HOUSTON--(BUSINESS WIRE)--May 9, 2016--
Waste Management, Inc. (NYSE: WM) today announced that it has priced an
underwritten public offering of $500 million aggregate principal amount
of 2.4% senior notes due May 15, 2023 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 Baa2 by Moody’s.
The offering is expected to close on May 16, 2016. The company plans to
use the net proceeds of the offering, together with cash on hand, to
repay $500 million principal amount of its outstanding 2.6% Senior Notes
when they mature in September 2016, plus accrued and unpaid interest of
$6.5 million. Pending such application of the net proceeds, the Company
anticipates that it may temporarily pay down short-term borrowings under
its U.S. revolving credit facility used for working capital and
temporarily invest in short-term investments.
Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Mizuho Securities USA Inc. are acting as joint
book-running managers of the offering. In addition, Scotia Capital (USA)
Inc., PNC Capital Markets LLC, Comerica Securities, Inc., Drexel
Hamilton, LLC, and Siebert Brandford Shank & Co., L.L.C. 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: (1)
Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY 11717; Toll-free: 1-800-831-9146;
E-mail: prospectus@citi.com;
(2) Merrill Lynch, Pierce, Fenner & Smith Incorporated, 200 North
College Street, NC1-004-03-43, Charlotte, NC 28255-0001, Attn:
Prospectus Department; Toll-free: 1-800-294-1322; Email: dg.prospectus_requests@baml.com;
or (3) Mizuho Securities USA Inc., 320 Park Avenue – 12th Floor, New
York, NY 10022, Attn: Debt Capital Markets; Toll free: 1-866-271-7403.
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 jurisdiction 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 landfill gas-to-energy facilities in
the United States. The company’s customers include residential,
commercial, industrial, and municipal customers throughout North America.
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, including the use
of proceeds from the offering and the closing timing of the offering,
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. Our business is
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, 2015.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160509006651/en/
Source: Waste Management, Inc.
Waste Management
Analysts:
Ed Egl, 713.265.1656
eegl@wm.com
or
Media:
Toni
Beck, 713.394.5093
tbeck3@wm.com
Web
site: www.wm.com
