Florida Development Finance to Sell $75 Million of Bonds For Waste Management
By Stephen Nakrosis
The Florida Development Finance Corp. plans to issue $75 million of bonds and will lend proceeds from the sale to Waste Management for the construction of facilities across the state.
Proceeds from the Series 2025 A Solid Waste Disposal Revenue Bonds will be used to finance or reimburse Waste Management for the acquisition, construction, and equipping of facilities, according to a preliminary official statement posted Thursday on MuniOS.
The securities will be backed by loan payments made by the borrower, and income derived from investments.
The bonds are being offered at a term interest rate. Following an initial three-month period, interest on the bonds will be paid semiannually on the first of March and of September starting in 2026, although that is preliminary and subject to change. The securities reach final maturity in September 2050.
Florida Development Finance Corp. helps fund economic development through both for-profit and not-for-profit entities. Houston-based Waste Management offers collection, transfer and recycling and disposal services. It is also a developer, operation and owner of landfill gas-to-energy facilities. It has 61,700 employees and annual revenue of about $22.06 billion.
S&P Global Ratings have given the bonds a long-term rating of A-, and a short-term rating of A-2.
BofA Securities and US Bancorp are listed as the offering's lead managers.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
September 05, 2025 19:14 ET (23:14 GMT)
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