Bookrunners William Blair, Baird and Needham to assist with financing
By Devika Patel
Knoxville, Tenn., Dec. 12 – Heritage-Crystal Clean, Inc. said it priced a $31 million public offering of stock with a $4.65 million greenshoe. The offering was announced Dec. 8.
The company will sell 3.1 million common shares at $10.00 per share. The price per share reflects an 8.26% discount to the Dec. 11 closing share price of $10.90.
William Blair & Co., LLC is the lead bookrunning manager, and Robert W. Baird & Co. Inc. and Needham & Co., LLC are passive bookrunners.
Settlement is expected Dec. 17.
The company will use $11 million of the proceeds to repay borrowings connected to its acquisition of FCC Environmental and $8 million of the funds to complete expanding its used oil re-refinery. The remaining proceeds will be used for general corporate purposes, potentially including debt repayment.
Heritage-Crystal is an Elgin, Ill.-based provider of parts cleaning and containerized waste services.
| Issuer: | Heritage-Crystal Clean, Inc.
|
| Issue: | Common stock
|
| Amount: | $31 million
|
| Greenshoe: | $4.65 million
|
| Shares: | 3.1 million
|
| Price: | $10.00
|
| Warrants: | No
|
| Bookrunners: | William Blair & Co., LLC (lead), Robert W. Baird & Co. Inc. and Needham & Co., LLC
|
| Announcement date: | Dec. 8
|
| Pricing date: | Dec. 12
|
| Settlement date: | Dec. 17
|
| Stock symbol: | Nasdaq: HCCI
|
| Stock price: | $10.90 at close Dec. 11
|
| Market capitalization: | $183.12 million
|
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