Waste Management Extends Exchange Offer for Stericycle Notes

Waste Management Extends Exchange Offer for Stericycle Notes

Waste Management, Inc. (NYSE: WM) has made an important announcement regarding its previously detailed offer to exchange Stericycle's $500 million outstanding 3.875% Senior Notes due 2029. The company has extended the expiration date for eligible holders to participate in the Exchange Offer. This extension offers additional time for holders to consider their options and participate in this significant financial transaction.

Details of the Exchange Offer

The new expiration date for the Exchange Offer will now be set for 5:00 p.m., New York City time, on October 31, 2024. This is an extension from the original deadline, which was due on October 8, 2024. This decision comes as part of WM's ongoing strategy to enhance its relationships with investors holding Stericycle Notes. It is vital for holders to note that the withdrawal deadline has already passed, meaning that those who tendered their Stericycle Notes after September 23, 2024, may not withdraw their submission before the extended deadline.

Context Surrounding the Exchange Offer

As of the Early Tender Deadline, a substantial amount of $485,255,000 in aggregate principal amount of the Stericycle Notes had been efficiently tendered. This represents a significant 97.05% of the total principal amount outstanding. WM announced that with the requisite consents received, the trustee will proceed to execute a supplemental indenture reflecting the Proposed Amendments necessary for the exchange.

However, it’s essential to understand that these amendments will not take effect until the actual settlement date of the Exchange Offer. This is anticipated to occur approximately three business days after the Amended Expiration Date unless there are further changes by WM. These systematic delays highlight WM's careful approach to ensuring all parties are aligned and understand the implications of these changes.

Implications for Stericycle Holders

For those who hold Stericycle Notes, this extension is crucial. It allows time to evaluate their participation in the Exchange Offer and the corresponding Consent Solicitation for amending the indenture governing the Stericycle Notes. Stakeholders are advised to seek clarity from financial institutions or brokers regarding the specific instructions needed for participation, as timing and submission procedures may vary significantly.

About Waste Management, Inc.

As the leading provider of comprehensive environmental services in North America, Waste Management, Inc. is dedicated to responsible waste collection, recycling, and disposal operations. The company operates an extensive network throughout the U.S. and Canada, aiming to support sustainability goals through innovative infrastructure and practices. Waste Management plays a significant role in ensuring that communities benefit from efficient and environmentally sound waste management solutions.

With an impressive fleet that includes over 12,000 natural gas trucks, WM is at the forefront of implementing renewable energy practices. Their leadership in recycling and beneficial use of landfill gas further underscores the company's commitment to sustainability and environmental stewardship.

Conclusion

The Exchange Offer extension by Waste Management, Inc. provides existing Stericycle Note holders a fresh opportunity to engage in this financial endeavor. WM is poised to lead in fostering relationships with its investors, facilitating an open dialogue about their interests and concerns. For any inquiries related to the eligibility and participation in this offer, holders should reach out to the designated information agent.

Frequently Asked Questions

What is the new expiration date for the Exchange Offer?

The new expiration date for the Exchange Offer is set for October 31, 2024, at 5:00 p.m. New York City time.

How much of the Stericycle Notes have been validly tendered?

As of the Early Tender Deadline, approximately $485,255,000 of Stericycle Notes, which is about 97.05% of the total outstanding, have been validly tendered.

What are the conditions for participating in the Exchange Offer?

Participants must satisfy the eligibility conditions as outlined in Waste Management's Offering Memorandum.

What happens if I tender my Stericycle Notes after the Early Tender Deadline?

If you tender your Stericycle Notes after the Early Tender Deadline, they may not be withdrawn, and related consents may not be revoked except under specific circumstances.

Who should I contact for more information regarding the Exchange Offer?

Holders should contact Global Bondholder Services Corporation for assistance regarding the Exchange Offer and obtaining eligibility letters.

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