Waste Management enters $7.2B term credit agreement to finance Stericycle acquisition

WASTE MANAGEMENT INC

Up to $7.2B delayed draw term credit facility with JPMorgan as administrative agent; proceeds for pending Stericycle acquisition and refinancing of certain Stericycle debt.
364-day maturity from Funding Date; interest at SOFR plus margin tied to WM's debt rating, currently 0.90% for Term SOFR loans.
Financial covenant: max total debt/EBITDA ratio of 3.75:1, can increase to 4.25:1 for up to two periods after acquisitions >$200M.
Ticking fee of 0.065%–0.10% p.a. on undrawn commitments; additional extension and duration fees.
Commitments automatically terminate if Acquisition Agreement is terminated; WM may reduce or terminate commitments at any time.

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