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
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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 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 80,818.31 235 11.57%
2 Bank of America Merrill Lynch 66,338.04 186 9.50%
3 Wells Fargo Securities 56,344.19 164 8.07%
4 JPMorgan 53,381.65 156 7.64%
5 Credit Suisse 44,872.46 115 6.43%