WM Announces Pricing of $1.25 Billion Senior Notes
09 Februar 2023 - 12:14AM
Business Wire
Waste Management, Inc. (NYSE: WM) (“WM” or the “Company”) today
announced that it has priced a public offering of $1,250,000,000
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 4.625% senior notes
due February 15, 2030; and
- $500,000,000 aggregate principal amount of 4.625% senior notes
due February 15, 2033.
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 February 15, 2023, subject
to the satisfaction of closing conditions. The Company intends to
use the net proceeds from the offering (i) 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, (ii) to repay $500 million aggregate principal amount of
its outstanding 2.40% Senior Notes when they mature in May 2023 and
(iii) for general corporate purposes.
J.P. Morgan Securities LLC, Mizuho Securities USA LLC, SMBC
Nikko Securities America, Inc., Wells Fargo Securities, LLC,
Barclays Capital Inc., BofA Securities, Inc., Deutsche Bank
Securities Inc., RBC Capital Markets, LLC and Scotia Capital (USA)
Inc. are acting as joint book-running managers of the offering. In
addition, BNP Paribas Securities Corp., MUFG Securities Americas
Inc., Truist Securities, Inc., U.S. Bancorp Investments, Inc.,
Academy Securities, Inc., Loop Capital Markets LLC, MFR Securities,
Inc., Mischler Financial Group, Inc. and Siebert Williams Shank
& Co., LLC 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: J.P. Morgan Securities LLC, c/o Broadridge Financial
Solutions, by mail: 1155 Long Island Avenue, Edgewood, NY 11717,
Attn: Prospectus Department, or by telephone at 1-866-803-9204;
Mizuho Securities USA LLC, by mail: 1271 Avenue of the Americas,
New York, NY 10020, Attn: Debt Capital Markets or by phone at
1-866-271-7403; SMBC Nikko Securities America, Inc., by mail: 277
Park Avenue, New York, NY 10172, Attn: Debt Capital Markets, by
phone at 1-888-868-6856 or by email at prospectus@smbcnikko-si.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.
ABOUT WM
WM is North America's largest comprehensive waste management
environmental solutions provider. 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 reuse of
landfill gas, with a growing network of renewable natural gas
plants and the most gas-to-electricity plants in North America.
WM's fleet includes nearly 11,000 natural gas trucks – the largest
heavy-duty natural gas truck fleet of its kind in North America –
where more than half are fueled by renewable natural gas.
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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version on businesswire.com: https://www.businesswire.com/news/home/20230208006016/en/
Waste Management
Analysts Ed Egl 713.265.1656 eegl@wm.com
Media Toni Werner corp_comm@wm.com
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