Waste Pro closes $150M tax-exempt bond sale as it eyes long-term debt
What's the deal? Waste Pro USADealroom has a profile for this one. Try Dealroom →, a privately held waste collection and recycling company, has completed a $150 million bond sale through the Florida Development Finance Corporation.
The Series 2026 bonds carry a 4.35% interest rate over an initial five-year term and mature on April 1, 2037.
BarclaysDealroom has a profile for this one. Try Dealroom → Capital led the deal as sole bookrunner, with BofA SecuritiesDealroom has a profile for this one. Try Dealroom → and J.P. MorganDealroom has a profile for this one. Try Dealroom → Securities as co-managers.
Why now? The financing lands on Waste Pro's 25th anniversary, marking a milestone for a company founded in 2001 with a single truck.
It now runs more than 4,300 vehicles and employs over 5,500 people across 10 southeastern states.
What could go wrong? The bonds were offered only to qualified institutional buyers and are unregistered, limiting who can trade them.
Locking in fixed-rate debt to 2037 also ties the company to today's rates, a bet that could sting if borrowing costs fall.
The signal: Waste Pro, a late-stage company, has grown its tax-exempt debt from zero in 2017 to roughly $736.7 million in under nine years, with chief financial officer Cort Sabina calling the oversubscribed bonds "a cornerstone of our capital structure." Backed by heavyweight underwriters BarclaysDealroom has a profile for this one. Try Dealroom →, BofA SecuritiesDealroom has a profile for this one. Try Dealroom →, and J.P. MorganDealroom has a profile for this one. Try Dealroom →, the deal reflects a broader push among infrastructure-heavy firms toward long-term, fixed-rate debt while institutional demand stays strong.
Image credit: Waste Pro USA
Read more: PR Newswire
