Advanced Disposal Services, announced that Canada Pension Plan Investment Board (CPPIB) has completed a $280 million investment in Series B Preferred Units of Star Atlantic Waste Holdings II L.P., which is an investment partnership sponsored by Highstar Capital and the principal owner of Advanced Disposal Services.
Proceeds were used to redeem an investor's Series A partnership investment, and all remaining Series A Preferred Units were converted into Series B Preferred Units, which will result in lower preferred stock accrual expenses.
The move could pave the way for Advanced Disposal to move ahead with the IPO it had postponed earlier this year. Advanced Disposal had previously announced its intentions to conduct an IPO last year. In February it was prepping to move ahead with that IPO, aiming to raise as much as $470 million, when it abruptly was forced to postpone those plans citing what it called, “unfavorable equity market conditions.”