Waste Connections Calls for Redemption of 3.75% Senior Convertible Notes Due 2026
FOLSOM, CA, Feb 08, 2010 (MARKETWIRE via COMTEX) -- Waste Connections, Inc. (NYSE: WCN) today announced that on April 1, 2010, it intends to redeem all of its 3.75% Senior Convertible Notes due 2026 (the "Notes"). The aggregate principal amount of the Notes outstanding is $200 million. Holders may have their Notes redeemed at par plus a make-whole payment, pursuant to the terms of the Indenture governing the Notes, together with accrued and unpaid interest to the redemption date.
Alternatively, holders may convert their Notes pursuant to the terms of the Indenture, prior to 5 p.m., New York City Time, on March 31, 2010. The conversion price is $34.00 per share, which is equivalent to a conversion rate of approximately 29.4118 shares of the Company's common stock for each $1,000 principal amount of Notes. On February 5, 2010, the last reported sale price of Waste Connections common stock on the New York Stock Exchange was $31.37 per share.
The Company intends to fund the redemption or any conversion from borrowings under its credit facility.
A Notice of Redemption is being mailed to all registered holders of the Notes. Copies of the Notice of Redemption may be obtained from U.S. Bank by contacting Paula Oswald at firstname.lastname@example.org.
Waste Connections, Inc. is an integrated solid waste services company that provides solid waste collection, transfer, disposal and recycling services in mostly secondary markets in the Western and Southern U.S. The Company serves approximately two million residential, commercial and industrial customers from a network of operations in 26 states. The Company also provides intermodal services for the movement of containers in the Pacific Northwest. Waste Connections, Inc. was founded in September 1997 and is headquartered in Folsom, California.
Waste Connections, Inc.
SOURCE: Waste Connections, Inc.