Casella Waste Systems, Inc. (NASDAQ: CWST) has announced the pricing of an underwritten public offering of 4,500,000 shares of its class A common stock at a public offering price of $100.00 per share. This will result in total gross proceeds of approximately $450.0 million before deducting underwriting discounts and offering expenses.
The company has granted the underwriters of the offering an option to purchase up to an additional 675,000 shares of class A common stock at the public offering price, less the underwriting discounts, within a 30-day period.
Casella Waste Systems, Inc. intends to use the net proceeds from the offering to finance its previously announced acquisition of Royal Carting and Welsh Sanitation, to repay borrowings under its revolving credit facility, and for general corporate purposes.
Raymond James, J.P. Morgan, and Stifel are acting as joint book-running managers for the offering, while Goldman Sachs & Co. LLC and Wolfe | Nomura Alliance are acting as passive book-runners.
The offering is being made pursuant to an automatically effective shelf registration statement, including a prospectus, previously filed with the U.S. Securities and Exchange Commission (SEC).
This announcement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification of these securities under the securities laws of any such state or jurisdiction.
Casella Waste Systems, Inc., headquartered in Rutland, Vermont, provides resource management expertise and services primarily in the areas of solid waste collection and disposal, transfer, recycling, and organics services in the eastern United States. Today the company's shares have moved -5.8% to a price of $100.56. For more information, read the company's full 8-K submission here.
