Republic Services gets $1.75B credit for merger

By Associated Press
September 23, 2008
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Trash hauler Republic Services Inc. said Tuesday that it completed a $1.75 billion credit facility for use in its merger with rival Allied Waste Industries Inc.

Republic said the credit facility, arranged by Bank of America Securities LLC and J.P. Morgan Securities Inc., would also provide additional working capital.

And Republic said it amended its existing $1 billion senior unsecured revolving credit facility to conform with terms of the new borrowing.

Republic expects to close the merger with Allied in the fourth quarter, creating a company with annual revenue of about $9 billion.

Industry leader Waste Management Inc., which had revenue last year of $13 billion, offered $6.73 billion for Republic in what analysts called a bid to block the Republic-Allied deal.

In morning trading Tuesday, Republic shares rose 15 cents to $31.65.

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