HOUSTON--(BUSINESS WIRE)--May 5, 2014--
Waste Management, Inc. (NYSE: WM) today announced that it has priced an
underwritten public offering of $350 million aggregate principal amount
of 3.50% senior notes due May 15, 2024 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 A- by Standard & Poor’s, BBB by
Fitch and Baa3 by Moody’s.
The offering is expected to close on May 8, 2014. The company plans to
use the net proceeds of the offering to pay down approximately $346
million of borrowings under its revolving credit facility that were
incurred to repay its 5.00% senior notes that matured in March 2014.
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and RBS
Securities Inc. are acting as joint book-running and joint lead managers
of the offering. In addition, BBVA Securities Inc., Blaylock Beal Van,
LLC, Drexel Hamilton, LLC, Mitsubishi UFJ Securities (USA), Inc. and
Mizuho Securities USA 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 and joint lead
managers at: (1) Deutsche Bank Securities Inc. toll-free at (800)
503-4611; (2) J.P. Morgan Securities Inc. collect at (212) 834-4533; or
(3) RBS Securities Inc. toll-free at (866) 884-2071.
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
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, 2013.
Source: Waste Management, Inc.
Ed Egl, 713.265.1656