Waste Management Announces Pricing of $950 Million Senior Notes
April 28 2021 - 8:30PM
Business Wire
Waste Management (NYSE: WM) today announced that it has priced a
$950 million aggregate public offering of senior notes under an
effective shelf registration statement previously filed with the
Securities and Exchange Commission (the “SEC”), as follows:
- $475,000,000 aggregate principal amount of 2.00% senior notes
due June 1, 2029; and
- $475,000,000 aggregate principal amount of 2.95% senior notes
due June 1, 2041.
The notes will be fully and unconditionally guaranteed by the
company’s wholly owned subsidiary, Waste Management Holdings, Inc.
The notes have been assigned ratings of A- by Standard &
Poor’s, BBB+ by Fitch and Baa1 by Moody’s.
The offering is expected to close on May 12, 2021, subject to
the satisfaction of closing conditions. The company intends to use
some or all of the net proceeds from the offering, together with
cash on hand, if necessary, to fund a previously announced tender
offer to purchase for cash certain senior notes issued by Waste
Management, Inc. and Waste Management Holdings, Inc. (the “Tender
Offer”), to pay related fees and expenses and for general corporate
purposes.
Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC
and Wells Fargo Securities, LLC are acting as joint book-running
managers of the offering. In addition, BofA Securities, Inc.,
Barclays Capital Inc., J.P. Morgan Securities LLC, Mizuho
Securities USA LLC, Scotia Capital (USA) Inc., PNC Capital Markets
LLC, Truist Securities, Inc., Loop Capital Markets LLC, Academy
Securities, Inc., Siebert Williams Shank & Co., LLC and Stern
Brothers & Co. are acting as co-managers of the offering.
Copies of the final prospectus supplement and related prospectus
for this offering may be obtained by visiting EDGAR on the SEC
website at www.sec.gov or, upon request, from any of the joint
book-running managers at: Credit Suisse Prospectus Department, 6933
Louis Stephens Drive, Morrisville, North Carolina 27560, United
States, by phone at 1-800-221-1037 or by email at
usa.prospectus@credit-suisse.com; Goldman Sachs & Co. LLC, by
mail: Attn: Prospectus Department, 200 West Street, New York, NY
10282, by phone at 1-866-471-2526 or by email:
prospectus-ny@ny.email.gs.com; or Wells Fargo Securities, LLC, by
mail: 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402,
Attn: WFS Customer Service, by phone at 1-800-645-3751 or by email
at wfscustomerservice@wellsfargo.com.
This press release does not constitute an offer to sell or
the solicitation of an offer to buy the notes described herein, nor
shall there be any sale of these notes in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. The notes will be offered only by means of a
prospectus, including the prospectus supplement relating to the
notes, and any free writing prospectus prepared by or on behalf of
us, each of which meeting the requirements of Section 10 of the
Securities Act of 1933, as amended. A securities rating is not a
recommendation to buy, sell or hold securities and may be subject
to revision, suspension or withdrawal at any time. Each credit
rating should be evaluated independently of any other credit
rating.
This press release does not constitute an offer to purchase
or a solicitation of an offer to sell any of the senior notes
subject to the Tender Offer. The Tender Offer is being made only by
and pursuant to, and on the terms and conditions set forth in, the
Offer to Purchase dated April 28, 2021.
ABOUT WASTE MANAGEMENT
Waste Management, based in Houston, Texas, is the leading
provider of comprehensive waste management environmental services
in North America, providing services throughout the United States
and Canada. Through its subsidiaries, the Company provides
collection, transfer, disposal services, and recycling and resource
recovery. It is also a leading developer, operator and owner of
landfill gas-to-energy facilities in the United States. The
Company’s customers include residential, commercial, industrial,
and municipal customers throughout North America.
FORWARD-LOOKING STATEMENT
This press release contains forward-looking statements that
involve risks and uncertainties. Factors that could cause actual
results to differ materially from those expressed or implied by the
forward-looking statements in this press release are discussed in
Waste Management’s most recent Annual Report on Form 10-K and
subsequent reports on Form 10-Q.
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version on businesswire.com: https://www.businesswire.com/news/home/20210428006204/en/
Analysts & Media Ed Egl 713.265.1656 eegl@wm.com
Waste Management (NYSE:WM)
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