Waste Management amends, restates $2.25 billion credit agreement

By Wendy Van Sickle

Columbus, Ohio July 14 – Waste Management, Inc. amended and restated its$2.25 billion revolving credit agreement on Friday, according to an 8-K filed with the Securities and Exchange Commission.

The agreement’s maturity date was extended to July 10, 2020.

Interest is initially at Libor plus 100 basis points and ranges from Libor plus 80.5 bps to 130 bps, depending on the company’s debt rating.

The facility fee starts at 10 bps and ranges from 7 bps to 20 bps.

J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Inc., and Barclays Bank plc are the lead arrangers and joint bookrunners. Administrative agent is Bank of America, NA.

Syndication agents are JPMorgan Chase Bank, NA and Barclays Bank plc, and co-documentation agents are BNP Paribas, Citibank, NA, Deutsche Bank Securities Inc., The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Bank, Ltd., U.S. Bank NA and Wells Fargo Bank, NA.

At closing, the company had $833 million outstanding under the facility.

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

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