Waste Connections Announces C$700M Senior Notes Offering

What Happened
On August 4, 2026, Waste Connections, Inc. completed an underwritten public offering of C$300,000,000 aggregate principal of 4.200% Senior Notes due September 4, 2033 (2033 Notes) and C$400,000,000 aggregate principal of 4.550% Senior Notes due September 4, 2036 (2036 Notes) (total C$700,000,000). The offering was registered on Form S-3 (prospectus supplement dated July 27, 2026) and was also offered privately in Canada under an offering memorandum. The Notes were issued under the Company’s existing Indenture as supplemented by a Twelfth Supplemental Indenture dated August 4, 2026.

Key Details

• Principal amounts: C$300,000,000 of 4.200% notes due 9/4/2033; C$400,000,000 of 4.550% notes due 9/4/2036.
• Interest: paid March 4 and September 4, beginning March 4, 2027; initial long first coupon — C$2.45671233 per C$100 (2033 Notes) and C$2.661438356 per C$100 (2036 Notes).
• Ranking & guarantees: senior unsecured obligations, pari passu with other unsubordinated debt; not guaranteed by subsidiaries.
• Redemption & protections: par-call/redemption mechanics (2033 par-call July 4, 2033; 2036 par-call June 4, 2036), tax-related “Additional Amounts” redemption right, and a change-of-control repurchase right at 101% of principal.
• Administration and docs: issued under the Base Indenture and Twelfth Supplemental Indenture (Trustee: U.S. Bank Trust Company); Computershare Trust Company of Canada initially acting as paying/transfer agent; related Indenture covenants limit liens, sale-leasebacks and certain mergers/sales.

Why It Matters
This transaction increases Waste Connections’ reported debt by C$700 million and establishes fixed-rate obligations maturing in 2033 and 2036, which will affect future interest expense and capital structure. Because the Notes are senior unsecured and not subsidiary-guaranteed, they rank with the company’s other senior debt. Investors should note the interest rates, long maturities, redemption mechanics, and the change-of-control and default provisions disclosed in the Indenture, all of which determine holders’ rights and the company’s flexibility around refinancing or repurchases.