Summary
Waste Management, Inc. (WM) has filed a Form 8-K detailing significant corporate actions. Primarily, the company has terminated its $3.0 billion 364-day revolving credit facility, which was entered into on July 28, 2020. This termination was executed concurrently with the closure of a $2.5 billion senior notes issuance on November 17, 2020. The proceeds from the notes sale were used to fully repay all outstanding debt under the credit facility. Additionally, the company's Board of Directors approved amended and restated by-laws, effective November 18, 2020. These changes include a new by-law requiring written delivery for stockholder notices and limiting the number of director nominees a stockholder can put forth to the number of directors to be elected at a meeting. These updates also align with recent amendments to the Delaware General Corporation Law.
Key Highlights
- 1Termination of a $3.0 billion 364-day revolving credit facility dated July 28, 2020.
- 2Full repayment of all outstanding debt under the terminated credit facility.
- 3Completion of a $2.5 billion senior notes issuance on November 17, 2020.
- 4Amended and restated by-laws effective November 18, 2020.
- 5New by-law requires stockholder notices to be in writing.
- 6By-laws limit the number of director nominees per stockholder to the number of open board seats.
- 7By-law amendments conform to recent changes in Delaware General Corporation Law.