NEW YORK (S&P Global Ratings) Oct. 30, 2020--S&P Global Ratings today said that Waste Management Inc. (A-/Stable/A-2) has closed on its acquisition of Advanced Disposal Services Inc. for a purchase price of $4.6 billion. Waste Management has financed the acquisition through a $3 billion 364-day credit facility and commercial paper. We expect the company will term-out the short-term credit facility with longer-term financing. As part of the transaction, the company is also selling over $850 million of assets, representing about $345 million of revenue, to GFL Environmental, which should immediately help to deleverage the company. The acquisition modestly improves our view of Waste Management's business by increasing its scale and the scope of its operations while providing opportunities for cost
