Waste Management to repay borrowings with $500 million bond sale

By Aleesia Forni

Columbus, Ohio, Aug. 24 - Waste Management Inc. will use some of the proceeds from its $500 million offering of five-year notes to repay borrowings under its $2 billion revolver.

Roughly $100 million was outstanding as of Aug. 23.

Remaining proceeds will be used to fund additions to working capital, capital expenditures and other general corporate purposes, according to a 424B3 filing with the Securities and Exchange Commission.

The company will also use proceeds to fund potential acquisitions and investments in the business.

The new notes will mature in 2016.

Original borrowings under the revolver were used to help finance the $425 million purchase of Oakleaf Global Holdings in July 2011.

As of August 23, the outstanding borrowings bore interest at 1.36%, maturing in May 2016.

Waste Management is a Houston-based environmental solutions company, focused on managing and reducing waste.

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