SCOTTSDALE, Ariz., Feb. 22 (UPI) -- Allied Waste of Scottsdale, Ariz., said Tuesday said it plans to obtain $4.65 billion of financing to improve its capital structure.
Allied Waste also said the financing will give it more time to pay off debt.
The nation's second largest waste hauler said it plans to issue about $100 million of common stock, $500 million of preferred stock convertible into common stock in three years, and $600 million of 10-year senior notes.
It also plans to obtain a $3.45 billion credit facility consisting of a $1.55 billion five-year revolving credit facility, a $1.45 billion seven-year term loan, and a $450 million institutional letter of credit facility.
Allied said it plans to use proceeds to repay borrowings under its existing credit facility and to pay off four bond issues maturing between next month and 2012.
