Co-Manager
Advanced Drainage Systems, Inc.
Debt Capital Markets
Offering of Senior Notes Due 2034
Transaction Details
On February 27, 2026, Advanced Drainage Systems, Inc. (NYSE: WMS) (“ADS” or the “Company”) issued $500,000,000 aggregate principal amount of its 5.375% senior notes due 2034 (the “Notes”) pursuant to an Indenture, dated February 27, 2026.
The Notes will mature on March 1, 2034.
Moody’s and S&P assigned ratings to the Notes of Ba2 and BB-, respectively.
The Company intends to use the net proceeds from the offering of the Notes, together with the proceeds of the term loan “B” portion of its existing senior secured credit facility:
- To refinance the outstanding balance of the Company's senior secured credit facility
- To redeem the 5.000% senior notes due 2027 in full
- With the balance for general corporate purposes
About the company
Advanced Drainage Systems is a leading manufacturer of innovative stormwater and onsite wastewater solutions that manage the world’s most precious resource: water. ADS, along with NDS and Infiltrator Water Technologies, provides superior stormwater drainage and onsite wastewater products used across commercial, residential, infrastructure, and agricultural applications, while delivering unparalleled customer service. ADS operates the industry’s largest company-owned fleet, an expansive sales team and a vast manufacturing network. As one of the largest plastic recycling companies in North America, ADS keeps millions of pounds of plastic out of landfills each year. Founded in 1966, ADS’ water management solutions are designed to last for decades. To learn more, visit the Company’s website at www.adspipe.com.
-
Source: Company Filings and Materials.
This material has been prepared solely for informational purposes as of its stated date. It is not a solicitation, recommendation or offer to buy or sell any security and does not provide information on which an investment decision to purchase or sell any securities could be based. It does not purport to be a complete description of the securities, markets or developments referred to in this material. All information and data included in this material has been sourced from company announcements and other sources cited in this material, but Stephens has not independently verified such information and does not guarantee that it is accurate or complete. No subsequent publication or distribution of this material shall mean or imply that any such information remains current at any time after the date of preparation of this material. Stephens does not undertake to advise you of any changes in any such information. Additional information is available upon request. A rating reflects the opinion of the ratings agency and is not a recommendation to buy, sell or hold securities. Ratings are subject to revision or withdrawal at any time by the ratings agency. Investors should evaluate any investment on the basis of their own independent due diligence. Further information on the rating of securities may be found at the following links: www.moodys.com, www.spglobal.com/ratings/.
“Stephens” (the company brand name) is a leading family-owned investment firm that includes Stephens Inc. (member NYSE/SIPC), Stephens Investment Management Group, LLC, Stephens Insurance, LLC, Stephens Capital Partners LLC and Stephens Europe Limited (Registered office: 12 Arthur Street, London, EC4R 9AB, Registered number 8817024), which is authorised and regulated by the Financial Conduct Authority. © 2026 Stephens.