Houston-based Waste Management Inc. (WM) has announced an underwritten public offering of $500 million in what it calls “2.4% senior notes” that will be due May 15, 2023. “The notes will be fully and unconditionally guaranteed by the company’s wholly-owned subsidiary, Waste Management Holdings Inc. [and] have been assigned ratings of A- by Standard & Poor’s, BBB by Fitch and Baa2 by Moody’s,” says the company.
WM says it plans to use the net proceeds of the offering, together with cash on hand, to repay $500 million principal amount of its outstanding 2.6% senior notes when those mature in September 2016, plus accrued and unpaid interest of $6.5 million. The company says it also anticipates it may temporarily pay down short-term borrowings under its U.S. revolving credit facility used for working capital and to temporarily invest in short-term investments.
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