By Andrea Heisinger
Omaha, March 3 - Waste Management, Inc. priced an upsized $600 million of 6.1% 10-year senior notes (Baa3/BBB) Monday to yield Treasuries plus 260 basis points, an informed source said.
The issue was increased from $500 million and priced in line with talk.
The notes feature a change-of-control put of 101%.
Bookrunners were Banc of America Securities LLC, J.P. Morgan Securities Inc. and RBS Greenwich Capital.
Proceeds will be used to retire debt, to repay borrowings under a revolving credit facility and for general corporate purposes.
The trash and waste removal and recycling company is based in Houston.
| Issuer: | Waste Management, Inc.
|
| Issue: | Senior notes
|
| Amount: | $600 million, increased from $500 million
|
| Maturity: | March 15, 2018
|
| Bookrunners: | Banc of America Securities LLC, J.P. Morgan Securities Inc., RBS Greenwich Capital
|
| Coupon: | 6.1%
|
| Spread: | Treasuries plus 260 bps
|
| Change-of-control put: | 101%
|
| Trade date: | March 3
|
| Settlement date: | March 6
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB
|
| Price talk: | 260 bps
|
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