11:05 AM EDT, 09/24/2024 (MT Newswires) -- Waste Management (WM) said Tuesday that it has received the required consents to amend the 3.875% senior notes due 2029 issued by Stericycle ( SRCL ) based on the early tender results of its private offer to exchange the $500 million outstanding Stericycle ( SRCL ) notes for a series of new notes.

The company said about 95% of the outstanding Stericycle ( SRCL ) notes, or approximately $474.6 million, were validly tendered to the exchange offer as of Monday. As a result, "substantially all of the restrictive covenants and events of default" were eliminated for the Stericycle ( SRCL ) notes, among other amendments, Waste Management said.

As part of the offer, Stericycle ( SRCL ) noteholders will receive new Waste Management notes equivalent to principal amount as their tendered Stericycle ( SRCL ) notes, plus $2.63 in cash per $1,000 of Stericycle ( SRCL ) notes, the company said. Waste Management said the new notes will have the same interest payment dates, maturity date and interest rate as the Stericycle ( SRCL ) notes.

Waste Management agreed to acquire Stericycle ( SRCL ) for $7.2 billion in June and the companies expect to complete the transaction as early as Q4.

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