Waste Connections priced C$700M in senior notes across 2033 and 2036 tranches, with net proceeds of C$691.9M to repay revolver borrowings.
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Waste Connections priced C$700 million of senior notes in two tranches, the company said Monday, using the proceeds to pay down Canadian-dollar borrowings on its revolving credit facility.
The offering splits into C$300 million of 4.200% notes due 2033, priced at 99.838% of face value, and C$400 million of 4.550% notes due 2036, priced at 99.611%. Net proceeds should land near C$691.9 million after fees and expenses, with closing set for Aug. 4.
CIBC Capital Markets, Scotiabank and TD Securities are joint book-running managers. The U.S. leg uses an effective shelf registration filed with the SEC last October; the Canadian side runs as a private placement under an offering memorandum.
Waste Connections serves roughly nine million residential, commercial and industrial customers across 46 U.S. states and six Canadian provinces. The company also handles non-hazardous oilfield waste treatment in several basins and runs intermodal cargo and solid-waste container services in the Pacific Northwest. Its sustainability push centers on emissions cuts, higher recycling and renewable fuels output, and reduced off-site landfill leachate disposal.
The refinancing frees up capacity on the revolver at a moment when the company has been expanding its footprint through both organic growth and bolt-on acquisitions in exclusive and secondary markets. The two tranches give Waste Connections a staggered maturity profile, with the 2033 notes carrying a 4.2% coupon and the longer-dated 2036 notes paying 35 basis points more.
For context on the sector, see WCN stock page.
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