Waste Management to offer senior notes due 2029, 2034

By Mary-Katherine Stinson

Lexington, Ky., July 27 – Waste Management, Inc. plans to offer two tranches of senior notes due 2029 and 2034, according to a 424B3 filing with the Securities and Exchange Commission.

The notes feature make-whole redemption options followed by par call options. The par call options will start in 2029, one month prior to maturity, in the case of the 2029 notes, and in 2033, three months prior to maturity, in the case of the 2034 notes.

A change of control will make the notes putable at 101.

Waste Management Holdings, Inc. is the guarantor.

Barclays, BofA Securities, Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and Scotia Capital (USA) Inc. are acting as joint bookrunners for 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 borrowings under its $1 billion two-year term credit agreement maturing in May 2024 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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