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One Year Ago In The Credit Markets - April 2, 2007

Investors balked at a proposed 50 basis point cut on the JPMorgan-led $1.275 billion term loan for Allied Waste Industries.

Investors balked at a proposed 50 basis point cut on the JPMorgan-led $1.275 billion term loan for Allied Waste Industries. [The bank eventually lowered the price cut to 25 basis points, bringing the spread to LIBOR plus 1 3/4% with a step-down to LIBOR plus 1 1/2% when leverage rises above 4.25 times (CIN, 4/10). The term loan was trading in the 100.333-100.708 context last Wednesday, according to Markit.]

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