HOUSTON--(BUSINESS WIRE)--Oct. 30, 2017--
Waste Management, Inc. (NYSE: WM) today announced that it has priced a
public offering of $750 million aggregate principal amount of 3.150%
senior notes due November 15, 2027 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 November 8, 2017. The company plans
to use the net proceeds of the offering to redeem $590 million aggregate
principal amount of its outstanding 6.10% Senior Notes due 2018. Pending
such application of the net proceeds, the Company anticipates that it
may repay borrowings under its commercial paper program used for working
capital. Any excess proceeds will be used for general corporate
purposes. This press release does not constitute a notice of redemption
under the indenture governing the 6.10% Senior Notes due 2018.
Barclays Capital Inc., J.P. Morgan Securities LLC and Merrill Lynch,
Pierce, Fenner & Smith Incorporated are acting as joint book-running
managers of the offering. In addition, MUFG Securities Americas Inc.,
Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., Academy
Securities, Inc., MFR Securities, Inc. and Siebert Cisneros 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)
Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717, Toll-free: 1-888-603-5847; (2) J.P.
Morgan Securities LLC, 383 Madison Avenue, New York, New York, 10179,
Attention: Investment Grade Syndicate Desk, 3rd Floor; Collect:
1-212-834-4533; or (3) 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.
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, 2016.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171030006358/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
www.wm.com
