Waste Management to offer senior notes due 2030, 2033

By Mary-Katherine Stinson

Lexington, Ky., Feb. 8 – Waste Management, Inc. plans to offer two tranches of senior notes due 2030 and 2033, according to a 424B3 filing with the Securities and Exchange Commission.

The notes feature a make-whole redemption option followed by a par call option. The par call option will start in 2029, two months before maturity date in the case of the 2030 notes, and in 2032, three months before maturity for the 2033 notes.

Waste Management Holdings, Inc. is the guarantor.

J.P. Morgan Securities LLC, Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc. and Wells Fargo Securities, LLC are acting as joint book-running managers of the offering.

Bank of New York Mellon Trust Co., NA is the trustee.

Baker Botts LLP will act as legal counsel for Waste Management, while Gibson, Dunn & Crutcher LLP will advise the bookrunners.

Proceeds will be used to repay borrowings under the company’s commercial paper program used for working capital which is fully supported by the company’s $3.5 billion revolving credit facility, to repay $500 million aggregate principal amount of outstanding 2.4% senior notes at maturity in May and for general corporate purposes.

Waste Management is a Houston-based provider of waste collection, transfer, recycling and resource recovery and disposal services.

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