Company: WCN
Filing Date: 2025-05-30
Form Type: 424B5
Source: 0001104659-25-054854
Chunk: 17

Company: Waste Connections, Inc.
Filing Date: 2025-05-30
Form: 424B5
Chunk 17
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 prospectus supplement, we will be required, subject to certain exceptions, to offer to purchase each holder’s Notes for cash at a price equal to 101% of the principal amount of the Notes to be purchased, plus accrued and unpaid interest, if any, to, but excluding, the purchase date. If such a change of control triggering event occurs, we may not have sufficient financial resources to purchase all of the Notes that holders tender to us in connection with a change of control offer. Our Revolving Credit Facility also provides that a change of control will be an event of default that allows the lenders to accelerate the maturity of borrowings thereunder. Any future debt agreements may contain similar provisions. Our failure to purchase the Notes tendered to us as required under the indenture governing the Notes would be a default, which could have material adverse consequences for us. See “Description of Notes — Change of Control Triggering Event” in this prospectus supplement.

The Notes are unsecured and will be effectively subordinated to any future secured indebtedness that we incur to the extent of the collateral securing such obligations.

The Notes are unsecured and will be effectively subordinated to all of our secured obligations from time to time outstanding to the extent of the collateral securing such obligations. As of March 31, 2025, Waste Connections, Inc. did not have any secured debt outstanding. In addition to specified permitted liens, the indenture governing the Notes will generally allow us to secure indebtedness with liens in an amount up to 15% of our Consolidated Tangible Assets (as defined in the indenture governing the Notes).

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The covenants in the indenture governing the Notes are limited and these limited covenants may not protect your investment.

The indenture governing the Notes does not and will not:

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require us to maintain any financial ratios or specific levels of net worth, revenues, income, cash flows or liquidity and, accordingly, may not protect holders of the Notes in the event that we experience significant adverse changes in our financial condition or results of operations;

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limit our subsidiaries’ ability to incur indebtedness that would structurally rank senior to the Notes;

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limit our ability to incur indebtedness that is equal in right of payment to the Notes; or

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restrict our ability to make investments or to pay distributions or make other payments in respect of our common shares or other securities ranking junior to the Notes.

The indenture also will permit us and our