Baker Botts Advises WM in $2 Billion Senior Notes Offering
Deal Description: On July 27, 2023, Waste Management, Inc. (NYSE: WM) (“WM” or the “Company”) announced the pricing of its public offering of $2,000,000,000 aggregate principal amount of the following notes:
- $750,000,000 aggregate principal amount of 4.875% Senior Notes due 2029; and
- $1,250,000,000 aggregate principal amount of 4.875% Senior Notes due 2034.
The Company intends to use the net proceeds from the senior notes offering to repay borrowings under its commercial paper program used for working capital, which is fully supported by the Company’s $3.5 billion revolving credit facility, to repay borrowings under the Company’s $1.0 billion, two-year, U.S. term credit agreement and for general corporate purposes.
The senior notes offering is expected to close on August 3, 2023, subject to satisfaction of customary closing conditions.
Baker Botts L.L.P. represented the Company in the senior notes offering.
WM is North America’s leading provider of comprehensive environmental solutions. Previously known as Waste Management and based in Houston, Texas, WM is driven by commitments to put people first and achieve success with integrity. The Company, through its subsidiaries, provides collection, recycling and disposal services to millions of residential, commercial, industrial and municipal customers throughout the U.S. and Canada. With innovative infrastructure and capabilities in recycling, organics and renewable energy, WM provides environmental solutions to and collaborates with its customers in helping them achieve their sustainability goals. WM has the largest disposal network and collection fleet in North America, is the largest recycler of post-consumer materials and is the leader in beneficial use of landfill gas, with a growing network of renewable natural gas plants and the most gas-to-electricity plants in North America. WM’s fleet includes nearly 11,000 natural gas trucks – the largest heavy-duty natural gas truck fleet of its kind in North America.
Baker Botts Lawyers/Office Involved:
- Corporate: Clint Rancher (Partner, Houston); Lakshmi Ramanathan (Special Counsel, Houston); Talha Chaudhry (Associate, Houston)
- Environmental: Aileen Hooks (Senior Counsel, Austin); Katie Windle (Associate, Austin)
- Labor & Employment: Jennifer Trulock (Partner, Dallas)
- Employee Benefits: Robin Melman (Partner; New York); Gabriela Alvarez (Senior Associate, Houston)
- Tax: Jon Lobb (Partner, Houston); Phillip Clifton (Associate, Houston)
For more information, please see the Company’s news release relating to the senior notes offering here.
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