Date: March 27, 2003
Source: News Room
Allied Waste Industries Inc. has begun an offering of its common stock and mandatory convertible preferred shares to raise about $400 million. The company said proceeds from the offering would help repay amounts outstanding under its existing bank credit facility. Allied Waste's board approved a financing and divestiture plan, which included the placement of a $3 billion credit facility. The company also announced plans to cut about 500 jobs from its field work force in April and to initiate a pricing program in May aimed at its collection and landfill businesses. Allied Waste plans to issue about 12 million shares of common stock and about 6 million convertible preferred shares.
More information: www.awin.com.
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