Waste Connections, Inc. (WCN): debt financing — Waste Connections closes $800M term loan, replaces LIBOR with SOFR in credit facility

Waste Connections, Inc.

Entered $800M unsecured term loan due July 30, 2026; proceeds to repay revolving borrowings.
Interest rate based on Term SOFR plus 0.75%-1.25% margin (or base rate plus 0%-0.25%), with 0.10% credit spread adjustment.
Financial covenant limits total funded debt/EBITDA to 3.75x (4.25x during acquisition periods).
Amended existing Credit Agreement to replace LIBOR-based benchmarks with Term SOFR; no material change in interest rate.
Term loan fully drawn on Oct 31, 2022; no reborrowings permitted.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Waste Connections, Inc. amended credit facility with Bank of America, N.A., as the global agent, the swing line lender and an l/c issuer, Bank of America, N.A., as the U.S. agent and an l/c issuer, and the lenders and any other financial institutions from time to time party thereto at Term SOFR plus a credit spread adjustment of 0.10% per annum.

Instrument: credit facility
Counterparty: Bank of America, N.A., as the global agent, the swing line lender and an l/c issuer, Bank of America, N.A., as the U.S. agent and an l/c issuer, and the lenders and any other financial institutions from time to time party thereto
Rate: Term SOFR plus a credit spread adjustment of 0.10% per annum
Event: amendment

Exact text from the filing

the credit spread adjustment applicable to Term SOFR loans is a flat 0.10% per annum across all applicable interest periods instead of a varying credit spread adjustment across the same interest periods ranging from 0.11448% to 0.42826%

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Waste Connections, Inc. incurred term loan of $800 million with Bank of America, N.A., as administrative agent, and the other lenders from time to time party thereto at SOFR plus an applicable margin ranging from 0.750% to 1.250% per annum maturing July 30, 2026.

Instrument: term loan
Principal: $800 million
Counterparty: Bank of America, N.A., as administrative agent, and the other lenders from time to time party thereto
Rate: SOFR plus an applicable margin ranging from 0.750% to 1.250% per annum
Maturity: July 30, 2026
Event: incurrence

Exact text from the filing

the New TL Lenders made loans to the Company in an aggregate stated principal amount of $800 million

View on SEC.gov

73 debt financings filed in the last 30 days. Browse all debt financings →

Waste Connections, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-22-113571

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.