Forgiving investors support Waste Management's return

摘要

Waste management overcame disgruntled investors and election volatility on Thursday to price a US$2.5bn four-part bond at exceptionally low spreads to fund its US$4.6bn acquisition of Advanced Disposal. The trash and recycling collection company, rated Baa1/A-/BBB+, garnered as much as US$20bn in the order book before pricing a US$500m five-year at 45bp over Treasuries, a US$500m seven-year at 60bp over, a US$1bn 10-year at 75bp over and a US$500m 30-year at 100bp over.