Heritage-Crystal Clean plans debt financing for buyout by J.F. Lehman

By Sara Rosenberg

New York, July 19 – Heritage-Crystal Clean Inc. has received a commitment for new debt financing to help fund its acquisition by J.F. Lehman & Co., according to a news release.

Jefferies Finance LLC and Sumitomo Mitsui Banking Corp. provided the debt commitment.

Under the agreement, Heritage-Crystal Clean is being bought for $45.50 per share in cash. The transaction values the company at about $1.2 billion.

Closing is expected in the fourth quarter, subject to customary conditions, including approval by shareholders and the expiration of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976.

There is a 35-day “go-shop” period.

Heritage-Crystal Clean is a Hoffman Estates, Ill.-based provider of parts cleaning, hazardous and non-hazardous waste services, used oil re-refining, antifreeze recycling, industrial and field services, and emergency and spill response services.

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