HOUSTON--(BUSINESS WIRE)--Sep. 5, 2012--
Waste Management, Inc. (NYSE: WM) today announced that it has priced an
underwritten public offering of $500 million aggregate principal amount
of 2.90% senior notes due September 15, 2022 under an effective shelf
registration statement previously filed with the Securities and Exchange
Commission. The notes will be fully and unconditionally guaranteed by
the company’s wholly-owned subsidiary, Waste Management Holdings, Inc.
The notes have been assigned ratings of BBB by both Standard & Poor’s
and Fitch and Baa3 by Moody’s.
The offering is expected to close on Sept. 12, 2012. The company plans
to use the net proceeds of the offering to repay the $400 million
principal amount of its outstanding 6.375% senior notes when they mature
in November, plus accrued and unpaid interest on those notes. All
remaining proceeds will be used for general corporate purposes,
including additions to working capital and capital expenditures.
Barclays Capital Inc., BNP Paribas Securities Corp., and Merrill Lynch,
Pierce, Fenner & Smith Incorporated are acting as joint book-running
managers of the offering. In addition, Goldman, Sachs & Co., J.P. Morgan
Securities LLC, Morgan Stanley & Co. LLC, PNC Capital Markets LLC,
Scotia Capital (USA) Inc., and U.S. Bancorp Investments, Inc. are acting
as co-managers of the offering. Copies of the final prospectus
supplement and related prospectus for this offering may be obtained by
visiting EDGAR on the SEC website at www.sec.gov
or, upon request, from any of the joint book-running managers at:
Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717, barclaysprospectus@broadridge.com,
1-888-603-5847; BNP Paribas Securities Corp., 787 Seventh Avenue, New
York, NY 10019, Attention: Syndicate Desk 7th Floor,
1-800-854-5674; or Merrill Lynch, Pierce, Fenner & Smith Incorporated,
222 Broadway, 7th Floor, New York, NY 10038, Attention:
Prospectus Delivery, dg.prospectus_requests@baml.com,
1-800-294-1322.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the notes described herein, nor shall
there be any sale of these notes in any state in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction. The
notes will be offered only by means of a prospectus, including the
prospectus supplement relating to the notes, meeting the requirements of
Section 10 of the Securities Act of 1933, as amended.
ABOUT WASTE MANAGEMENT
Waste Management, Inc., based in Houston, Texas, is the leading provider
of comprehensive waste management services in North America. Through its
subsidiaries, the company provides collection, transfer, recycling and
resource recovery, and disposal services. It is also a leading
developer, operator and owner of waste-to-energy and landfill
gas-to-energy facilities in the United States. The company’s customers
include residential, commercial, industrial, and municipal customers
throughout North America. To learn more information about Waste
Management visit www.wm.com
or www.thinkgreen.com.
This press release may contain forward-looking statements. The
Company, from time to time, provides estimates of financial and other
data, comments on expectations relating to future periods and makes
statements of opinion, view or belief about current and future events.
Statements relating to future events and performance are
"forward-looking statements.” You should view these statements with
caution. These statements are not guarantees of future performance,
circumstances or events. They are based on the facts and circumstances
known to us as of the date the statements are made. All phases of our
business are subject to uncertainties, risks and other influences, many
of which we do not control. Any of these factors, either alone or taken
together, could have a material adverse effect on us and could cause
actual results to be materially different from those set forth in such
forward-looking statement. We assume no obligation to update any
forward-looking statement, including financial estimates and forecasts,
whether as a result of future events, circumstances or developments or
otherwise. Information regarding factors that could materially affect
results and the accuracy of any forward-looking statements made by the
Company may be found in Part I, Item 1A of the Company’s Annual Report
on Form 10-K for the year ended December 31, 2011.
Source: Waste Management, Inc.
Waste Management
Analysts:
Ed Egl, 713.265.1656
eegl@wm.com
or
Media:
Lynn
Brown, 713.394.5093
lynnbrown@wm.com
www.wm.com