fwp
Filed Pursuant to Rule 433
Issuer Free Writing Prospectus dated August 24, 2011 relating to the
Preliminary Prospectus Supplement dated August 24, 2011
to Prospectus dated September 22, 2009
Registration Statement No. 333-162059
Final Pricing Term Sheet
2.600% Senior Notes due 2016
     
Issuer:
  Waste Management, Inc.
 
    
Guarantor:
  Waste Management Holdings, Inc.
 
    
Principal Amount:
  $500,000,000
 
    
Maturity:
  September 1, 2016
 
    
Coupon:
  2.600%
 
    
Price to Public:
  99.991% of face amount
 
    
Underwriting Discount:
  0.60%
 
    
Benchmark Treasury:
  1.500% due 07/31/2016
 
    
Spread to Benchmark Treasury:
  1.60%
 
    
Benchmark Treasury Price and Yield:
  102-12+, 1.002%
 
    
Yield to maturity:
  2.602%
 
    
Interest Payment Dates:
  Semi-annually on March 1 and Suptember 1, commencing on March 1, 2012.
 
    
Redemption Provisions:
  Redeemable at any time in whole or from time to time in part, at the option of the Company, at a make whole redemption price using the applicable Treasury rate plus 25 basis points (as defined and described in further detail in the Prospectus Supplement).
 
    
Settlement:
  T+3; August 29, 2011
 
    
CUSIP:
  94106LAX7
 
    
Joint Book-Running and
Joint Lead Managers:
  Credit Suisse Securities (USA) LLC
J.P. Morgan Securities LLC
Wells Fargo Securities, LLC
 
    
Co-Managers:
  Banco Bilbao Vizcaya Argentaria, S.A.
BNY Mellon Capital Markets, LLC
Comercia Securities, Inc.
Mitsubishi UFJ Securities (USA), Inc.
Mizuho Securities USA Inc.
SMBC Nikko Capital Markets Limited
 
    
Anticipated Ratings:
  Moody’s: Baa3 (Positive)
S&P: BBB (Stable)
Fitch: BBB (Stable)
Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
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) Credit Suisse Securities (USA) LLC toll-free at 800-221-1037; (2) J.P. Morgan Securities LLC collect at 1-212-834-4533; or (3) Wells Fargo Securities, LLC toll-free at 800-326-5897.
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.