Waste Management Announces Expiration and Final Results of Cash Tender Offer
May 21 2019 - 7:00AM
Business Wire
Waste Management, Inc. (NYSE:WM) announced today that the
previously announced cash tender offer by Waste Management and its
wholly owned subsidiary, Waste Management Holdings, Inc. (“WMH”),
expired at 5:00 p.m. New York City time on May 20, 2019. At the
expiration time, valid tenders had been received in the amounts set
forth in the table below.
Issuer Title of Security
CUSIPNumber
Principal
AmountOutstanding
Principal
AmountTendered(1)
Percentage of OutstandingAmount
Tendered(1)
WMH(2) 7.10% Notes due 2026 92929QAQ0 $304,378,000 $55,480,000
18.23% WM 7.00% Senior Notes due 2028 902917AH6 $394,869,000
$64,450,000 16.32% WM 7.375% Senior Notes due 2029 94106LAG4
$139,152,000 $58,047,000 41.71% WM 7.75% Senior Notes due 2032
94106LAN9 $210,385,000 $57,449,000 27.31% WM 6.125% Senior Notes
due 2039 94106LAV1 $273,575,000 $21,772,000 7.96% (1)
No notes were tendered through the guaranteed delivery
procedures. (2) 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.
Waste Management expects to accept for payment all notes validly
tendered and not validly withdrawn in the tender offer and expects
to make payment for the notes in same-day funds on May 23,
2019.
Waste Management executed this tender offer to reduce its future
debt obligations.
Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC
served as the Dealer Managers for the tender offer. Global
Bondholder Services Corporation served as the Depositary and
Information Agent for the tender offer.
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/20190521005307/en/
AnalystsEd Egl713.265.1656eegl@wm.com
MediaTiffiany Moehring720.346.5372tmoehrin@wm.com
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