Allied Waste to redeem all outstanding 9¼% senior notes due 2012

By Devika Patel

Knoxville, Tenn., Aug. 13 -Allied Waste Industries, Inc. said its wholly owned subsidiary, Allied North America, Inc., will pay $261.6 million to redeem its $250 million 9¼% senior notes due 2012.

Allied expects to redeem the notes on Sept. 9.

Funding will come from cash on hand and borrowings under its revolving credit facility.

"The redemption of these senior notes will generate annual interest savings of more than $5 million," said Pete Hathaway, executive vice president and chief financial officer, in a news release. "We continue to opportunistically manage our capital structure and our strong cash flow provides the company with the financial flexibility needed to redeem these notes."

Allied Waste is a Phoenix-based non-hazardous solid waste management company.

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