Allied raises stock sale plan by $100M; Firm now to sell $600M in preferred stock.(News)(Brief Article)
Waste News, March, 2005 by Johnson, Jim
Byline: Jim Johnson Allied Waste Industries Inc. is increasing by $100 million the amount of new stock it intends to sell as part of larger refinancing plan. The Scottsdale, Ariz.-based company now plans to sell $600 million in preferred stock, up from the $500 million the company initially proposed to sell last month.
Allied, the nation's second-largest trash company, is sticking with earlier plans to also sell $100 million in common stock that will be priced at $7.90 per share. To raise the cash, the company will sell 12.75 million shares of common stock and 2.4 million shares of preferred stock which must be converted to common stock in three years. The $250-per-share preferred stock will pay a dividend of 6.25 percent and then...
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