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Allied Waste Industries, Inc. Announces Pricing of Common Stock And Mandatory Convertible Preferred Stock Offerings.

Publication: PR Newswire
Publication Date: 04-APR-03 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Allied Waste Industries, Inc. today announced that it has priced its approximately $400 million concurrent offerings of common stock and mandatory convertible preferred stock. The securities will be issued under the company's existing shelf registration statement.

Allied Waste will issue approximately 12 million shares of common stock at $8.30 per share and will issue 6 million 3-year mandatory convertible preferred shares at $50 per share. The mandatory convertible preferred stock will have a dividend yield of 6.25 percent and a conversion premium of approximately 22 percent over the stock price of $8.30 per share. Allied Waste granted the underwriters a 15% over-allotment option in each offering. The company intends to use the net proceeds from these financing activities to repay amounts outstanding under its existing bank...

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