FOLSOM, Calif., April 5 /PRNewswire-FirstCall/ -- Waste Connections, Inc. today announced that on May 8, 2006, it intends to redeem $87.5 million of the $175 million aggregate principal amount of its Floating Rate Convertible Subordinated Notes due 2022 (the "Notes").
Unless the Notes are earlier converted as described below, Waste Connections will redeem the Notes at a price of $1,020 per $1,000 principal amount of the Notes, together with accrued and unpaid interest to the redemption date, May 8, 2006. After that date, interest will cease to accrue on the redeemed Notes.
Alternatively, prior to 5:00 p.m., New York City time, on May 4, 2006, holders may convert their Notes that are called for redemption into cash equal to the aggregate principal amount of the Notes and, if applicable, shares of Waste Connections common stock, pursuant to the terms of the Indenture governing the Notes. The conversion price is $32.26 per share, which is equivalent to a conversion rate of approximately 30.998 shares of the Company's common stock for each $1,000 principal amount of Notes. Waste Connections will pay holders cash in lieu of fractional shares. The closing price of Waste Connections common stock on the New York Stock Exchange on April 5, 2006, was $40.38 per share.
The Trustee for the Notes is mailing a Notice of Redemption to all registered holders of the Notes. Copies of the Notice of Redemption may be obtained from U.S. Bank National Association by calling Paula Oswald at 213-615-6043.
Waste Connections, Inc. is an integrated solid waste services company that provides solid waste collection, transfer, disposal and recycling services in mostly secondary markets in the Western and Southern U.S. The Company serves more than one million residential, commercial and industrial customers from a network of operations in 23 states. The Company also provides intermodal services for the movement of containers in the Pacific Northwest. Waste Connections, Inc. was founded in September 1997 and is headquartered in Folsom, California.
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