WFCF Leads ABL Revolver in Waste Pro Recap
Waste Pro USA announced it has completed a $579 million recapitalization of the company, according to vice president and CFO Cort Sabina.
The company said the new credit facility is all debt, which included an asset-based (ABL) revolving line of credit led by Wells Fargo Capital Finance. “It is important to Wells Fargo that we provide our customers with the financial flexibility and services to meet their business needs,” said regional sales manager, Howard Kim.
Additionally, Stifel Nicolaus & Company served as financial advisor and placement agent to Waste Pro.
Waste Pro chairman and CEO John J. Jennings stated, “Today we executed a business transaction that creates the platform to launch our next decade of growth. We are excited and very proud of our financial performance and the delivery of premium service to more than two million public and private customers.”
This transaction also completes and fulfills the terms of Waste Pro’s five-year $100 million investment by Atlanta-based Roark Capital Partners.
Longwood, FL-based Waste Pro is a privately owned waste collection, recycling, processing and disposal company, operating in eight southeastern states.