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Allied Waste's bank debt drops slightly on market technicals
By Sara Rosenberg
New York, Aug. 2 - Allied Waste Industries Inc. "settled back a bit" in the secondary bank loan market with quotes around 95½ to 96½ in an otherwise quiet and uneventful Friday session, a trader said. The minimal drop in price was due to market technicals, the trader explained.
The company's bank loan strengthened to a bid of 96 plus on Thursday from around 95 on Wednesday following the release of second quarter results in line with analyst expectations and a conference call in which company officials were seen as sufficiently explaining accounting practices to put nervous investors at ease.
On Wednesday, the Scottsdale, Ariz. solid waste management company reported second quarter results, which basically met analyst expectations. For the second quarter ended June 30, 2002, EBITDA was $448.0 million on revenues of $1.402 billion, compared to adjusted EBITDA of $513.1 million on revenues of $1.413 billion in the second quarter of 2001. During the second quarter 2002, free cash flow was $47.5 million. Total debt was $9.25 billion at June 30, 2002 and the cash balance increased $70.2 million from March 31, 2002 to $160.1 million at June 30, 2002.
In other news, F&W Publications Inc. closed on a new $175 million credit facility, according to a syndicate source. JPMorgan Chase and Fleet were the lead banks on the deal.
The loan consists of a $150 million 71/2-year term loan B with an interest rate of Libor plus 375 basis points and a $25 million six-year revolver with an interest rate of Libor plus 325 basis points.
Proceeds are being used to help fund the acquisition of Krause Publications Inc.
F&W is a Cincinnati, Ohio special interest publisher of books and magazines.
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