WM Announces Pricing of $1.5 Billion Senior Notes
25 June 2024 - 7:55AM
Business Wire
Waste Management, Inc. (NYSE: WM) (“WM” or the “Company”) today
announced that it has priced a public offering of $1,500,000,000
aggregate principal amount of senior notes under an effective shelf
registration statement previously filed with the Securities and
Exchange Commission (the “SEC”), as follows:
- $750,000,000 aggregate principal amount of 4.950% senior notes
due July 3, 2027; and
- $750,000,000 aggregate principal amount of 4.950% senior notes
due July 3, 2031.
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, A- by Fitch and A3 by Moody’s.
The offering is expected to close on July 3, 2024, subject to
the satisfaction of closing conditions. The Company intends to use
the net proceeds from the offering to repay borrowings under its
commercial paper program used for working capital, which is fully
supported by the Company’s $3.5 billion revolving credit facility,
and the remainder, if any, for general corporate purposes.
BNP Paribas Securities Corp., SMBC Nikko Securities America,
Inc., Truist Securities, Inc., Wells Fargo Securities, LLC, MUFG
Securities Americas Inc., PNC Capital Markets LLC, RBC Capital
Markets, LLC and U.S. Bancorp Investments, Inc. are acting as joint
book-running managers of the offering. In addition, Deutsche Bank
Securities Inc., Goldman Sachs & Co. LLC, Academy Securities,
Inc., Loop Capital Markets LLC, 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: BNP Paribas Securities Corp., by
mail: Attn: Debt Syndicate, 787 Seventh Avenue, 3rd Floor, New
York, NY 10019, by phone at 1 (800) 854-5674 or by email at
DL.US.Syndicate.Support@us.bnpparibas.com; SMBC Nikko Securities
America, Inc., by mail: Attn: Debt Capital Markets, 277 Park
Avenue, New York, NY 10172 or by phone at 1 (888) 868-6856; Truist
Securities, Inc., by mail: Attn: Investment Grade Debt Capital
Markets, 3333 Peachtree Road NE, 11th Floor, by phone at 1 (800)
685-4786 or by email at TruistSecurities.prospectus@Truist.com; or
Wells Fargo Securities, LLC, by mail: Attn: WFS Customer Service,
608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, 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.
ABOUT WM WM is North America's leading provider of
comprehensive environmental solutions. Previously known as Waste
Management and based in Houston, Texas, WM is driven by commitments
to put people first and achieve success with integrity. The
Company, through its subsidiaries, provides collection, recycling
and disposal services to millions of residential, commercial,
industrial and municipal customers throughout the U.S. and Canada.
With innovative infrastructure and capabilities in recycling,
organics and renewable energy, WM provides environmental solutions
to and collaborates with its customers in helping them achieve
their sustainability goals. WM has the largest disposal network and
collection fleet in North America, is the largest recycler of
post-consumer materials and is the leader in beneficial use of
landfill gas, with a growing network of renewable natural gas
plants and the most landfill gas-to-electricity plants in North
America. WM's fleet includes more than 12,000 natural gas trucks –
the largest heavy-duty natural gas truck fleet of its kind in North
America.
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 the Company’s most recent
Annual Report on Form 10-K and subsequent reports on Form 10-Q.
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Waste Management
Analysts Ed Egl 713.265.1656 eegl@wm.com
Media Toni Werner media@wm.com
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