New Issue: Waste Management prices $350 million 3.5% 10-year notes at 92 bps over Treasuries

By Aleesia Forni

Virginia Beach, May 5 - Waste Management, Inc. priced $350 million of 3.5% senior notes (Baa3/A-/BBB) due 2024 with a spread of Treasuries plus 92 basis points, according to a FWP filed with the Securities and Exchange Commission.

The notes sold at the tight end of the Treasuries plus 95 bps area talk.

Pricing was at 99.748 to yield 3.53%.

The bookrunners were Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and RBS Securities Inc.

Proceeds will be used to repay borrowings under the company's revolving credit facility.

The notes are guaranteed by Waste Management Holdings Inc.

The waste collection, recycling and disposal company is based in Houston.

Issuer:	Waste Management, Inc.
Amount:	$350 million
Description:	Senior notes
Maturity:	May 15, 2024
Bookrunners:	Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, RBS Securities Inc.
Co-managers:	BBVA Securities Inc., Blaylock Beal Van, LLC, Drexel Hamilton, LLC, Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc.
Coupon:	3.5%
Price:	99.748
Yield:	3.53%
Spread:	Treasuries plus 92 bps
Trade date:	May 5
Settlement date:	May 8
Ratings:	Moody's: Baa3
	Standard & Poor's: A-
	Fitch: BBB
Price talk:	Treasuries plus 95 bps area
Make-whole call:	Treasuries plus 15 bps prior to Feb. 15, 2024, then callable at par
Distribution:	SEC-registered

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