By Paul A. Harris
St. Louis, June 28 - WCA Waste Corp. priced a $150 million issue of eight-year senior notes (B2/B-) at par to yield 9¼% on Wednesday, according to an informed source.
The yield came at the tight end of the 9¼% to 9½% price talk.
Credit Suisse ran the books for the notes, which were sold via Rule 144A with registration rights and via Regulation S.
Proceeds will be used as part of the company's recapitalization.
WCA Waste is a Houston-based integrated company engaged in the transportation, processing and disposal of non-hazardous solid waste.
| Issuer: | WCA Waste Corp.
|
| Amount: | $150 million
|
| Maturity: | June 15, 2014
|
| Security description: | Senior notes
|
| Bookrunner: | Credit Suisse
|
| Coupon: | 9¼%
|
| Price: | Par
|
| Yield: | 9¼%
|
| Spread: | 400 bps
|
| Call features: | Callable on or after June 15, 2010 at 104.625, 102.313, par on and after June 15, 2012
|
| Equity clawback: | Until June 15, 2009 for up to 35% at 109.25
|
| Trade date: | June 28
|
| Settlement date: | July 5
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A with registration rights/Regulation S
|
| Price talk: | 9¼% to 9½%
|
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