Waste Management tenders for $2.35 billion of notes in five series

New York, Feb. 18 – Waste Management, Inc. began a cash tender offer to buy any and all of five series of notes with a total of $2.35 billion outstanding, according to a news release.

Pricing for all the notes will be set using a fixed spread over a reference Treasury security.

The notes covered by the tender are:

• $448,975,000 of 7.1% notes due 2026 issued by subsidiary Waste Management Holdings, Inc. Pricing will be set using a spread of 125 basis points over the 2% Treasury due Feb. 15, 2025. The hypothetical payment, assuming pricing was set at 2 p.m. on Feb. 17, is $1,350.86 per $1,000 principal amount;

• $577,205,000 of 7% notes due 2028. Pricing will be set using a spread of 155 bps over the 2% Treasury due Feb. 15, 2025. The hypothetical payment is $1,349.09 per $1,000 principal amount;

• $222,930,000 of 7.375% notes due 2029. Pricing will be set using a spread of 160 bps over the 2% Treasury due Feb. 15, 2025. The hypothetical payment is $1,400.10 per $1,000 principal amount;

• $496 million of 7.75% notes due 2032. Pricing will be set using a spread of 100 bps over the 3% Treasury due Nov. 15, 2044. The hypothetical payment is $1,510.24 per $1,000 principal amount; and

• $600 million of 6.125% notes due 2039. Pricing will be set using a spread of 115 bps over the 3% Treasury due Nov. 15, 2044. The hypothetical payment is $1,358.61 per $1,000 principal amount.

Pricing will be set at 2 p.m. ET on Feb. 24. Waste Management will also pay accrued interest up to but excluding the settlement date.

The tender ends at 5 p.m. ET on Feb. 24. Settlement is expected on Feb. 27.

Completion of the tender is subject to conditions including the sale of new notes by Waste Management.

Deutsche Bank Securities Inc. (866 627-0391 or 212 250-2955), Goldman, Sachs & Co. (800 828-3182 or 212 902-6941), J.P. Morgan Securities LLC (866 834-4666 or 212 834-4811) and Credit Suisse Securities (USA) LLC are dealer managers.

Global Bondholder Services Corp. at (866 470-3700, banks and brokers 212 430-3774) is information agent and depositary.

Waste Management is a Houston-based provider of waste collection, transfer, recycling and resource recovery, and disposal services.

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