Allied Waste Pushes Back To 175

After investors balked at a 50 basis point cut on the $1.275 billion term loan "B" of Allied Waste Industries, JPMorgan lowered the cut 25 basis points, much to the relief of investors.

  • 07 Apr 2006
Email a colleague
Request a PDF

After investors balked at a 50 basis point cut on the $1.275 billion term loan "B" of Allied Waste Industries, JPMorgan lowered the cut 25 basis points, much to the relief of investors. There is a pricing cut back down to LIBOR plus 1 1/2% if total leverage goes below 4.25 times.

One portfolio manager who was particularly disturbed by what this deal could mean for the market and suggested a 25 basis point cut, was still not overly enthused by the deal (CIN, 4/3). "At 175, it's better, but it still looks very thin on a historical basis and I'm still not convinced for CLOs that it is economic for 3-B credits to be priced at that." A call to Peter Hathaway, executive v.p. and cfo, was not returned by press time. A JPMorgan spokesman declined comment.

  • 07 Apr 2006

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 14,443 29 18.07
2 Bank of America Merrill Lynch (BAML) 8,264 27 10.34
3 Lloyds Bank 7,329 24 9.17
4 Citi 6,748 19 8.44
5 JP Morgan 5,220 8 6.53

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 117,261.12 337 11.10%
2 Bank of America Merrill Lynch 94,723.52 272 8.97%
3 JPMorgan 92,612.23 269 8.77%
4 Wells Fargo Securities 82,597.19 239 7.82%
5 Credit Suisse 69,442.99 183 6.57%