New Issue: Allied Waste North America $300 million 10-year notes yield 9¼%

By Paul A. Harris

St. Louis, Nov. 12 - Allied Waste North America, Inc. $300 million of senior notes due Sept. 1, 2012 (Ba3/BB-) at par on Tuesday to yield 9¼% according to a syndicate source.

Price talk was for a yield of 9%-9¼%, according to a market source.

The deal was upsized from an originally announced size of $250 million.

Credit Suisse First Boston and Deutsche Bank Securities were joint bookrunners. J.P. Morgan and Salomon Smith Barney were co-managers.

Proceeds from the Rule 144A notes will be used to repay bank term loans.

The issuer is a wholly owned operating subsidiary of Allied Waste Industries, Inc., a solid-waste management company based in Scottsdale, Arizona.

Issuer:	Allied Waste North America, Inc.
Amount:	$300 million
Maturity:	Sept. 1, 2012
Security description:	Senior notes
Managers:	Credit Suisse First Boston, Deutsche Bank Securities (joint books)
Co-managers:	J.P. Morgan, Salomon Smith Barney
Coupon:	9¼%
Price:	Par
Yield:	9¼%
Price talk:	9%-9¼%
Spread:	540 basis points over the 4% Treasury due November 2012
Call features:	Callable on Sept. 1, 2007 at 104.625, then at 103.083, 101.542, declining to par on Sept. 1, 2010 and thereafter
Equity clawback:	Until Sept. 1, 2005 at 109.250 for up to 33 1/3%
Settlement date:	Nov. 15, 2002 (T+3)
Ratings:	Moody's: Ba3
	Standard & Poor's: BB-
	Fitch: BB-
Rule 144A Cusip:	01958XAW7

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.