New Issue: Allied Waste upsizes 7-year notes to $750 million, yield 8½%

By Paul A. Harris

St. Louis, Mo., Nov. 15 - Allied Waste North America, Inc. increased its offering of senior secured notes (Ba3/BB-) due Dec. 1, 2008 to $750 million from an announced $500 million. It priced the securities Thursday at par for a yield of 8½%, at the wide end of the 8 3/8% area price talk, a syndicate source told Prospect News.

The joint bookrunners were J.P Morgan and Salomon Smith Barney. Co-leads were Deutsche Banc Alex. Brown, Credit Suisse First Boston, UBS Warburg and Lehman Brothers. Co-managers were ABN Amro, Scotia Capital, Banc One Capital Markets, Credit Lyonnais, Fleet Securities and Wachovia Securities.

Issuer:	Allied Waste North America Inc.
Amount:	$750 million (upsized from $500 million)
Maturity:	Dec. 1, 2008
Type	Senior secured notes
Bookrunners:	J.P Morgan, Salomon Smith Barney (joint)
Coupon:	8½%
Price:	Par
Yield:	8.50%
Spread:	412 basis points
Call features:	Make whole at Treasuries plus 50 basis points
Equity claw:	For three years for 33.33% at 108.5
Settlement date:	Nov. 27 (T+7) flat
Ratings:	Moody's Ba3
	Standard & Poor's BB-
Cusip:	01958XAT4

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