Patricia-Anne Tom

Scottsdale, Ariz. -- Allied Waste Industries raised $400 million by offering shares of stock and three-year securities. The company said it will use net proceeds to pay down debt. The stock offering was part of a larger financial plan to obtain $3 million in new bank financing and reduce company debt by $1 billion to $7.88 billion. For a related story on Allied's financial plans, see

Allied Inaugurates Pricing Program