<SEC-DOCUMENT>0001104659-22-052424.txt : 20220428
<SEC-HEADER>0001104659-22-052424.hdr.sgml : 20220428
<ACCEPTANCE-DATETIME>20220428172455
ACCESSION NUMBER:		0001104659-22-052424
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220428
DATE AS OF CHANGE:		20220428

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WASTE MANAGEMENT HOLDINGS INC
		CENTRAL INDEX KEY:			0000104938
		STANDARD INDUSTRIAL CLASSIFICATION:	REFUSE SYSTEMS [4953]
		IRS NUMBER:				362660763
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-264493-01
		FILM NUMBER:		22868222

	BUSINESS ADDRESS:	
		STREET 1:		1001 FANNIN STREET
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
		BUSINESS PHONE:		713-512-6367

	MAIL ADDRESS:	
		STREET 1:		1001 FANNIN STREET
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WASTE MANAGEMENT HOLDINGS INC /DE/
		DATE OF NAME CHANGE:	19980716

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WASTE MANAGEMENT INC /DE/
		DATE OF NAME CHANGE:	19970725

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VMX TECHNOLOGIES INC
		DATE OF NAME CHANGE:	19930527

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WASTE MANAGEMENT INC
		CENTRAL INDEX KEY:			0000823768
		STANDARD INDUSTRIAL CLASSIFICATION:	REFUSE SYSTEMS [4953]
		IRS NUMBER:				731309529
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		800 CAPITOL STREET, STE 3000
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
		BUSINESS PHONE:		7135126200

	MAIL ADDRESS:	
		STREET 1:		800 CAPITOL STREET, STE 3000
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	USA WASTE SERVICES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed Pursuant to Rule&nbsp;433</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Issuer Free Writing Prospectus dated April&nbsp;28,
2022 relating to the&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Preliminary Prospectus Supplement dated April&nbsp;28,
2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">to Prospectus dated April&nbsp;26, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration Statement No.&nbsp;333-264493</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pricing Term Sheet</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$1,000,000,000 4.15% Senior Notes due 2032</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 42%; font-size: 10pt; text-align: justify">Issuer:</TD>
<TD STYLE="width: 58%">Waste Management,&nbsp;Inc. &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">Guarantor:</TD>
<TD>Waste Management Holdings,&nbsp;Inc. &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">Ratings:*</TD>
<TD>Moody&rsquo;s: Baa1<BR>
 S&amp;P: A-<BR>
 Fitch: BBB+ &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">Trade Date:</TD>
<TD>April&nbsp;28, 2022 &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: justify">Settlement Date:**</TD>
<TD STYLE="vertical-align: bottom">T+10; May&nbsp;12, 2022 &nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: justify">Principal Amount:</TD>
<TD STYLE="vertical-align: bottom">$1,000,000,000 &nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">Maturity Date:</TD>
<TD>April&nbsp;15, 2032 &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">Coupon:</TD>
<TD>4.15% &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">Benchmark Treasury:</TD>
<TD>1.875% due February&nbsp;15, 2032 &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">Benchmark Treasury Price and Yield:</TD>
<TD>91-18 / 2.869% &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">Spread to Benchmark Treasury:</TD>
<TD>+130 basis points &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">Yield to Maturity:</TD>
<TD>4.169% &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">Price to Public:</TD>
<TD>99.850% of face amount &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>Net Proceeds (before expenses): &nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: justify">$992,000,000</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">Interest Payment Dates:</TD>
<TD>Semi-annually on April&nbsp;15 and October&nbsp;15, commencing on October&nbsp;15, 2022 &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TD STYLE="font-size: 10pt; text-align: justify; width: 42%">Optional Redemption:</TD>
<TD STYLE="width: 58%"><P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0">Prior to January&nbsp;15, 2032 (three months prior to the maturity date), the notes are redeemable at the option of the issuer, in whole or in part, at any time and from time to time, at a redemption price equal to the greater of: (1)&nbsp;(a)&nbsp;the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the notes matured on January&nbsp;15, 2032) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points less (b)&nbsp;interest accrued to the date of redemption, and (2)&nbsp;100% of the principal amount of the notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date.</P>
                       <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                       <P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0">On or after January&nbsp;15, 2032 (three months prior to the maturity date), the notes are redeemable at the option of the issuer, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest thereon to the redemption date. &nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">CUSIP/ISIN:</TD>
<TD>94106L BS7 / US94106LBS79 &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: justify">Joint Book-Running Managers:</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0">Barclays Capital Inc.</P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">BofA Securities,&nbsp;Inc.</P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">Deutsche Bank Securities Inc.</P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">MUFG Securities Americas Inc.</P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">Scotia Capital (USA) Inc.</P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">J.P. Morgan Securities LLC</P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">Mizuho Securities USA LLC</P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">BNP Paribas Securities Corp.</P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">SMBC Nikko Securities America,&nbsp;Inc. &nbsp;</P></TD></TR>
<TR>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">Co-Managers:</TD>
<TD><P STYLE="margin-top: 0; margin-bottom: 0">Truist Securities,&nbsp;Inc.</P>
    <P STYLE="margin-top: 0; margin-bottom: 0">U.S. Bancorp Investments,&nbsp;Inc.</P>
    <P STYLE="margin-top: 0; margin-bottom: 0">Academy Securities,&nbsp;Inc.</P>
    <P STYLE="margin-top: 0; margin-bottom: 0">Cabrera Capital Markets, LLC</P>
    <P STYLE="margin-top: 0; margin-bottom: 0">CastleOak Securities, L.P.</P>
    <P STYLE="margin-top: 0; margin-bottom: 0">CAVU Securities, LLC</P>
    <P STYLE="margin-top: 0; margin-bottom: 0">MFR Securities,&nbsp;Inc.</P>
    <P STYLE="margin-top: 0; margin-bottom: 0">Stern Brothers&nbsp;&amp; Co. &nbsp; &nbsp;</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Note: A securities rating is not a recommendation to buy, sell or
hold securities and may be subject to review or withdrawal at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">** The issuer expects delivery of the notes will be made against payment
therefor on or about May&nbsp;12, 2022, which is the tenth business day following the date of pricing of the notes (such settlement being
referred to as &ldquo;T+10&rdquo;). Under Rule&nbsp;15c6-1 of the Exchange Act, trades in the secondary market generally are required
to settle in two business days unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade
the notes on the date of pricing of the notes or the next succeeding seven business days will be required, by virtue of the fact that
the notes initially will settle in T+10, to specify an alternate settlement cycle at the time of any such trade to prevent failed settlement
and should consult their own advisers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MiFID II professionals/ECPs-only/No PRIIPs KID &ndash; in the European
Economic Area (EEA), the manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients
only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in the EEA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information in this term sheet supplements the information provided
in the preliminary prospectus supplement dated April&nbsp;28, 2022. To the extent information in this term sheet conflicts with information
in the preliminary prospectus supplement, this term sheet controls. All capitalized terms used in this term sheet shall have the meaning
ascribed to them in the preliminary prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The issuer has filed a registration statement (including a prospectus)
and prospectus supplement with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus
in that registration statement and the prospectus supplement and other documents the issuer has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,
the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting:
(1)&nbsp;Barclays Capital Inc. toll-free at 1-888-603-5847; (2)&nbsp;BofA Securities,&nbsp;Inc. toll-free at 1 (800) 294-1322; (3)&nbsp;Deutsche
Bank Securities Inc. toll-free at 1-800-503-4611; (4)&nbsp;MUFG Securities Americas Inc. toll-free at 1-877-649-6848; or (5)&nbsp;Scotia
Capital (USA) Inc. toll-free at 1 (800) 372-3930.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any disclaimers or other notices that may appear below are not applicable
to this communication and should be disregarded. Such disclaimers were automatically generated as a result of this communication being
sent via email or another communication system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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