Levels on Allied Waste Industries' term loan "B" fell about a point to the 97-98 range after the company pulled a proposed $250 million note offering. Proceeds from the sale had been earmarked to pay down the company's term loans on a pro-rata basis. Traders said the bank debt was not drastically affected because the paydown was not urgent.
Allied Waste decided not to go forward with the debt offering because the company was looking for a very specific level of pricing on the new notes, and that pricing could not be met in the current economic environment, market players noted. Calls to Thomas Ryan, cfo, were referred to a spokesperson, who did not return calls by press time.