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Waste Management intends to sell $500 million senior notes
By Lisa Kerner
Charlotte, N.C., May 9 – Waste Management, Inc. is in the market with $500 million of senior notes (//BBB), according to a form 424B3 filed with the Securities and Exchange Commission.
BofA Merrill Lynch, Citigroup Global Markets Inc. and Mizuho Securities USA Inc. are the bookrunners.
Proceeds, along with cash on hand, will be used to repay $500 million of the company’s outstanding 2.6% senior notes when they mature in September.
The company may temporarily use the proceeds to pay down short-term borrowings under its $2.25 billion revolving credit facility used for working capital, and to invest in short-term investments.
Waste Management is a Houston-based provider of waste collection, transfer, recycling and resource recovery and disposal services.
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