Company: WCN
Filing Date: 2025-05-30
Form Type: 424B5
Source: 0001104659-25-054854
Chunk: 6

Company: Waste Connections, Inc.
Filing Date: 2025-05-30
Form: 424B5
Chunk 6
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 of each year, beginning on March 1, 2026.

Ranking

The Notes will be our senior unsecured obligations and will rank equally in right of payment with our existing and future senior unsecured indebtedness and will rank senior in right of payment to any future subordinated indebtedness that we incur. The Notes will be effectively subordinated to any future secured indebtedness to the extent of the value of the assets securing such indebtedness. In addition, the Notes will be structurally subordinated to the liabilities (including trade payables) of our subsidiaries.

As of March 31, 2025, after giving effect to the issuance and sale of the Notes and the application of the net proceeds as set forth under “Use of Proceeds,” we would have had total debt of $8.5 billion, including: (i) $2.0 billion of outstanding revolving borrowings under that certain Revolving Credit Agreement, dated as of February 27, 2024, by and among the Company, as borrower, Bank of America, N.A., acting through its Canada Branch, as the global agent, the swing line lender, and a letter of credit issuer, Bank of America, N.A., as the U.S. agent and a letter of credit issuer, and the lenders and other letter of credit issuers from time to time party thereto, as amended by the First Amendment (and as further amended, restated, supplemented or otherwise modified from time to time, the “Revolving Credit Facility”), (ii) $6.4 billion of existing senior notes, including the Notes offered hereby, and (iii) $37.7 million of indebtedness incurred by our subsidiaries, and we would have been able to incur an additional approximately $964 million of indebtedness under the Revolving Credit Facility. See “Capitalization.”

Optional Redemption

At our option, prior to June 1, 2035 (three months before the maturity date), we may redeem some or all of the Notes, at any time and from time to time, at a redemption price equal to the greater of 100% of the principal amount of the Notes redeemed, or the sum of the present values of the remaining scheduled payments of principal and interest on the Notes redeemed less interest accrued to the date of redemption, plus, in either case, accrued and unpaid interest thereon to the redemption date. Commencing June 1, 2035 (three months before the maturity date), we may redeem some or all of the Notes, at any