Waste Management, Inc. - WM STOCK NEWS

WM's 2024 Recycling Report reveals critical insights into America's recycling landscape. The survey of over 1,000 consumers and businesses shows that while 44% of households seek to expand recycling practices, significant barriers exist. 45% cite lack of knowledge about recyclable items as their main obstacle, and rural areas face particular accessibility challenges. Notably, 75% of Americans prefer products with recycled content, though 60% struggle to identify such brands. WM is addressing these challenges through a $1.4 billion investment to upgrade and build approximately 40 recycling facilities between 2022 and 2026, while promoting education initiatives through partnerships with the National League of Cities and Major League Baseball.

AMP Robotics Corp. has appointed Tim Stuart as its new CEO, replacing founder Matanya Horowitz, who will now serve as chief technology officer. Stuart, previously the COO of Republic Services, brings extensive industry experience to AMP, having overseen technology adoption and operations at Republic Services for nearly 18 years. Horowitz expressed confidence in Stuart's ability to enhance AMP's competitive edge in the AI-powered waste and recycling sector. Stuart, who joined AMP's board as the first independent director in March 2024, is optimistic about advancing AMP's technology to create more efficient recycling systems and reduce environmental impact. Recently, AMP launched an AI-powered system for municipal solid waste in Portsmouth, Virginia, and an AMP ONE™ system for single-stream and commercial recycling in Greenville, North Carolina.

WM (NYSE: WM) has completed its acquisition of Stericycle for $62.00 per share in cash, representing a total enterprise value of approximately $7.2 billion. The acquisition expands WM's environmental solutions into the healthcare market and enhances its secure information destruction services. The company projects run-rate cost synergies exceeding $125 million. Stericycle stock will cease trading on NASDAQ from November 4, 2024. The newly formed WM Healthcare Solutions division will leverage WM's expertise in logistics, technology-enabled cost optimization, and waste disposal network.

Waste Management (WM) has extended its private exchange offer and consent solicitation for Stericycle's $500 million 3.875% Senior Notes due 2029. The expiration date has been moved from October 31 to November 5, 2024. As of October 31, approximately 97.08% ($485,416,000) of Stericycle Notes had been validly tendered. The withdrawal deadline has passed, and notes tendered after September 23, 2024, cannot be withdrawn. The proposed amendments will become operative on the settlement date, expected three business days after the amended expiration date, and no earlier than WM's pending acquisition of Stericycle.

Waste Management (WM) has announced the pricing of a $5.2 billion senior notes offering, comprising five tranches with maturities ranging from 2028 to 2054 and interest rates between 4.500% and 5.350%. The notes, rated A- by S&P and Fitch and A3 by Moody's, will be guaranteed by Waste Management Holdings. The proceeds will primarily fund the previously announced Stericycle merger, with the offering expected to close on November 4, 2024. The company plans to initially draw from its Term Credit Agreement and later repay it using the notes' proceeds.

WM reported strong Q3 2024 results with revenue growing 7.9% to $5.609 billion and adjusted operating EBITDA increasing 11% to $1.711 billion. The company achieved a record margin of 30.5%, driven by core price growth of 6.5% and improved operational efficiency. Net income rose to $760 million with diluted EPS of $1.88. WM completed eight recycling projects, adding 1.5 million tons of annual recycling capacity. The company expects full-year revenue growth of about 6%, above prior guidance, and adjusted operating EBITDA near $6.5 billion. Free cash flow is tracking toward the high end of guidance at $2.15 billion.

Waste Management, Inc. (NYSE: WM) has extended the expiration date of its private exchange offer and consent solicitation for Stericycle, Inc.'s $500 million 3.875% Senior Notes due 2029. The new expiration date is October 31, 2024, at 5:00 p.m., New York City time. As of October 8, 2024, $485,255,000 in aggregate principal amount of Stericycle Notes, representing approximately 97.05% of the total, had been validly tendered.

The exchange offer is contingent on WM's pending acquisition of Stericycle. The proposed amendments to the Stericycle Indenture will become operative on the settlement date, expected to be about three business days after the amended expiration date. The exchange offer is to eligible holders who meet specific qualifications, including qualified institutional buyers and non-U.S. persons.

WM (NYSE: WM) has announced the date for its third quarter earnings release and conference call. The company will release its financial results after market close on Monday, October 28, 2024. The investor conference call is scheduled for Tuesday, October 29, 2024, at 10 a.m. ET.

Investors can access a live audio webcast of the conference call by visiting investors.wm.com and selecting 'Events & Presentations' from the website menu. A replay of the audio webcast will be available at the same location after the call concludes. Participants dialing in for the conference call should pre-register to obtain their dial-in and passcode details. Pre-registration is available at any time, including up to and after the call start time.

Waste Management (NYSE: WM) announced successful early tender results in its private exchange offer and consent solicitation for Stericycle's $500 million 3.875% Senior Notes due 2029. As of September 23, 2024, $474,581,000 (94.92%) of the notes were validly tendered. WM intends to amend the indenture, eliminating most restrictive covenants and events of default.

For each $1,000 of notes tendered by the Early Tender Deadline, eligible holders will receive an equal principal amount of WM Notes and $2.63 cash. The exchange offer expires on October 8, 2024. WM's obligation to accept and exchange the notes is subject to certain conditions, including the consummation of the previously announced merger with Stericycle.

The exchange offer is only available to qualified institutional buyers and non-U.S. persons outside the United States, in compliance with applicable securities laws.