Massachusetts-based waste company Clean Harbors, Inc. has initiated a public offering of six million shares of common stock and a private placement of $550 million of senior notes due 2021.
The senior notes will begin once the pricing of the stock is determined, Clean Harbors said in its November 26, 2012 announcement.
The company said it plans to use the net proceeds of both transactions to finance a portion of its recent $1.25 billion purchase of Safety-Kleen, Inc.
“This acquisition is a landmark achievement for Clean Harbors that we believe will build significant long-term value for our shareholders,” announced Alan McKim, Clean Harbors’ chairman and CEO, speaking of the Safety-Kleen deal. “Safety-Kleen is a recognized leader in the environmental services field with a corporate heritage that dates back nearly 50 years with a strong service culture,” he added. “We have the benefit of a long and positive relationship with Safety-Kleen as a result of our acquisition of its Chemical Services Division a decade ago.”
About Clean Harbors
Headquartered in Norwell, Massachusetts, Clean Harbors has more than 200 locations, including more than 50 waste management facilities throughout North America in 38 U.S. states, seven Canadian provinces, Mexico and Puerto Rico.