Waste Management, a company specializing in waste recycling and management, said it is raising funds of $350 million from an underwritten public offering of 3.50% senior notes due May 15, 2024.
Net proceeds of the offering will be used to pay down approximately $346 million of borrowings under its revolving credit facility that were incurred to repay its 5.00% senior notes that matured in March 2014.
The offering is expected to close on May 8, 2014.
In another recent development Waste Management sold the solid waste operations unit in Puerto Rico to a team led by Post Capital Partners and 30-year waste management industry veteran Randy Jensen. Following the transaction, Waste Management will remain an investor in the new company, which is called EC Waste, the company said.
Waste Management reported $3.40 billion in revenue for the first quarter of 2014. Net income for the quarter was $228 million, compared with $168 million, or $0.36 per diluted share, for the first quarter of 2013.