Deal Description: On February 8, 2023, Waste Management, Inc. (NYSE: WM) (“WM” or the “Company”) announced the pricing of its public offering of $1,250,000,000 aggregate principal amount of the following notes:

• $750,000,000 aggregate principal amount of 4.625% Senior Notes due 2030; and
• $500,000,000 aggregate principal amount of 4.625% Senior Notes due 2033.

The Company intends to use the net proceeds from the senior notes offering 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, to repay $500 million aggregate principal amount of its outstanding 2.40% Senior Notes when they mature in May 2023 and for general corporate purposes.

The senior notes offering is expected to close on February 15, 2023, subject to satisfaction of customary closing conditions.

Baker Botts L.L.P. represented the Company in the senior notes offering.

WM is North America’s largest comprehensive waste management environmental solutions provider. Previously known as Waste Management and based in Houston, Texas, WM is driven by commitments to put people first and achieve success with integrity. The Company, through its subsidiaries, provides collection, recycling and disposal services to millions of residential, commercial, industrial and municipal customers throughout the U.S. and Canada. With innovative infrastructure and capabilities in recycling, organics and renewable energy, WM provides environmental solutions to and collaborates with its customers in helping them achieve their sustainability goals. WM has the largest disposal network and collection fleet in North America, is the largest recycler of post-consumer materials and is the leader in beneficial reuse of landfill gas, with a growing network of renewable natural gas plants and the most gas-to-electricity plants in North America. WM’s fleet includes nearly 11,000 natural gas trucks – the largest heavy-duty natural gas truck fleet of its kind in North America – where more than half are fueled by renewable natural gas.

Baker Botts Lawyers/Office Involved:

• Corporate: Clint Rancher (Partner, Houston); Lakshmi Ramanathan (Special Counsel, Houston); Parker Hinman (Associate, Houston); Talha Chaudhry (Associate, Houston)
• Finance: Clint Culpepper (Partner, Austin)
• Environmental: Aileen Hooks (Senior Counsel, Austin); Katie Windle (Associate, Austin)
• Labor & Employment: Jennifer Trulock (Partner, Dallas)
• Employee Benefits: Robin Melman (Partner; New York); Gabriela Alvarez (Senior Associate, Houston)
• Tax: Jon Lobb (Partner, Houston); Phillip Clifton (Associate, Houston)

For more information, please see the Company’s news release relating to the senior notes offering here.

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