secwatch.observer — SEC 8-K summary
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Issuer:     WASTE MANAGEMENT INC (WM)
CIK:        0000823768
Form:       8-K
Filed at:   2024-09-03T23:59:59+00:00
Accession:  0001104659-24-096357
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/823768/000110465924096357/0001104659-24-096357-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/823768/000110465924096357/tm2422979d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-096357

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