp. in a transaction valued at about $1.9 billion.
ADS Waste is a Jacksonville, Fla.-based provider of integrated, non-hazardous solid waste collection, transfer, recycling and disposal services.
| Issuer: | ADS Waste Holdings Inc.
|
| Amount: | $550 million, decreased from $700 million
|
| Maturity: | Oct. 1, 2020
|
| Securities: | Senior notes
|
| Bookrunners: | Deutsche Bank Securities Inc., Macquarie Capital, UBS Investment Bank, Barclays, Credit Suisse Securities (USA) LLC
|
| Coupon: | 8¼%
|
| Price: | Par
|
| Yield: | 8¼%
|
| Spread: | 700 bps
|
| Call protection: | Four years
|
| Trade date: | Sept. 25
|
| Settlement date: | Oct. 9
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A
|
| Price talk: | 8¼% to 8½%
|
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