Summary
Waste Management, Inc. (WM) has announced the commencement of a private exchange offer and a related consent solicitation concerning Stericycle, Inc.'s (SRCL) outstanding 3.875% Senior Notes due 2029. This action is a component of WM's previously announced Agreement and Plan of Merger with Stericycle. The exchange offer allows eligible holders of SRCL Notes to swap their existing notes for newly issued WM notes, while the consent solicitation seeks to amend the SRCL Notes' indenture to remove most restrictive covenants, other than payment and bankruptcy-related defaults.
Key Highlights
- 1WM is launching a private exchange offer for Stericycle's 3.875% Senior Notes due 2029.
- 2A related consent solicitation aims to amend the indenture of these Stericycle notes.
- 3The primary goal of the consent solicitation is to eliminate substantially all restrictive covenants, except for payment and bankruptcy-related events of default.
- 4The exchange offer involves issuing new WM notes in exchange for the existing Stericycle notes.
- 5This initiative is part of the pending merger between Waste Management and Stericycle.
- 6The offer is made to 'Eligible Holders' and is subject to conditions outlined in the Offering Memorandum.
- 7The transaction is being conducted privately and is exempt from registration under the Securities Act of 1933.