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 Bank of America Merrill Lynch (BAML) 1,284 2 30.09
2 Barclays 633 1 14.82
3 BNP Paribas 509 1 11.91
4 Citi 467 1 10.94
5 Morgan Stanley 455 1 10.66

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 9,235.10 31 12.19%
2 Barclays 7,853.42 22 10.36%
3 Bank of America Merrill Lynch 7,473.95 24 9.86%
4 JPMorgan 7,225.34 25 9.54%
5 Wells Fargo Securities 6,258.35 24 8.26%