Published on 11/5/2003 in the Prospect News High Yield Daily.
New Issue: Allied Waste upsizes seven-year notes to $350 million, yield 6½%
By Paul A. Harris
St. Louis, Nov. 5 - Allied Waste North America, Inc. priced an upsized offering of $350 million senior notes due Nov. 15, 2010 (Ba3/BB-) at par Wednesday to yield 6½%.
The deal was increased from an original size of $250 million. Price talk was for a yield in the 6½% area.
Citigroup and JP Morgan were bookrunners on the Rule 144A deal. The joint lead managers were Credit Suisse First Boston, Deutsche Bank Securities and UBS Investment Bank. The co-managers were BancOne Capital Markets, BNP Paribas, Credit Lyonnais, Fleet Securities and Scotia Capital.
Allied Waste will use proceeds to retire a portion of Allied Waste North America's 10% senior subordinated notes due 2009 through open market repurchases or otherwise.
Allied Waste North America is a subsidiary of Scottsdale, Ariz. waste services company Allied Waste Industries, Inc.
| Issuer: | Allied Waste North America, Inc.
|
| Amount: | $350 million (increased from $250 million)
|
| Maturity: | Nov. 15, 2010
|
| Security description: | Senior notes
|
| Bookrunners: | Citigroup, JP Morgan
|
| Joint lead managers: | Credit Suisse First Boston, Deutsche Bank Securities, UBS Investment Bank
|
| Co-managers: | BancOne Capital Markets, BNP Paribas, Credit Lyonnais, Fleet Securities, Scotia Capital
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Spread: | 267 basis points
|
| Call features: | Make-whole call at Treasuries plus 50 basis points
|
| Equity clawback: | Until Nov. 15, 2006 for 33.3% at 106.50
|
| Settlement date: | Nov. 10, 2003
|
| Interest payments: | Feb. 15 and Aug. 15 beginning Aug. 15, 2004 (long first coupon)
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Rule 144A Cusip: | 01958XBB2
|
| Price talk: | 6½% area
|
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