Published on 5/5/2014 in the Prospect News Investment Grade Daily.
New Issue: Waste Management prices $350 million 3.5% 10-year notes at 92 bps over Treasuries
By Aleesia Forni
Virginia Beach, May 5 - Waste Management, Inc. priced $350 million of 3.5% senior notes (Baa3/A-/BBB) due 2024 with a spread of Treasuries plus 92 basis points, according to a FWP filed with the Securities and Exchange Commission.
The notes sold at the tight end of the Treasuries plus 95 bps area talk.
Pricing was at 99.748 to yield 3.53%.
The bookrunners were Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and RBS Securities Inc.
Proceeds will be used to repay borrowings under the company's revolving credit facility.
The notes are guaranteed by Waste Management Holdings Inc.
The waste collection, recycling and disposal company is based in Houston.
Issuer: | Waste Management, Inc.
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Amount: | $350 million
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Description: | Senior notes
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Maturity: | May 15, 2024
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Bookrunners: | Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, RBS Securities Inc.
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Co-managers: | BBVA Securities Inc., Blaylock Beal Van, LLC, Drexel Hamilton, LLC, Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc.
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Coupon: | 3.5%
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Price: | 99.748
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Yield: | 3.53%
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Spread: | Treasuries plus 92 bps
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Trade date: | May 5
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Settlement date: | May 8
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Ratings: | Moody's: Baa3
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| Standard & Poor's: A-
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| Fitch: BBB
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Price talk: | Treasuries plus 95 bps area
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Make-whole call: | Treasuries plus 15 bps prior to Feb. 15, 2024, then callable at par
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Distribution: | SEC-registered
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