Casella announces closing of stock offering

Casella Waste Systems Inc., Rutland, Vermont-based regional solid waste, recycling and resource management services company, has announced the closing of its previously announced public offering of its Class A common stock shares, including the full exercise of the underwriters’ option to purchase an additional 789,473 shares, at a public offering price of $85.50 per share.

After projecting gross proceeds of about $450 million, Casella says it sold just more than 6 million shares with gross proceeds of $517.5 million before deducting underwriting and offering expenses.

Casella plans to use the net proceeds from the offering to finance a portion of its previously announced acquisitions of operations from Vaughn, Ontario-based GFL Environmental Inc. and assets of Consolidated Waste Services LLC, Albany, New York, and its affiliates, to repay debt from its revolving credit facility and to fund general corporate operations.

Financial firms involved in the offering include Florida-based Raymond James and St. Louis-based Stifel Financial acting as joint book-running managers, and UBS Investment Bank, with U.S. headquarters in New York, and Cleveland-based KeyBanc Capital Markets acting as passive book-runners for the offering.

The shares were offered by Casella pursuant to an automatically effective shelf registration statement (including a prospectus) that was previously filed with the U.S. Securities and Exchange Commission (“SEC”). The offering was made only by means of the written prospectus and prospectus supplement that form a part of the registration statement. A final prospectus supplement relating to the offering was filed with the SEC and is available on the SEC’s website.

Copies of the final prospectus supplement and accompanying prospectus relating to the offering may also be obtained by contacting Raymond James & Associates Inc. at (800) 248-8863 or  prospectys@raymondjames.com or by contacting Stifel at (855) 300-7136 or syndprospectus@stifel.com.