Waste Connections, Inc. (WCN): debt financing — Waste Connections enters $3.0B unsecured revolving credit facility, terminates prior credit agreements

Waste Connections, Inc.

New $3.0B (upsizable to $4.0B) 5-year unsecured revolver with Bank of America as agent; proceeds refinance existing debt.
Terminated $1.45B 2021 revolving/term loan agreement and 2022 term loan agreement using proceeds from new facility.
Covenant: max Total Funded Debt/EBITDA of 3.75x (4.25x during material acquisitions); interest margins tied to debt ratings.
Facility includes $320M letter of credit sublimit and $100M swingline; uncommitted upsize option.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.97

Waste Connections, Inc. incurred revolving credit of $3.0 billion with Bank of America, N.A., acting through its Canada Branch, 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 other lenders from time to time party thereto at term SOFR rate or a base rate for U.S. dollar borrowings, plus an applicable mar maturing five year term from the Effective Date.

Instrument: revolving credit
Principal: $3.0 billion
Counterparty: Bank of America, N.A., acting through its Canada Branch, 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 other lenders from time to time party thereto
Rate: term SOFR rate or a base rate for U.S. dollar borrowings, plus an applicable mar
Maturity: five year term from the Effective Date
Event: incurrence

Exact text from the filing

mechanics therein by which the Company may request two additional one-year maturity date extensions), (ii) provides for revolving advances up to an aggregate principal amount of $3.0 billion at any one time outstanding (subject to satisfaction of certain conditions at the time advances are made) and (iii) provides for, at the Company’s discretion, flexibility for an

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Source: SEC EDGAR

accession 0001104659-24-029357

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