News Releases

Baker Botts Advises Waste Management in $2.5 Billion Senior Notes Offering

Release

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)

 

ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm of approximately 725 lawyers practicing throughout a network of 13 offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy and technology sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.

Related Professionals