WM - This Deal Did Not Go Down The Drain: Waste Management Brings US$4bn Bond To Market
While recent volatility temporarily stymied the U.S. investment-grade corporate bond primary market, issuers have taken advantage of the newfound calm to resume sales.
Among the deals priced Tuesday, Texas-based disposal company Waste Management (NYSE: WM) sold US$4bn worth of ‘BBB’-rated bonds in five parts.
The firm said it intends to use the net proceeds from the issuance to help pay for its US$4.9bn purchase of Advanced Disposal Services (NYSE: ADSW) – announced in mid-April – as well as support its tender offering of up to US$1.3bn and repay commercial paper borrowings.
As of May 9,