ROSEMONT, Ill., Nov. 10, 2023 — LRS Holdings, LLC (“LRS”), the nation’s fifth largest independent waste diversion, recycling and portable services provider, announced today that it has completed the sale of $100 million in aggregate principal amount of Illinois Finance Authority Solid Waste Disposal Revenue Bonds (LRS Holdings, LLC Project), Series 2023. The offering consisted of tax-exempt “Series A Green Bonds” and “Series B Bonds” (together, the Series A Green Bonds and the Series B Bonds, are referenced herein as the “Bonds”).
The Series A Green Bonds are designated as such based upon, among other things, an independent second party opinion by Sustainalytics, a Morningstar company. The proceeds of the Series A Green Bonds will be allocated by LRS towards a portion of the costs associated with The Exchange facility, its state-of-the-art single-stream material recycling facility located in Chicago’s iconic Stockyards neighborhood.
Matt Spencer, Chief Executive Officer of LRS explains, “The Exchange is a highly automated, single-stream recycling facility with an impressive capacity to sort 25 tons of recyclables per hour with plans for future expansion to 35 tons per hour, playing a pivotal role in enhancing waste diversion efforts in the Chicagoland area. It is expected to divert approximately 224 million pounds of recyclables per year. The multimillion-dollar investment in The Exchange is a testament to LRS’ commitment to innovation, spearheading transformative change through technological advancements, and our steadfast commitment to environmental stewardship.”
“This transaction provides LRS with long-term, fixed-rate financing, enabling our ongoing investments in essential recycling and solid waste infrastructure in Illinois,” adds Luke Chenery, Chief Financial Officer of LRS. “We are thankful for the investor support of the LRS platform on our inaugural tax-exempt bond offering.”
J.P. Morgan Securities LLC served as the lead underwriter for the Bonds and Truist Securities, Inc. and Fifth Third Securities, Inc. served as the co-managers. CTBH Partners, LLC served as financial advisor to LRS. Greenberg Traurig, LLP served as counsel to LRS.
The Bonds were offered only to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Bonds have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and other applicable securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Bonds, nor shall there be any sale of the Bonds in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About LRS
LRS is among the nation’s leading independent waste diversion, recycling and portable services providers. Since 2013, LRS has specialized in delivering an exceptional customer experience for millions of residential and commercial customers across nine states: Illinois, Arkansas, Indiana, Iowa, Kansas, Michigan, Minnesota, Tennessee, and Wisconsin. Diversified and growing, LRS also offers affordable roll-off container services, C&D recycling, portable restroom rentals, on-site storage and temporary fencing. LRS owns and operates more than 70 facilities and thrives on the passion of nearly 2,300 full-time employees. The company provides safe, innovative, sustainability-driven services to clean and beautify the cities, neighborhoods, and communities it serves. To learn more visit www.LRSrecycles.com.
In August 2021, LRS was acquired by Macquarie Infrastructure Partners V, an unlisted infrastructure fund managed by Macquarie Asset Management (“Macquarie”). Macquarie is the premier global infrastructure manager with waste industry investments dating back to 2007 and over $217.7 billion in assets under management. Through its regionally focused investment teams, Macquarie utilizes an active asset management approach to value creation in communications, utilities, energy and power, transportation, and waste management opportunities.
Safe Harbor Statement
Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by the context of the statements, including words such as LRS “will,” “intends,” and other similar expressions. Among the forward-looking statements in this press release are statements regarding the offering and sale of the Bonds. All of these forward-looking statements are based on current expectations and estimates and management’s beliefs and assumptions. LRS expressly disclaims any obligation to update such statements to reflect any change in its expectations whether as a result of new information, future events or otherwise, except as required.
LRS Media Contact:
Emily Olson-Torch
[email protected]
(630) 938-1495
LRS Contact for Investors:
Hassan Nisar
Director of Finance
(630) 785-0789
[email protected]
SOURCE Lakeshore Recycling Systems, LLC
