WM Announces Pricing of $1.25 Billion Senior Notes

Waste Management, Inc. (NYSE: WM) (“WM” or the “Company”) today announced that it has priced a public offering of $1,250,000,000 aggregate principal amount of senior notes under an effective shelf registration statement previously filed with the Securities and Exchange Commission (the “SEC”), as follows:

• $750,000,000 aggregate principal amount of 4.625% senior notes due February 15, 2030; and
• $500,000,000 aggregate principal amount of 4.625% senior notes due February 15, 2033.

The notes will be fully and unconditionally guaranteed by the Company’s wholly owned subsidiary, Waste Management Holdings, Inc. The notes have been assigned ratings of A- by Standard & Poor’s, BBB+ by Fitch and Baa1 by Moody’s.

The offering is expected to close on February 15, 2023, subject to the satisfaction of closing conditions. The Company intends to use the net proceeds from the offering (i) to repay borrowings under its commercial paper program used for working capital, which is fully supported by the Company’s $3.5 billion revolving credit facility, (ii) to repay $500 million aggregate principal amount of its outstanding 2.40% Senior Notes when they mature in May 2023 and (iii) for general corporate purposes.

J.P. Morgan Securities LLC, Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc., Wells Fargo Securities, LLC, Barclays Capital Inc., BofA Securities, Inc., Deutsche Bank Securities Inc., RBC Capital Markets, LLC and Scotia Capital (USA) Inc. are acting as joint book-running managers of the offering. In addition, BNP Paribas Securities Corp., MUFG Securities Americas Inc., Truist Securities, Inc., U.S. Bancorp Investments, Inc., Academy Securities, Inc., Loop Capital Markets LLC, MFR Securities, Inc., Mischler Financial Group, Inc. and Siebert Williams Shank & Co., LLC are acting as co-managers of the offering. Copies of the final prospectus supplement and related prospectus for this offering may be obtained by visiting EDGAR on the SEC website at www.sec.gov or, upon request, from any of the joint book-running managers at: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, by mail: 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, or by telephone at 1-866-803-9204; Mizuho Securities USA LLC, by mail: 1271 Avenue of the Americas, New York, NY 10020, Attn: Debt Capital Markets or by phone at 1-866-271-7403; SMBC Nikko Securities America, Inc., by mail: 277 Park Avenue, New York, NY 10172, Attn: Debt Capital Markets, by phone at 1-888-868-6856 or by email at [e-mail]; or Wells Fargo Securities, LLC, by mail: 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service, by phone at 1-800-645-3751 or by email at [e-mail].