TORONTO, Feb. 15,
2024 /PRNewswire/ -- Following the previous
announcement of the launch of a senior notes offering, Waste
Connections, Inc. (TSX/NYSE: WCN) ("Waste Connections" or the
"Company") announced today that it has priced an underwritten
public offering (the "Offering") of $750
million aggregate principal amount of its 5.000% Senior
Notes due 2034 (the "Notes") at a price to the public of 98.835% of
their face value. The Offering is expected to close on February 21, 2024, subject to customary closing
conditions. Net proceeds to Waste Connections from the Offering are
expected to be approximately $734.2
million, after deducting underwriting fees and estimated
Offering expenses, and are expected to be used to repay a portion
of the borrowings outstanding under its revolving credit facility
and a portion of the term loan outstanding under its term credit
facility, in each case provided under its credit agreement.
BofA Securities, J.P. Morgan, PNC Capital Markets LLC and Truist
Securities are acting as joint book-running managers and
underwriters for the Offering. The Offering is being made pursuant
to an effective shelf registration statement filed with the U.S.
Securities and Exchange Commission (the "SEC") on September 1, 2021 (the "Registration Statement").
Copies of the prospectus supplement and the accompanying base
prospectus for the Offering may be obtained by contacting BofA
Securities, Inc. at 201 North Tryon Street, NC1-022-02-25,
Charlotte, NC 28255-0001,
Attention: Prospectus Department, at
dg.prospectus_requests@bofa.com or by telephone at 1-800-294-1322,
J.P. Morgan Securities LLC at c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood,
NY 11717, Attention: Prospectus Department or by telephone
at 1-866-803-9204, PNC Capital Markets LLC at 300 Fifth Avenue,
10th Floor, Pittsburgh, PA 15222,
Attention: Debt Capital Markets, Fixed Income Transaction
Execution, at pnccmprospectus@pnc.com or by telephone toll-free at
855-881-0697 or Truist Securities, Inc. at 3333 Peachtree Road NE,
9th Floor, Atlanta, GA 30326,
Attention: Prospectus Department, at
TruistSecurities.prospectus@Truist.com or by telephone at
800-685-4786. Copies of the prospectus supplement and the
accompanying base prospectus for the Offering will also be
available on the SEC's website at http://www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the Notes or any other securities,
nor will there be any offer, solicitation or sale of the Notes or
any other securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Waste Connections
Waste Connections is an integrated solid waste services company
that provides non-hazardous waste collection, transfer and disposal
services, including by rail, along with resource recovery primarily
through recycling and renewable fuels generation. The Company
serves approximately nine million residential, commercial and
industrial customers in mostly exclusive and secondary markets
across 44 states in the U.S. and six provinces in Canada. Waste Connections also provides
non-hazardous oilfield waste treatment, recovery and disposal
services in several basins across the U.S. and Canada, as well as intermodal services for the
movement of cargo and solid waste containers in the Pacific
Northwest. Waste Connections views its Environmental, Social and
Governance ("ESG") efforts as integral to its business, with
initiatives consistent with its objective of long-term value
creation and focused on reducing emissions, increasing resource
recovery of both recyclable commodities and clean energy fuels,
reducing reliance on off-site disposal for landfill leachate,
further improving safety and enhancing employee engagement.
Safe Harbor and Forward-Looking Information
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995 ("PSLRA"), including
"forward-looking information" within the meaning of applicable
Canadian securities laws. These forward-looking statements are
neither historical facts nor assurances of future performance and
reflect Waste Connections' current beliefs and expectations
regarding future events, including the potential Offering and the
Company's use of proceeds. These forward-looking statements are
often identified by the words "may," "might," "believes," "thinks,"
"expects," "estimate," "continue," "intends" or other words of
similar meaning. All of the forward-looking statements included in
this press release are made pursuant to the safe harbor provisions
of the PSLRA and applicable securities laws in Canada. Forward-looking statements involve
risks, assumptions and uncertainties. Forward-looking
statements in this press release include, but are not limited to,
statements about the timing and other elements of the Offering.
Important factors that could cause actual results to differ,
possibly materially, from those indicated by the forward-looking
statements include, but are not limited to, risk factors detailed
in the preliminary prospectus supplement and the accompanying base
prospectus, which are both a part of the Registration Statement and
the Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2023, and those risk
factors set forth from time to time in the Company's other filings
with the SEC and the securities commissions or similar regulatory
authorities in Canada. You should
not place undue reliance on forward-looking statements, which speak
only as of the date of this press release. Waste Connections
undertakes no obligation to update the forward-looking statements
set forth in this press release, whether as a result of new
information, future events, or otherwise, unless required by
applicable securities laws.
CONTACT:
|
|
Mary Anne Whitney /
(832) 442-2253
|
Joe Box / (832)
442-2153
|
maryannew@wasteconnections.com
|
joe.box@wasteconnections.com
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SOURCE Waste Connections, Inc.