Traders suspected that one of the underwriters for Allied Waste Industries' new credit sold a piece of the mammoth $1.5 billion revolver down in the 93 context this week. Market players suggested some of the banks, which signed onto the revolver to win investment banking fees, were now paring down their exposure. Others disagreed. "The bids are there, but I don't see anyone selling there right off the bat. They would certainly lose money on that paper," said one dealer. J.P. Morgan and Citigroup lead the refinancing credit, with UBS Warburg, Credit Suisse First Boston and Deutsche Bank also serving as top tier agents.
April 30, 2003
