By Andrea Heisinger
New York, Sept. 5 - Waste Management, Inc. sold $500 million of 2.9% 10-year senior notes on Wednesday at a spread of Treasuries plus 135 basis points, a source away from the trade said.
The notes (Baa3/BBB/BBB) were priced at 99.681 to yield 2.937%.
There is a make-whole call at Treasuries plus 20 bps until June 15, 2022 and a par call after that date. The notes feature a change-of-control put at 101%.
Bookrunners were Barclays, BNP Paribas Securities Corp. and Bank of America Merrill Lynch.
Proceeds will be used to repay $400 million of 6.375% senior notes maturing in November and for general corporate purposes, including working capital and capital expenditures.
The notes are guaranteed by Waste Management Holdings Inc.
The waste collection, recycling and disposal company is based in Houston.
| Issuer: | Waste Management, Inc.
|
| Guarantor: | Waste Management Holdings Inc.
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Maturity: | Sept. 15, 2022
|
| Bookrunners: | Barclays, BNP Paribas Securities Corp., Bank of America Merrill Lynch
|
| Co-managers: | Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, PNC Capital Markets LLC, Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc.
|
| Coupon: | 2.9%
|
| Price: | 99.681
|
| Yield: | 2.937%
|
| Spread: | Treasuries plus 135 bps
|
| Call: | Make-whole at Treasuries plus 20 bps until June 15, 2022, par call after
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 5
|
| Settlement date: | Sept. 12
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
