Vermont Business Magazine Casella Waste Systems, Inc (NASDAQ:CWST), a regional solid waste, recycling and resource management services company based in Rutland, announced after markets closed Tuesday that it has commenced an underwritten public offering of 3,100,000 shares of its Class A common stock, valued at $91.5 million. Casella also intends to grant the underwriters of the offering an option for a period of 30 days to purchase up to an additional 465,000 shares of Class A common stock. All of the shares in the offering are to be sold by Casella.
Casella announced Wednesday that the pricing of the 3,100,000 shares would be $29.50 per share, before offering discounts.
Shares were down about a point Wednesday morning from its Tuesday high of $30.01. Casella's 52-week range is $22.15-$34.48.
The offering will result in aggregate gross proceeds of approximately $91.5 million to Casella, before deducting underwriting discounts and offering expenses. Casella also granted the underwriters of the offering an option for a period of 30 days to purchase up to an additional 465,000 shares of Class A common stock. All of the shares in the offering are to be sold by Casella. The offering is expected to close on or about January 25, 2019, subject to customary closing conditions.
Casella intends to use the net proceeds from the offering for general corporate purposes, including potential acquisitions or development of new operations or assets with the goal of complementing or expanding its business, working capital and capital expenditures.
Raymond James & Associates, Inc. is acting as the sole book-running manager for the offering. Stifel, Nicolaus & Company Incorporated, UBS Securities LLC and First Analysis Securities Corp. are acting as co-managers for the offering.
The shares are being offered by Casella pursuant to an effective automatic shelf registration statement (including a prospectus) that was previously filed with the U.S. Securities and Exchange Commission (“SEC”). The offering is being made only by means of the written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement relating to and describing the terms of the offering was filed with the SEC on January 22, 2019 and is available on the SEC’s website at www.sec.gov. A final prospectus supplement relating to the offering will be filed with the SEC and will form a part of the registration statement, and will also be available on the SEC’s website.
Copies of the final prospectus supplement and accompanying prospectus relating to the offering, when available, may also be obtained from Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, or by telephone at (800) 248-8863, or by e-mail to [email protected].
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of these securities under the securities laws of any such state or jurisdiction.
About Casella Waste Systems, Inc.
Casella Waste Systems, Inc., headquartered in Rutland, Vermont, provides solid waste management services consisting of collection, transfer, disposal, and recycling services in the northeastern United States.
Source: RUTLAND, Vt., Jan. 22-23, 2019 (GLOBE NEWSWIRE) -- Casella Waste Systems, Inc