Stericycle to pay down debt with proceeds of divestiture

By Rebecca Melvin

New York, Feb. 7 – Stericycle, Inc. intends to use net proceeds from the divestiture of its domestic environmental solutions business to pay down outstanding debt, the company said in a news release on Friday.

Stericycle entered into a definitive agreement with Harsco Corp. to sell the business, excluding the health care customer and unused consumer pharmaceutical take-back services components, for $462.5 million in cash, subject to customary adjustments.

The transaction includes Stericycle’s domestic environmental solutions business, including manufacturing and industrial services, and the retail portion of hazardous waste services, which together employ about 2,000 across 61 facilities.

The transaction is expected to close in the first quarter.

Stifel acted as the financial adviser to Stericycle with respect to the transaction, and Latham & Watkins LLP acted as legal adviser. BoA Securities also provides financial advice to Stericycle.

The provider of medical waste collection, transportation, treatment and disposal services and safety and compliance programs is based in Lake Forest, Ill.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.