Waste Management Sells $4 Billion of Bonds for Acquisition

Waste Management Inc. sold $4 billion of bonds to help finance its acquisition of Advanced Disposal Services Inc., the latest in a spate of companies to fund takeover activity in the investment-grade debt markets.

The trash hauler issued senior bonds in five parts, according to a person with knowledge of the matter, who asked not to be identified as the details are private. The longest portion of the offering, a 30-year security, yields 1.3 percentage points above Treasuries, after initially discussing a range of 1.4 to 1.45 percentage points, the person said.

The proceeds of the bond offering will ...