Waste Services, Inc. (WSII) Raises $50 Million in Senior Notes

By IBTimes Staff Reporter | September 21 2009 4:26 PM

Waste Services, Inc. (WSII) recently announced it would commence a note offering raising a total of $50 million in new capital. The company is offering 9.5% senior subordinated notes due 2014 in a private placement to qualified institutional investors. The sale is permitted under Rule 144A of the Securities Act of 1933.

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Waste Services, Inc. already has an existing senior subordinated note outstanding with a principal value of $160 million, and a 9.5% coupon. The two sets of bonds will trade as one issue post closing. Waste Services, Inc. reported net income of $3.4 million, or $0.07 per share, in its most recent quarter. Its total debt prior to this issue was $365 million as of 6/30/2009.

Waste Services, Inc. provides waste collection, processing and recycling services to residential, commercial, industrial and commercial customers. The company has operation in the United States in Florida, and in Canada in the provinces of Ontario, Alberta, Saskatchewan and British Columbia. Waste Services, Inc. owns 33 collection operations, 22 transfer stations, 12 recycling facilities and 7 landfills.