Allied Waste has unveiled a program to raise $600 million in total, including issuing $100 million in common stock. Another $500 million in convertible preferred stock will be issued as well. The company will also acquire a $3.45 billion credit facility, which will include a loan and letter of credit. The proceeds will be used to repay outstanding amounts of its current credit facility and approximately $990 million in notes. News of the arrangement dropped Allied Waste's stock 5.5 percent, or 47 cents, to $8.15 in Tuesday's trading.
More information: www.alliedwaste.com.