Waste Management (WM) Announces Pricing on $600M Senior Note Offering
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Waste Management, Inc. (NYSE: WM) announced today that it has priced an underwritten public offering of $600 million aggregate principal amount of 6.125% senior notes due November 30, 2039 under a 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 are expected to be assigned ratings of BBB by both Standard & Poor's and Fitch and Baa3 by Moody's. The offering is expected to close on November 17, 2009.
The Company plans to use a portion of the net proceeds to fund certain equity investments and acquisitions and all remaining proceeds will be used for general corporate purposes, including additions to working capital, capital expenditures and the funding of other potential acquisitions and investments in businesses.
BNP Paribas Securities Corp., J.P. Morgan Securities Inc., Scotia Capital (USA) Inc., and Wells Fargo Securities, LLC. acted as joint book-running and joint lead managers of the offering. In addition, Calyon Securities (USA) Inc., Citigroup Global Markets Inc., Comerica Securities, Inc., Daiwa Securities America Inc., Goldman Sachs & Co., Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities, Inc., Morgan Keegan & Company, Inc., SunTrust Capital Markets, Inc., and U.S. Bancorp Investments, Inc. acted as co-managers of the offering.
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