Waste Management, Inc. (NYSE:WM) announced today the consideration for
each series of notes subject to the previously announced cash tender
offer by Waste Management and its wholly owned subsidiary, Waste
Management Holdings, Inc. The consideration was calculated by the Dealer
Managers at 2:00 p.m. New York City time today.
The consideration for each $1,000 principal amount of notes validly
tendered and accepted for payment pursuant to the tender offer is set
forth in the table below, determined by reference to the applicable
fixed spread specified for that series in the Offer to Purchase over the
yield based on the bid side price of the applicable U.S. Treasury
Security specified below for that series. Holders whose notes are
purchased will also receive accrued and unpaid interest thereon from the
applicable last interest payment date up to, but not including, the
settlement date, which is expected to be February 27, 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
|
Title of Security
|
|
|
CUSIP Number
|
|
|
Principal Amount Outstanding
|
|
|
Reference U.S. Treasury Security
|
|
|
Bloomberg Reference Page
|
|
|
Fixed Spread
|
|
|
Consideration
|
WMH(1)
|
|
|
7.10% Notes due 2026
|
|
|
92929QAQ0
|
|
|
$448,975,000
|
|
|
2.00% U.S. Treasury due Feb 15, 2025
|
|
|
FIT1
|
|
|
125 bps
|
|
|
$1,366.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WM
|
|
|
7.00% Senior Notes due 2028
|
|
|
902917AH6
|
|
|
$577,205,000
|
|
|
2.00% U.S. Treasury due Feb 15, 2025
|
|
|
FIT1
|
|
|
155 bps
|
|
|
$1,366.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WM
|
|
|
7.375% Senior Notes due 2029
|
|
|
94106LAG4
|
|
|
$222,930,000
|
|
|
2.00% U.S. Treasury due Feb 15, 2025
|
|
|
FIT1
|
|
|
160 bps
|
|
|
$1,418.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WM
|
|
|
7.75% Senior Notes due 2032
|
|
|
94106LAN9
|
|
|
$496,000,000
|
|
|
3.00% U.S. Treasury due Nov 15, 2044
|
|
|
FIT1
|
|
|
100 bps
|
|
|
$1,529.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WM
|
|
|
6.125% Senior Notes due 2039
|
|
|
94106LAV1
|
|
|
$600,000,000
|
|
|
3.00% U.S. Treasury due Nov 15, 2044
|
|
|
FIT1
|
|
|
115 bps
|
|
|
$1,381.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) WMH is a wholly owned subsidiary of Waste Management, Inc. WMH
has fully and unconditionally guaranteed all the senior notes
issued by Waste Management, Inc. and Waste Management, Inc. has
fully and unconditionally guaranteed the notes issued by WMH.
|
|
The offers are made pursuant to an Offer to Purchase dated February 18,
2015 and a related Letter of Transmittal and Notice of Guaranteed
Delivery, which set forth the terms and conditions of the tender offer.
The tender offer will expire at 5:00 p.m. New York City Time on February
24, 2015, unless extended. Holders of notes must validly tender and not
validly withdraw their notes before 5:00 p.m. New York City Time on the
expiration date to be eligible to receive the consideration for each
series of notes.
Waste Management has retained Deutsche Bank Securities Inc., Goldman,
Sachs & Co., J.P. Morgan Securities LLC and Credit Suisse Securities
(USA) LLC to serve as the Dealer Managers for the tender offer. Deutsche
Bank Securities Inc. may be contacted at (866) 627-0391 (toll free) or
(212) 250-2955 (collect), Goldman, Sachs & Co. may be contacted at (800)
828-3182 (toll free) or (212) 902-6941 (collect) and J.P. Morgan
Securities LLC may be contacted at (866) 834-4666 (toll free) or (212)
834-4811 (collect).
Waste Management has also retained Global Bondholder Services
Corporation to serve as the Depositary and Information Agent for the
tender offer.
The tender offer is being made pursuant to the terms and conditions
contained in the Offer to Purchase, Letter of Transmittal and Notice of
Guaranteed Delivery, copies of which may be obtained from Global
Bondholder Services Corporation by telephone at (866) 470-3700
(toll-free) or for banks and brokers, at (212) 430-3774 (Banks and
Brokers Only) or in writing at Global Bondholder Services Corporation,
65 Broadway, Suite 404, New York, New York 10006.
Copies of the Offer to Purchase, Letter of Transmittal and Notice of
Guaranteed Delivery are also available at the following web address: http://www.gbsc-usa.com/WM/
This press release is neither an offer to purchase nor a solicitation of
an offer to sell any notes in the tender offer.
Forward Looking Statements
This press release contains forward-looking statements that involve
risks and uncertainties. Factors that could cause actual results to
differ materially from those expressed or implied by the forward-looking
statements in this press release are discussed in our most recent Annual
Report on Form 10-K.
ABOUT WASTE MANAGEMENT
Waste Management, Inc., based in Houston, Texas, is the leading provider
of comprehensive waste management services in North America. Through its
subsidiaries, the company provides collection, transfer, recycling and
resource recovery, and disposal services. It is also a leading
developer, operator and owner of landfill gas-to-energy facilities in
the United States. The company’s customers include residential,
commercial, industrial, and municipal customers throughout North
America. To learn more information about Waste Management visit www.wm.com
or www.thinkgreen.com.
Copyright Business Wire 2015