By Sheri Kasprzak
New York, June 14 - WCA Waste Corp. said it will close a $75 million private placement of convertible preferred stock.
The preferreds will be sold to Ares Corporate Opportunities Fund II.
The preferreds are convertible into common shares at $9.60 each and pay a paid-in-kind dividend at 5% annually.
Also, WCA said it plans to refinance its existing senior secured debt.
Houston-based WCA processes, transports and disposes of non-hazardous solid waste.
| Issuer: | WCA Waste Corp.
|
| Issue: | Convertible preferred stock
|
| Amount: | $75 million
|
| PIK: | 5%
|
| Conversion price: | $9.60
|
| Warrants: | No
|
| Investor: | Ares Corporate Opportunities Fund II
|
| Settlement date: | June 14
|
| Stock symbol: | Nasdaq: WCAA
|
| Stock price: | $7.04 at close June 14
|
|
|
© 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.
