Waste Connections, Inc. (TSE:WCN) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item 2.03 Creation of a Direct Financial Obligation or an
Obligation Under an Off-Balance Sheet Arrangement of a
Registrant.
As previously disclosed in its Current Report on Form 8-K filed
with the U.S. Securities and Exchange Commission on February 17,
2017 (the Original 8-K), on February
13, 2017, Waste Connections, Inc., a corporation organized under
the laws of Ontario, Canada (the
Company), entered into a First
Supplement to Master Note Purchase Agreement with certain
accredited institutional investors party thereto (the
First Supplement). The First Supplement
was entered into to the terms and conditions of that certain
Master Note Purchase Agreement, dated as of June 1, 2016, by and
among the Company and certain accredited institutional investors
(as amended, restated, amended and restated, assumed,
supplemented or modified from time to time, the 2016
Master Note Agreement). All dollar ($) amounts
specified in this Current Report on Form 8-K are expressed in
United States dollar amounts.
to the First Supplement, on April 20, 2017, the Company issued
and sold to investors two tranches of its senior unsecured notes
at fixed interest rates with interest payable in arrears
semi-annually on October 20 and April 20 beginning on October 20,
2017 (the 2017A Notes) in a private
placement in reliance on Section 4(a)(2) of the U.S. Securities
Act of 1933, as amended, and Regulation D promulgated thereunder.
The 2017A Notes are one of a series of additional notes that may
be issued to the 2016 Master Note Agreement. The two tranches
consisted of a tranche of $150 million aggregate principal amount
of the 2017A Notes that will mature on April 20, 2024 with an
annual interest rate of 3.24% and another tranche of $250 million
aggregate principal amount of the 2017A Notes that will mature on
April 20, 2027 with an annual interest rate of 3.49%. The
principal of each tranche of the 2017A Notes is payable at the
maturity of that tranche. The issuance and sale of the 2017A
Notes were subject to the customary conditions more fully set
forth in the First Supplement. The Company intends to use the
proceeds from the sale of the 2017A Notes to refinance existing
indebtedness and for general corporate purposes.
The terms of the 2017A Notes are more fully described in the
Original 8-K. The above description of the 2016 Master Note
Agreement, the First Supplement, and the 2017A Notes does not
purport to be complete and is qualified in its entirety by
reference to (i) the 2016 Master Note Agreement, which is
incorporated herein by reference to Exhibit 4.2 filed with the
Companys Form 8-K filed on June 7, 2016, (ii) the First
Supplement, which is incorporated herein by reference to Exhibit
4.2 filed with the Original 8-K, including forms filed as
exhibits thereto of the Companys 3.24% Senior Unsecured Note due
2024 and the Companys 3.49% Senior Unsecured Note.
Item 9.01 Financial Statements and Exhibits.
d) Exhibits.
| 4.1 |
Master Note Purchase Agreement, dated as of June 1, 2016 (incorporated by reference to Exhibit 4.2 filed with the Companys Form 8-K on June 7, 2016). |
| 4.2 |
First Supplement to Master Note Purchase Agreement, dated as of February 13, 2017, including forms of the 2017A Notes filed as exhibits thereto (incorporated by reference to Exhibit 4.2 filed with the Companys Form 8-K on February 17, 2017). |
About Waste Connections, Inc. (TSE:WCN)
Waste Connections Inc, formerly Progressive Waste Solutions Ltd, is a Canada-based waste management company. The Company provides waste collection, recycling and disposal services to commercial, industrial, municipal and residential customers in over 10 states in the United States, and the District of Columbia, and in over six Canadian provinces. The Company operates through three segments: the East, the West and the North. The business segments are vertically integrated and their operations include the collection and disposal of waste and recyclable materials, transfer station operations, material recovery facilities, landfills and landfill gas to energy facilities. The Company offers various solutions for business, residential and public sector. The Company offers commercial, industrial and manufacturing, construction and demolition, and Leadership in Energy and Environmental Design (LEED) services, among others for business. Waste Connections, Inc. (TSE:WCN) Recent Trading Information
Waste Connections, Inc. (TSE:WCN) closed its last trading session up +0.31 at 121.23 with 133,847 shares trading hands.