Waste Connections’ $1.5 Billion Senior Notes Offering

Latham & Watkins represented Waste Connections, Inc. in the offering.
Simpson Thacher adviesed underwriters on the offering.

Waste Connections, Inc. (TSX/NYSE: WCN) has announced that it has priced an underwritten public offering (the Offering) of (i) US$650 million aggregate principal amount of 2.2% Senior Notes due 2032 (the 2032 Notes) at a price to the public of 99.836% of their face value, and (ii) US$850 million aggregate principal amount of 2.95% Senior Notes due 2052 at a price to the public of 98.501% of their face value (together with the 2032 Notes, the Notes). Net proceeds to Waste Connections from the Offering are expected to be approximately US$1.471 billion, after deducting underwriting fees and estimated Offering expenses, and are expected to be used, together with borrowings under the Company’s revolving credit facility provided under its credit agreement, to repay the US$1.5 billion aggregate principal amount outstanding of each series of its senior notes issued pursuant to its master note purchase agreements.

Waste Connections is the premier provider of solid waste collection, transfer, recycling and disposal services, along with recycling and resource recovery, in mostly exclusive and secondary markets across the US and Canada. 

BofA Securities, Inc., J.P. Morgan Securities LLC, MUFG Securities Americas Inc. and Wells Fargo Securities led the underwriters on the offering.

Latham & Watkins represented Waste Connections, Inc. in the offering with a corporate deal team led by Houston partner John Greer (Picture), with associates Ryan Lynch, Kate Wang, Katie Walker, and Michael Basist. Advice was also provided on finance matters by Houston partners Craig Kornreich and Matthew Jones, with associates Max Fin, Matthew Snodgrass, and Daisy Clifton-Lee; on tax matters by New York partners Jocelyn Noll and Bora Bozkurt; and on environmental matters by Los Angeles counsel Aron Potash.  

The Simpson Thacher team included Roxane Reardon and Matt Petrone (Capital Markets); Jonathan Cantor and Brian Mendick (Tax); Larry Moss and Meredith Brenton (Executive Compensation and Employee Benefits); Michael Isby (Environmental); Genevieve Dorment and Samuel Watters (Intellectual Property); and Jennie Getsin (FINRA).

Involved fees earner: Michael Basist – Latham & Watkins; Bora Bozkurt – Latham & Watkins; Daisy Clifton-Lee – Latham & Watkins; Max Fin – Latham & Watkins; John Greer – Latham & Watkins; Matthew Jones – Latham & Watkins; Craig Kornreich – Latham & Watkins; Ryan Lynch – Latham & Watkins; Jocelyn Noll – Latham & Watkins; Aron Potash – Latham & Watkins; Matthew Snodgrass – Latham & Watkins; Katie Walker – Latham & Watkins; Kate Wang – Latham & Watkins; Meredith Brenton – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Genevieve Dorment – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Brian Mendick – Simpson Thacher & Bartlett; Laurence Moss – Simpson Thacher & Bartlett; Matthew Petrone – Simpson Thacher & Bartlett; Roxane Reardon – Simpson Thacher & Bartlett; Samuel Watters – Simpson Thacher & Bartlett;

Law Firms: Latham & Watkins; Simpson Thacher & Bartlett;

Clients: Bank of America Securities; CIBC World Markets Corp.; Citizens Capital Markets; Fifth Third Securities, Inc.; J.P. Morgan Securities LLC; MUFG Securities Americas Inc. ; PNC Capital Markets LLC; Scotia Capital Inc.; TD Securities; Truist Securities Inc. ; U.S. Bancorp Investments; Waste Connections; Wells Fargo Securities; Zions Direct;