<SEC-DOCUMENT>0001144204-18-057646.txt : 20181106
<SEC-HEADER>0001144204-18-057646.hdr.sgml : 20181106
<ACCEPTANCE-DATETIME>20181106163311
ACCESSION NUMBER:		0001144204-18-057646
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20181106
DATE AS OF CHANGE:		20181106

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Waste Connections, Inc.
		CENTRAL INDEX KEY:			0001318220
		STANDARD INDUSTRIAL CLASSIFICATION:	REFUSE SYSTEMS [4953]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-225219
		FILM NUMBER:		181163456

	BUSINESS ADDRESS:	
		STREET 1:		610 APPLEWOOD CRESCENT
		STREET 2:		SUITE 200
		CITY:			VAUGHAN
		STATE:			A6
		ZIP:			L4K 0C3
		BUSINESS PHONE:		(905) 532-7510

	MAIL ADDRESS:	
		STREET 1:		610 APPLEWOOD CRESCENT
		STREET 2:		SUITE 200
		CITY:			VAUGHAN
		STATE:			A6
		ZIP:			L4K 0C3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Progressive Waste Solutions Ltd.
		DATE OF NAME CHANGE:	20110503

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	IESI-BFC Ltd
		DATE OF NAME CHANGE:	20090522

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BFI Canada Ltd
		DATE OF NAME CHANGE:	20081015

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Waste Connections, Inc.
		CENTRAL INDEX KEY:			0001318220
		STANDARD INDUSTRIAL CLASSIFICATION:	REFUSE SYSTEMS [4953]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		610 APPLEWOOD CRESCENT
		STREET 2:		SUITE 200
		CITY:			VAUGHAN
		STATE:			A6
		ZIP:			L4K 0C3
		BUSINESS PHONE:		(905) 532-7510

	MAIL ADDRESS:	
		STREET 1:		610 APPLEWOOD CRESCENT
		STREET 2:		SUITE 200
		CITY:			VAUGHAN
		STATE:			A6
		ZIP:			L4K 0C3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Progressive Waste Solutions Ltd.
		DATE OF NAME CHANGE:	20110503

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	IESI-BFC Ltd
		DATE OF NAME CHANGE:	20090522

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BFI Canada Ltd
		DATE OF NAME CHANGE:	20081015
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Free Writing Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 433</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration Statement No. 333-225219</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Dated November 6, 2018</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASTE CONNECTIONS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Pricing Term Sheet</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; padding: 0; text-indent: 0"><B>Issuer:</B></TD>
    <TD STYLE="width: 52%; padding: 0; text-indent: 0">Waste Connections, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><B>Title of Securities</B></TD>
    <TD STYLE="padding: 0; text-indent: 0">4.250% Senior Notes due 2028</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><B>Principal Amount:</B></TD>
    <TD STYLE="padding: 0; text-indent: 0">$500,000,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><B>Maturity Date:</B></TD>
    <TD STYLE="padding: 0; text-indent: 0">December 1, 2028</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><B>Coupon:&#9;</B></TD>
    <TD STYLE="padding: 0; text-indent: 0">4.250%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><B>Public Offering Price:</B></TD>
    <TD STYLE="padding: 0; text-indent: 0">99.852% of face amount</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><B>Yield to Maturity:</B></TD>
    <TD STYLE="padding: 0; text-indent: 0">4.268%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><B>Benchmark Treasury:</B></TD>
    <TD STYLE="padding: 0; text-indent: 0">2.875% due August 15, 2028</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><B>Benchmark Treasury Price and Yield:</B></TD>
    <TD STYLE="padding: 0; text-indent: 0">97-04+ and 3.218%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><B>Spread to Benchmark Treasury: </B></TD>
    <TD STYLE="padding: 0; text-indent: 0">T+105</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><B>Interest Payment Dates:</B></TD>
    <TD STYLE="padding: 0; text-indent: 0">June 1 and December 1, commencing June 1, 2019</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><B>Optional Redemption:</B></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 0 0.25in; text-indent: 0"><B>Make-Whole Call</B></TD>
    <TD STYLE="padding: 0; text-indent: 0">Redeemable at any time prior to September 1, 2028 (the &ldquo;Par Call Date&rdquo;) at a redemption price equal to the greater of (i) 100% of the principal amount of the Notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of interest accrued to the redemption date) on the Notes redeemed (assuming that such Notes matured on the Par Call Date), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate of T + 20 basis points, in each case, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 0 0.25in; text-indent: 0"><B>Par Call:</B></TD>
    <TD STYLE="padding: 0; text-indent: 0">Redeemable at any time on or after the Par Call Date in an amount equal to the principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.</TD></TR>
</TABLE>

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    <TD STYLE="width: 48%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD STYLE="width: 52%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 6, 2018. Delivery of the Notes is expected to be made against payment for the Notes on November 16, 2018, which will be the seventh business day following the date hereof (this settlement cycle being referred to as &ldquo;T+7&rdquo;). Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes on the date hereof or the next four business days will be required, by virtue of the fact that the Notes initially will settle in seven business days (T+7), to specify alternate settlement arrangements at the time of any such trade to prevent a failed settlement and should consult their own advisers.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Settlement:</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">T+7; November 16, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSIP:</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">941053AH3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ISIN:</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US941053AH36</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ratings (Moody&rsquo;s/S&amp;P/Fitch)*:</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Baa2 (Stable) / BBB+ (Stable) / BBB+ (Stable)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joint Book-Running Managers:</B></FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Merrill Lynch, Pierce, Fenner &amp; Smith</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.725in">Incorporated</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MUFG Securities Americas Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Co-Managers:</B></FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CIBC World Markets Corp.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PNC Capital Markets LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BBVA Securities Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fifth Third Securities, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TD Securities (USA) LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Bancorp Investments, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.7pt; text-indent: -20.7pt">BB&amp;T Capital Markets, a
        division of BB&amp;T</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.223in; text-indent: 0">Securities, LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizens Capital Markets, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Scotia Capital (USA) Inc.</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>*Note: A securities rating is not a recommendation to buy,
sell or hold securities and may be revised or withdrawn at any time.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The issuer has filed a registration statement (including
a base prospectus) and a prospectus supplement, dated November 6, 2018 (the &ldquo;Preliminary Prospectus Supplement&rdquo;</B>),
<B>with the SEC for the offering to which this communication relates. Before you invest, you should read the base prospectus in
that registration statement and the Preliminary Prospectus Supplement and other documents the issuer has filed with the SEC for
more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC
Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to
send you the prospectus if you request it by calling J.P. Morgan collect at 1-212-834-4533 or Merrill Lynch, Pierce, Fenner &amp;
Smith Incorporated toll-free at 1-800-294-1322.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This Pricing Term Sheet is qualified in its entirety by reference
to the Preliminary Prospectus Supplement. The information in this Pricing Term Sheet supplements the Preliminary Prospectus Supplement
and supersedes the information in the Preliminary Prospectus Supplement to the extent inconsistent with the information in the
Preliminary Prospectus Supplement. </B></P>

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