SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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|Item 1.01||Entry into a Material Definitive Agreement.|
The description in Item 8.01 of this Current Report on Form 8-K under the heading “Issuance and Sale of Notes” is incorporated into this Item 1.01 by reference.
|Item 8.01||Other Events.|
On April 28, 2021, Waste Management, Inc. (the “Company”) commenced and priced an underwritten public offering of $475,000,000 aggregate principal amount of its 2.00% Senior Notes due 2029 and $475,000,000 aggregate principal amount of its 2.95% Senior Notes due 2041 (collectively, the “Notes”) under the Company’s Registration Statement on Form S-3 (No. 333-231027). The Notes, which will be fully and unconditionally guaranteed by the Company’s wholly-owned subsidiary Waste Management Holdings, Inc. (“WM Holdings”), will be sold pursuant to an underwriting agreement (the “Underwriting Agreement”) entered into on April 28, 2021 among the Company, WM Holdings and Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and Wells Fargo Securities, LLC as representatives of the several underwriters named therein.
The Underwriting Agreement includes the terms and conditions for the issuance and sale of the Notes, indemnification and contribution obligations and other terms and conditions customary in agreements of this type. Certain of the underwriters or one of their respective affiliates are lenders under the Company’s $3.5 billion revolving credit facility. Also, because certain of the underwriters or their respective affiliates serve as dealers under the Company’s commercial paper program, they may receive a portion of the net proceeds of the offering of the Notes as customary dealer fees. In addition, certain of the underwriters or their respective affiliates may hold a position in certain senior notes issued by the Company or WM Holdings that are subject to a previously announced cash tender offer and, as a result, may receive a portion of the net proceeds of the offering of the Notes pursuant to such tender offer. Certain of the underwriters or one of their respective affiliates have, from time to time, performed, and may in the future perform, various financial advisory, investment banking and commercial services for the Company, for which they have received or will receive customary fees and expense reimbursements.
A copy of the Underwriting Agreement is being filed as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Issuance and Sale of Notes
Closing of the issuance and sale of the Notes is expected to occur on May 12, 2021, subject to satisfaction of customary closing conditions. The Notes will be issued under an indenture dated as of September 10, 1997, between the Company and The Bank of New York Mellon Trust Company, N.A. (the current successor to Texas Commerce Bank National Association), as trustee (the “Indenture”). The terms of the Notes and the guarantees by WM Holdings will be set forth with respect to each series of Notes in an officers’ certificate (each, an “Officers’ Certificate”) of the Company delivered pursuant to the Indenture on the closing date.
Copies of the Indenture and the forms of the Officers’ Certificates and the guarantee agreements by WM Holdings are being filed as Exhibits 4.1, 4.2, 4.3, 4.6 and 4.7, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.
|Item 9.01||Financial Statements and Exhibits.|
|1.1||Underwriting Agreement dated April 28, 2021 by and among the Company, WM Holdings and Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and Wells Fargo Securities, LLC as representatives of the several underwriters named therein.|
|4.1||Indenture dated September 10, 1997 by and between the Company and The Bank of New York Mellon Trust Company, N.A. (the current successor to Texas Commerce Bank National Association), as trustee, relating to senior debt securities of the Company (incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed September 24, 1997).|
|4.2||Form of Officers’ Certificate delivered pursuant to Section 3.01 of the Indenture establishing the terms and form of the 2.00% Senior Notes due 2029.|
|4.3||Form of Officers’ Certificate delivered pursuant to Section 3.01 of the Indenture establishing the terms and form of the 2.95% Senior Notes due 2041.|
|4.4||Form of 2.00% Senior Note due 2029 (included in Exhibit 4.2 above).|
|4.5||Form of 2.95% Senior Note due 2041 (included in Exhibit 4.3 above).|
|4.6||Form of Guarantee Agreement by WM Holdings in favor of the holders of the Company’s 2.00% Senior Notes due 2029.|
|4.7||Form of Guarantee Agreement by WM Holdings in favor of the holders of the Company’s 2.95% Senior Notes due 2041.|
|5.1||Opinion of Baker Botts L.L.P.|
|104||Cover Page Interactive Data File (embedded within the Inline XBRL document).|
Pursuant to the requirements of the Securities Exchange Act of 1934 the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
|WASTE MANAGEMENT, INC.|
|Date: May 4, 2021||By:||/s/ Charles C. Boettcher|
|Charles C. Boettcher|
|Executive Vice President, Corporate Development and Chief Legal Officer|