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Allied Waste Industries, Inc. Announces Common Stock and Mandatory Convertible Preferred Stock Offerings.

Publication: PR Newswire
Publication Date: 31-MAR-03 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Allied Waste Industries, Inc. today announced that it is commencing concurrent offerings of common stock and mandatory convertible preferred stock under the company's existing shelf registration statement. Allied Waste plans to raise approximately $400 million of capital through the issuance of approximately $100 million of common stock and the issuance of approximately $300 million of mandatory convertible preferred stock. The company intends to use the net proceeds from these financing activities to repay amounts outstanding under its existing bank credit facility as stated in its previously announced financing plan.

In connection with these transactions, Allied Waste intends to issue approximately 12 million shares of common stock and approximately 6 million convertible preferred shares. In each offering, the underwriters will have a 15% over-allotment option.

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