New Bank Facility Oversubscribed
Republic Services, Inc. (NYSE: RSG) today 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. The
initial funding under the new credit facility is expected to occur upon
closing of the proposed merger. Republic expects its merger with Allied
Waste to close in the fourth quarter of 2008.
About Republic Services, Inc.
Republic Services, Inc. is a leading provider of environmental services
including solid waste collection, transfer and disposal services in the
United States. The company’s operating units
are focused on providing solid waste services for commercial,
industrial, municipal and residential customers.
Additional Information and Where to Find It
This communication is being made in respect of the proposed business
combination involving Republic and Allied. On August 1, 2008, Republic
filed with the Securities and Exchange Commission a Registration
Statement on Form S-4 containing a Joint Preliminary Proxy
Statement/Prospectus in connection with the proposed transaction with
Allied, which is subject to review by the SEC. The definitive Joint
Proxy Statement/Prospectus (when available) will be mailed to
stockholders of Republic and Allied. INVESTORS AND SECURITY HOLDERS OF
REPUBLIC AND ALLIED ARE URGED TO READ THE JOINT PROXY
STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN
THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and
security holders will be able to obtain free copies of the Registration
Statement and the definitive Joint Proxy Statement/Prospectus (when
available) and other documents filed with the SEC by Republic and Allied
through the website maintained by the SEC at www.sec.gov.
