Waste Management, Inc. (NYSE:WM) announced today the
consideration for each series of notes subject to the previously
announced cash tender offer by Waste Management and its wholly
owned subsidiary, Waste Management Holdings, Inc. (“WMH”). The
consideration was calculated by the Dealer Managers at 2:00 p.m.
New York City time today.
The consideration for each $1,000 principal amount of notes
validly tendered and accepted for payment pursuant to the tender
offer is set forth in the table below, determined in the manner
described in the Offer Documents by reference to the applicable
fixed spread specified for that series in the table below over the
yield based on the bid side price of the applicable U.S. Treasury
Security specified in the table below for that series. Holders
whose notes are purchased will also receive accrued and unpaid
interest thereon from the applicable last interest payment date up
to, but not including, the settlement date, which is expected to be
May 23, 2019.
Issuer
Title ofSecurity
CUSIPNumber
Principal
AmountOutstanding
Reference
U.S.TreasurySecurity
ReferenceU.S.
TreasurySecurityYield
BloombergReferencePage
FixedSpread
Consideration WMH(1) 7.10% Notes due 2026 92929QAQ0
$304,378,000
2.375% U.S. Treasury dueMay 15, 2029
2.416% FIT1 85 bps $1,243.83 WM 7.00% Senior Notes due 2028
902917AH6 $394,869,000
2.375% U.S. Treasury dueMay 15, 2029
2.416% FIT1 95 bps $1,283.94 WM 7.375% Senior Notes due 2029
94106LAG4 $139,152,000
2.375% U.S. Treasury dueMay 15, 2029
2.416% FIT1 100 bps $1,332.35 WM 7.75% Senior Notes due 2032
94106LAN9 $210,385,000
2.375% U.S. Treasury dueMay 15, 2029
2.416% FIT1 110 bps $1,438.15
WM
6.125% Senior Notes due 2039 94106LAV1 $273,575,000
3.00% U.S. Treasury dueFebruary 15,
2049
2.837% FIT1 115 bps $1,297.69
_______
(1)
WMH is a wholly owned subsidiary of Waste
Management, Inc. WMH has fully and unconditionally guaranteed all
the senior notes issued by Waste Management, Inc. and Waste
Management, Inc. has fully and unconditionally guaranteed the notes
issued by WMH.
The offers are made pursuant to an Offer to Purchase dated May
14, 2019 and a related Letter of Transmittal and Notice of
Guaranteed Delivery (as amended or supplemented to date, the “Offer
Documents”), which set forth the terms and conditions of the tender
offer.
The tender offer will expire at 5:00 p.m. New York City Time on
May 20, 2019, unless extended. Holders of notes must validly tender
and not validly withdraw their notes before 5:00 p.m. New York City
Time on the expiration date, or comply with the guaranteed delivery
procedures set forth in the Offer Documents, to be eligible to
receive the consideration for each series of notes.
Waste Management has retained Deutsche Bank Securities
Inc. and J.P. Morgan Securities LLC to serve as the
Dealer Managers for the tender offer. Deutsche Bank Securities
Inc. may be contacted at (866) 627-0391 (toll free) or (212)
250-2955 (collect), and J.P. Morgan Securities LLC may be
contacted at (866) 834-4666 (toll free) or (212) 834-3424
(collect).
Waste Management has also retained Global Bondholder
Services Corporation to serve as the Depositary and
Information Agent for the tender offer.
The tender offer is being made only pursuant to the terms and
conditions contained in the Offer to Purchase, Letter of
Transmittal and Notice of Guaranteed Delivery, copies of which may
be obtained from Global Bondholder Services
Corporation by telephone at (866) 470-3700 (toll-free) or for
banks and brokers, at (212) 430-3774 (Banks and Brokers Only) or in
writing at Global Bondholder Services Corporation, 65
Broadway, Suite 404, New York, New York 10006.
Copies of the Offer to Purchase, Letter of Transmittal and
Notice of Guaranteed Delivery are also available at the following
web address: https://gbsc-usa.com/registration/wm
This press release is neither an offer to purchase nor a
solicitation of an offer to sell any notes in the tender offer.
None of Waste Management, Inc., WMH, their respective
boards of directors or officers, the Dealer Managers, the
Depositary or the Information Agent makes any recommendation to any
holder of notes whether to tender or refrain from tendering any or
all of such holder’s notes, and none of them have authorized any
person to make any such recommendation.
Forward Looking Statements
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
our Annual Report on Form 10-K for the year ended December 31,
2018, and our Quarterly Report on Form 10-Q for the period
ended March 31, 2019.
About Waste Management
Waste Management, based in Houston, Texas, is the leading
provider of comprehensive waste management environmental services
in North America. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190520005773/en/
Waste Management
AnalystsEd Egl713.265.1656eegl@wm.com
MediaTiffiany Moehring720.346.5372tmoehrin@wm.com
Waste Management (NYSE:WM)
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