HOUSTON–(BUSINESS WIRE)–Waste Management, Inc. (NYSE:WM) announced today that the previously
announced cash tender offer by Waste Management and its wholly owned
subsidiary, Waste Management Holdings, Inc. (“WMH”), expired at 5:00
p.m. New York City time on May 20, 2019. At the expiration time, valid
tenders had been received in the amounts set forth in the table below.
| Issuer | Title of Security |
CUSIP |
Principal Amount |
Principal Amount |
Percentage of Outstanding |
||||||||||
| WMH(2) | 7.10% Notes due 2026 | 92929QAQ0 | $304,378,000 | $55,480,000 | 18.23% | ||||||||||
| WM | 7.00% Senior Notes due 2028 | 902917AH6 | $394,869,000 | $64,450,000 | 16.32% | ||||||||||
| WM | 7.375% Senior Notes due 2029 | 94106LAG4 | $139,152,000 | $58,047,000 | 41.71% | ||||||||||
| WM | 7.75% Senior Notes due 2032 | 94106LAN9 | $210,385,000 | $57,449,000 | 27.31% | ||||||||||
| WM | 6.125% Senior Notes due 2039 | 94106LAV1 | $273,575,000 | $21,772,000 | 7.96% | ||||||||||
| (1) | No notes were tendered through the guaranteed delivery procedures. | ||
| (2) |
WMH is a wholly owned subsidiary of Waste Management, Inc. WMH has fully and unconditionally guaranteed all the senior notes issued by Waste Management, Inc. and Waste Management, Inc. has fully and unconditionally guaranteed the notes issued by WMH. |
||
Waste Management expects to accept for payment all notes validly
tendered and not validly withdrawn in the tender offer and expects to
make payment for the notes in same-day funds on May 23, 2019.
Waste Management executed this tender offer to reduce its future debt
obligations.
Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC served as
the Dealer Managers for the tender offer. Global Bondholder Services
Corporation served as the Depositary and Information Agent for the
tender offer.
Forward Looking Statements
This press release contains forward-looking statements that involve
risks and uncertainties. Factors that could cause actual results to
differ materially from those expressed or implied by the forward-looking
statements in this press release are discussed in our Annual Report on
Form 10-K for the year ended December 31, 2018, and our Quarterly Report
on Form 10-Q for the period ended March 31, 2019.
About Waste Management
Waste Management, based in Houston, Texas, is the leading provider of
comprehensive waste management environmental services in North America.
Through its subsidiaries, the company provides collection, transfer,
disposal services, and recycling and resource recovery. It is also a
leading developer, operator and owner of landfill gas-to-energy
facilities in the United States. The company’s customers include
residential, commercial, industrial, and municipal customers
throughout North America.
Contacts
Analysts
Ed Egl
713.265.1656
[email protected]
Media
Tiffiany Moehring
720.346.5372
[email protected]
