Published on 4/28/2022 in the Prospect News Investment Grade Daily.
New Issue: Waste Management sells $1 billion 4.15% 10-year notes at 130 bps over Treasuries
By Wendy Van Sickle
Columbus, Ohio, April 28 – Waste Management, Inc. sold $1 billion of 4.15% 10-year senior notes at 99.85 to yield 4.169% on Thursday, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa1/A-/BBB+) priced with a spread of 130 basis points over Treasuries.
Barclays, BofA Securities Inc., Deutsche Bank Securities Inc., MUFG, Scotia Capital (USA) Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, BNP Paribas Securities Corp. and SMBC Nikko Securities America, Inc. were the bookrunners.
The notes are guaranteed by Waste Management Holdings, Inc.
Proceeds will be used to redeem the company’s $500 million of 2.9% senior notes due 2022.
Waste Management is a Houston-based provider of waste collection, transfer, recycling and resource recovery and disposal services.
| Issuer: | Waste Management, Inc.
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| Guarantor: | Waste Management Holdings, Inc.
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| Amount: | $1 billion
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| Issue: | Senior notes
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| Maturity: | April 15, 2032
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| Bookrunners: | Barclays, BofA Securities Inc., Deutsche Bank Securities Inc., MUFG, Scotia Capital (USA) Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, BNP Paribas Securities Corp. and SMBC Nikko Securities America, Inc.
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| Co-managers: | Truist Securities, Inc., U.S. Bancorp Investments, Inc., Academy Securities, Inc., Cabrera Capital Markets, LLC, CastleOak Securities, LP, CAVU Securities, LLC, MFR Securities, Inc. and Stern Brothers & Co.
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| Trustee: | Bank of New York Mellon Trust Co., NA
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| Counsel to issuer: | Baker Botts LLP
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| Counsel to underwriters: | Gibson, Dunn & Crutcher LLP
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| Coupon: | 4.15%
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| Price: | 99.85
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| Yield: | 4.169%
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| Spread: | Treasuries plus 130 bps
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| Call feature: | Make-whole call before Jan. 15, 2032 at Treasuries plus 20 bps; thereafter at par
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| Pricing date: | April 28
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| Settlement date: | May 12
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| Ratings: | Moody’s: Baa1
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| S&P: A-
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| Fitch: BBB+
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| Distribution: | SEC registered
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| Cusip: | 94106LBS7
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