Allied Waste to price $650 million in two drive-by tranches on Wednesday

By Paul A. Harris

St. Louis, April 6 - Allied Waste North America Inc. plans to price a combined $650 million of bonds in two Rule 144A tranches on Wednesday afternoon, syndicate sources said.

A conference call is scheduled for 11 a.m. ET Wednesday.

The Scottsdale, Ariz.-based non-hazardous solid waste management company is offering $400 million of 10-year senior unsecured notes (Moody's B2, Fitch B+), which are non-callable for five years. UBS Investment Bank, JP Morgan and Deutsche Bank Securities are joint bookrunners.

The company also plans to sell a $250 million bullet tranche of seven-year senior secured notes (Moody's Ba3, Fitch BB-) via joint bookrunners UBS Investment Bank, Citigroup and Credit Suisse First Boston.

Co-managers on both tranches are Banc One Capital Markets, BNP Paribas, Credit Lyonnais, Fleet Securities Scotia Capital and Wachovia Securities.

Proceeds will be used to fund the tender for the company's 10% notes due 2009.

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