Funds repay debt; William Blair assists with $9.09 million greenshoe
By Devika Patel
Knoxville, Tenn., April 20 - Heritage-Crystal Clean, Inc. said it priced a $60.61 million public sale of stock with a $9.09 million greenshoe. The deal was announced Monday.
The company will sell 2,956,521 common shares at $20.50 apiece. The price per share is a 3.94% discount to the April 19 closing share price of $21.34.
William Blair & Co., LLC is the sole bookrunner, and Robert W. Baird & Co. Inc. and Needham & Co., LLC are co-managers.
Settlement is expected April 24.
The company will use the proceeds to reduce debt and for general corporate purposes, which may include expansion of the company's re-refinery, construction of a new re-refinery, acquisitions or investments in existing re-refineries and acquisitions of used oil collection capacity.
Elgin, Ill.-based Heritage-Crystal provides parts cleaning and containerized waste services.
| Issuer: | Heritage-Crystal Clean, Inc.
|
| Issue: | Common shares
|
| Amount: | $60,608,681
|
| Greenshoe: | $9,091,320
|
| Shares: | 2,956,521
|
| Price: | $20.50
|
| Warrants: | No
|
| Bookrunner: | William Blair & Co., LLC
|
| Co-managers: | Robert W. Baird & Co. Inc. and Needham & Co., LLC
|
| Announcement date: | April 16
|
| Pricing date: | April 20
|
| Settlement date: | April 24
|
| Stock symbol: | Nasdaq: HCCI
|
| Stock price: | $21.34 at close April 19
|
| Market capitalization: | $307.33 million
|
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