Allied Waste reprices term loans and letter-of-credit facility at Libor plus 275 basis points

By Sara Rosenberg

New York, Nov. 24 - Allied Waste Industries Inc. refinanced the term loan portions of its senior secured credit facility, the company said.

The company repriced the term loan B, term loan C and institutional letter-of-credit facility at Libor plus 275 basis points, about 50 basis points lower than previous pricing, according to a company news release.

Furthermore, financial covenants were modified to provide the Scottsdale, Ariz., waste services company with greater operating flexibility.

"The interest rate reduction on over $1.6 billion of term loan facilities will generate an annual interest savings of almost $8 million," said Pete Hathaway, executive vice president and chief financial officer, in the release. "We continue to opportunistically manage our capital structure and we appreciate the support we've received from the financial institutions."

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