Republic Services (RSG) Announces New Lending Commitments for Proposed Merger with Allied (AW)
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Republic Services, Inc. (NYSE: RSG) announced that Bank of America Securities LLC and J.P. Morgan Securities Inc. have arranged a syndicate of lenders committed in writing to the entire amount of Republic's proposed new $1.75 billion senior unsecured revolving credit facility. The commitments are not subject to due diligence, and the total amount of commitments received is in excess of the proposed $1.75 billion.
The new credit facility, together with Republic’s existing $1 billion senior unsecured revolving credit facility, will provide Republic with all of the financing expected to be needed to consummate its proposed merger with Allied Waste Industries, Inc. (NYSE: AW), as well as with additional working capital. Republic expects to enter into the new credit facility, and to enter into certain conforming amendments to its existing credit facility, in September 2008. [SM]
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