Debt RefinancingRSG refinanced $900 million of debt at a 5.25% coupon (formerly 2%) and another $1 billion will mature, also resetting at a higher coupon rate.
Stock PerformanceRSG underperformed the S&P 500 Index by ~460 bps on the day of earnings after a modest 2Q top line beat.
Volume DeclineVolumes declined due to cyclically soft construction volumes in large container, non-regrettable residential contract losses, and intentional shedding of broker volumes in small container.