Deal Description: On April 28, 2021, Waste Management, Inc. (NYSE: WM) (“Waste Management”) announced the pricing of its public offering of $950,000,000 aggregate principal amount of the following notes:

• $475,000,000 aggregate principal amount of 2.00% Senior Notes due 2029; and
• $475,000,000 aggregate principal amount of 2.95% Senior Notes due 2041.

Waste Management intends to use some or all of the net proceeds from the senior notes offering, together with cash on hand, if necessary, to fund a concurrent cash tender offer, which commenced on April 28, 2021, for up to an aggregate principal amount of $950,000,000 of certain senior notes issued by Waste Management and its wholly owned subsidiary Waste Management Holdings, Inc., to pay related fees and expenses and for general corporate purposes.

The senior notes offering is expected to close on May 12, 2021, subject to satisfaction of customary closing conditions.

Baker Botts L.L.P. represented Waste Management in the senior notes offering and the cash tender offer.

Waste Management, based in Houston, Texas, is the leading provider of comprehensive waste management environmental services in North America, providing services throughout the United States and Canada. Through its subsidiaries, Waste Management 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. Waste Management’s customers include residential, commercial, industrial, and municipal customers throughout North America.

Baker Botts Lawyers/Office Involved:

• Corporate: Clint Rancher (Partner, Houston); Lakshmi Ramanathan (Senior Associate, Houston); Matthew McKenna (Associate, Houston); Malakeh Hijazi (Associate, Houston)
  
  
• Environmental: Aileen Hooks (Partner, Austin); Catie Miller (Associate, Austin)
  
  
• Labor & Employment: Jennifer Trulock (Partner, Dallas); Mark Bodron (Partner, Houston); Gabriela Alvarez (Associate, Houston)
  
  
• Tax: Michael Bresson (Partner, Houston); Leah Davis Patrick (Associate, Houston)

For more information, please see Waste Management’s news releases relating to the tender offer here and to the senior notes offering here.

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