Summary
Waste Management, Inc. (WM) filed an 8-K on August 1, 2023, reporting on the pricing and upcoming issuance of $2.0 billion in aggregate principal amount of senior notes. The offering consists of $750 million of 4.875% Senior Notes due 2029 and $1.25 billion of 4.875% Senior Notes due 2034. These notes will be fully and unconditionally guaranteed by WM Holdings, a wholly-owned subsidiary. The company entered into an Underwriting Agreement on July 27, 2023, with several prominent investment banks, including Barclays Capital Inc., BofA Securities, Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, and Scotia Capital (USA) Inc., as representatives of the underwriters. The closing of this issuance is anticipated on August 3, 2023, subject to customary closing conditions. This action indicates a significant financing event for Waste Management, likely aimed at managing its capital structure, funding future initiatives, or refinancing existing debt.
Key Highlights
- 1Waste Management Inc. priced a public offering of $2.0 billion in aggregate principal amount of senior notes.
- 2The offering includes $750 million of 4.875% Senior Notes due 2029 and $1.25 billion of 4.875% Senior Notes due 2034.
- 3The notes will be fully and unconditionally guaranteed by Waste Management Holdings, Inc. (WM Holdings).
- 4An Underwriting Agreement was executed on July 27, 2023, with a syndicate of underwriters led by major financial institutions.
- 5The closing of the note issuance is expected to occur on August 3, 2023, pending customary conditions.
- 6This financing activity is conducted under the company's existing Registration Statement on Form S-3.
- 7Some underwriters or their affiliates have existing relationships with WM, including lending under credit facilities and serving as dealers under the commercial paper program.