PHOENIX, March 28 /PRNewswire-FirstCall/ -- Allied Waste Industries, Inc. today announced that it has completed the refinancing of the revolving portion of its $3.170 billion senior secured credit facility. The Company's $1.575 billion Revolving Credit Facility, which funded today, was re-priced starting at LIBOR plus 175 basis points; a reduction of 75 basis points. Additionally, the undrawn fees were reduced to 37.5 basis points from 75 basis points. The pricing is tied to a pricing grid based on the Company's leverage ratio. The Company also extended maturities for the revolving and term loan portions of the credit facilities by two years to 2012 and 2014, respectively.
"The rate reduction on over $1.5 billion of the revolver will generate annual interest savings of more than $7 million," said Pete Hathaway, Executive Vice President and Chief Financial Officer of Allied Waste. "We continue to opportunistically manage our capital structure and we appreciate the support that we've received from the financial institutions."
About Allied Waste Industries
Allied Waste Industries, Inc., a leading waste services company, provides collection, recycling and disposal services to residential, commercial and industrial customers in the United States. As of December 31, 2006, the Company operated a network of 304 collection companies, 161 transfer stations, 168 active landfills and 57 recycling facilities in 37 states and Puerto Rico.
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