Baker Botts Advises WM in $5.2 Billion Senior Notes Offering
Deal Description: On November 4, 2024, Waste Management, Inc. (NYSE: WM) (“WM” or the “Company”) closed its public offering of $5,200,000,000 aggregate principal amount of the following notes:
- $1,000,000 aggregate principal amount of 4.500% Senior Notes due 2028;
- $700,000,000 aggregate principal amount of 4.650% Senior Notes due 2030;
- $750,000,000 aggregate principal amount of 4.800% Senior Notes due 2032;
- $1,500,000,000 aggregate principal amount of 4.950% Senior Notes due 2035; and
- $1,250,000,000 aggregate principal amount of 5.350% Senior Notes due 2054.
The Company used the proceeds from the senior notes offering to fund consideration for its acquisition of Stericycle, Inc., which closed on November 4, 2024, and to pay related fees and expenses.
Baker Botts L.L.P. represented the Company in the 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. WM, 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 a leader in beneficial use of landfill gas, with a growing network of renewable natural gas plants and the most landfill gas-to-electricity plants in North America. WM’s fleet includes more than 12,000 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); Parker Hinman (Senior Associate, Houston); Talha Chaudhry (Associate, Houston)
- Finance: Clint Culpepper (Partner; Austin); Morgan Copher (Associate, Dallas)
- Tax: Jon Lobb (Partner, Houston); Katie McEvilly (Senior Associate, Houston)
For more information, please see the Company’s news release here.
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