Summary
Waste Management, Inc. (WM) filed an 8-K on May 3, 2021, reporting on the pricing and terms of a significant debt offering. The company successfully priced an underwritten public offering of $475,000,000 aggregate principal amount of 2.00% Senior Notes due 2029 and $475,000,000 aggregate principal amount of 2.95% Senior Notes due 2041, totaling $950,000,000 in new debt. These notes will be fully and unconditionally guaranteed by WM Holdings, a wholly-owned subsidiary. The offering was conducted under the company's existing shelf registration statement and involved a customary underwriting agreement with Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, and Wells Fargo Securities, LLC acting as representatives. The filing also details the expected closing date of May 12, 2021, subject to standard closing conditions, and incorporates by reference the underwriting agreement, indenture, and forms of officer's certificates and guarantee agreements, providing transparency on the specifics of the new debt issuance.
Key Highlights
- 1Waste Management, Inc. (WM) priced a public offering of $950 million in new senior notes.
- 2The offering consists of $475 million in 2.00% Senior Notes due 2029 and $475 million in 2.95% Senior Notes due 2041.
- 3The new notes are guaranteed by WM Holdings, a wholly-owned subsidiary.
- 4The offering was completed under the company's existing Form S-3 shelf registration.
- 5Key underwriters include Credit Suisse, Goldman Sachs, and Wells Fargo Securities.
- 6The expected closing date for the issuance and sale of the notes is May 12, 2021.
- 7The filing includes extensive documentation regarding the underwriting agreement, indenture, and guarantee agreements.