Waste Pro USA Inc. a regional privately-held provider of non-hazardous waste collection, transfer, recycling and disposal services, announced it has completed the sale of $120 million Florida Development Finance Corporation Solid Waste Disposal Revenue bonds.

During the three-year term interest rate period, the interest rate on the bonds will be 6.125% with a maturity of July 1, 2032. The bonds are guaranteed by certain subsidiaries of Waste Pro pursuant to a guaranty agreement and as described in the indenture relating to the bonds.

“I am humbled by the investment community’s continued confidence in Waste Pro’s financial strength and future growth, especially in today’s uncertain fixed income markets,” said Cort Sabina, chief financial officer of Waste Pro.

“This transaction, which was five times oversold, was broadly supported by over a dozen new and existing institutional investors, and marked our fourth new money tax-exempt bond offering. Since 2017, Waste Pro has worked diligently to optimize its balance sheet towards long-term, fixed rate debt with over $320 million in tax-exempt bonds outstanding. In addition, Waste Pro completed a $500 million private debt offering in 2018.”

Sean Jennings, chief executive officer of Waste Pro, said, “The financial stewardship of our privately-owned, family-run company provides a stable platform for the long term. Our company has grown from a single truck in 2001 to a fleet of over 3,500 trucks today, 4,400 employees, and annual revenues exceeding $950 million”

Citigroup Global Markets Inc. served as the sole underwriter for the bonds. CTBH Partners LLC served as financial advisor to Waste Pro. Greenberg Traurig served as counsel to Waste Pro.

Waste Pro serves more than two million residential and 40,000 commercial customers from 99 operating locations. The company currently provides residential solid waste disposal service to the City of Meridian and Town of Marion.