Waste Pro USA Completes $120 Million Bond Sale for Solid Waste Disposal Project

Waste Pro USA, Inc. (referred to as "Waste Pro"), is a leading regional provider of non-hazardous waste management services. It is happy to announce that the sale of its $120,000,000 Bonds issued by the Florida Development Finance Corporation for the Waste Pro USA, Inc. Project (hereinafter referred to as "the Bonds") has been completed successfully.

Section 1: Bond Details and Guarantee

The Bonds will have an interest rate of 6.125% for the duration of the three-year term interest rate period and are expected to mature on July 1, 2032. The Bonds are backed by specific subsidiaries of Waste Pro through a comprehensive guaranty agreement, as outlined in the indenture associated with the Bonds.

Solid Waste Disposal Project

Section 2: Waste Pro's Financial Strength and Growth

Cort Sabina, Chief Financial Officer of Waste Pro, expressed gratitude for the investment community's continued confidence in the company's financial stability and future prospects, particularly in the current uncertain fixed-income markets. The Bonds were oversold five times over and received broad support from both existing and new institutional investors. Sabina highlighted that this successful transaction marked Waste Pro's fourth new money tax-exempt bond offering. In recent years, Waste Pro has focused on optimizing its balance sheet by acquiring over $320.0 million in outstanding tax-exempt bonds. Furthermore, the company completed a $500.0 million private debt offering in 2018.

Section 3: Waste Pro's Remarkable Growth

Sean Jennings, Chief Executive Officer of Waste Pro, emphasized the company's impressive growth trajectory since its start in 2001. What started as a single-truck operation has expanded into a fleet of more than 3,500 trucks, employing over 4,400 individuals and generating annual revenues surpassing $950.0 million. Waste Pro's privately-owned, family-run structure ensures long-term stability, solidifying its position as a trusted industry leader.

Section 4: Key Parties Involved

Citigroup Global Markets Inc. served as the sole underwriter for the Bonds, facilitating the successful completion of the sale. Waste Pro's financial advisor was CTBH Partners LLC, who gave insightful advice all through the procedure. Waste Pro hired Greenberg Traurig as legal counsel to guarantee compliance and competent legal defense.

Section 5: Compliance and Offer Details

The Bonds were only offered to qualified institutional buyers, as defined by Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). It is important to note that the Bonds have not been and will not be registered under the Securities Act. Thus, unless they are exempt from registration under the Securities Act and other applicable securities laws, the Bonds may not be offered or sold within the United States.

Section 6: About Waste Pro USA, Inc.

Waste Pro USA, Inc. is an expanding owned waste management company specializing in non-hazardous solid waste collection, recycling, processing, and disposal services. Waste Pro operates out of 99 locations and provides services to over two million residential and 40,000 commercial customers across nine southeastern states. The company has over 260 exclusive municipal contracts and franchises, and its corporate headquarters are located in Longwood, Florida.

Section 7: Safe Harbor Statement

Except where required by law, Waste Pro says it has no obligation to update such statements to reflect new information, unanticipated developments, or other factors. They are based on the management's beliefs and assumptions, as well as the present expectations and estimates. Waste Pro states that it disclaims any duty to update such statements to reflect new information, unanticipated developments, or other factors unless such obligation is imposed by law.

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