Deal Description: On November 5, 2020, Waste Management, Inc. (NYSE: WM) (“Waste Management”) announced the pricing of its public offering of $2,500,000,000 aggregate principal amount of the following notes:

• $500,000,000 aggregate principal amount of 0.750% Senior Notes due 2025;
• $500,000,000 aggregate principal amount of 1.150% Senior Notes due 2028;
• $1,000,000,000 aggregate principal amount of 1.500% Senior Notes due 2031; and
• $500,000,000 aggregate principal amount of 2.500% Senior Notes due 2050.

Waste Management intends to use the net proceeds from the offering to repay all of the outstanding borrowings under the company’s $3.0 billion, 364-day, U.S. revolving credit facility, to redeem its $400 million aggregate principal amount of 4.60% Senior Notes due March 2021, including the payment of accrued and unpaid interest, and for general corporate purposes. Pending such application of the net proceeds, the company may temporarily invest in short-term investments.

The senior notes offering is expected to close November 17, 2020, subject to satisfaction of customary closing conditions.

Baker Botts L.L.P. represented Waste Management in the offering. 

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.

Principal Baker Botts Lawyers/Office Involved:

Corporate: Jason Rocha (Partner, Houston); Jude Dworaczyk (Associate, Houston); Gita Pathak (Associate, Houston); Jack Chadderdon (Associate, Houston); Malakeh Hijazi (Associate, Houston)

Environmental: Aileen Hooks (Partner, Austin); Catie Arnold (Associate, Austin)

Labor & Employment: Jennifer Trulock (Partner, Dallas); Mark Bodron (Partner, Houston); Gabriela Alvarez (Associate, Houston)

Tax: Michael Bresson (Partner, Houston); Leah Patrick (Associate, Houston)

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