Casella Waste Systems Announces Closing of Public Offering of Class A Common Stock and Full Exercise of Underwriters’ Option to Purchase Additional Shares
Casella Waste Systems (NASDAQ:CWST) has successfully closed an underwritten public offering, selling 2,702,500 shares of Class A common stock at $56.00 per share, resulting in gross proceeds of $151.3 million. The additional shares were sold through the underwriters’ option, enhancing the offering's total. Funds from the offering will support general corporate purposes, including potential acquisitions and capital expenditures. The underwriting was managed by Raymond James and BofA Securities, among others.
- Gross proceeds from the stock offering reached $151.3 million.
- The funds will be used for general corporate purposes and potential acquisitions, which could drive future growth.
- Issuing new shares may lead to shareholder dilution.
RUTLAND, Vt., Oct. 26, 2020 (GLOBE NEWSWIRE) -- Casella Waste Systems, Inc. (NASDAQ:CWST), a regional solid waste, recycling and resource management services company, announced today the closing of its previously announced underwritten public offering of shares of its Class A common stock, including the full exercise of the underwriters’ option to purchase an additional 352,500 shares, at a public offering price of
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 and BofA Securities acted as joint book-running managers for the offering. Stifel, UBS Investment Bank and KeyBanc Capital Markets acted as co-managers for the offering.
The shares were 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”). 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 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 prospectus@raymondjames.com; or BofA Securities, Inc., Attn: Prospectus Department, at 200 North College Street, NC1-004-03-43, Charlotte NC 28255-0001, telephone: 800-294-1322 or email: dg.prospectus_requests@bofa.com.
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 resource management expertise and services to residential, commercial, municipal and industrial customers, primarily in the areas of solid waste collection and disposal, transfer, recycling and organics services in the northeastern United States.
Safe Harbor Statement
Certain matters discussed in this press release, including, among others, our intended use of proceeds from the offering, are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by the context of the statements, including words such as “believe,” “expect,” “anticipate,” “plan,” “may,” “will,” “would,” “intend,” “estimate,” “guidance” and other similar expressions, whether in the negative or affirmative. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which Casella operates and management’s beliefs and assumptions. Casella cannot guarantee that it actually will achieve the plans, intentions or expectations disclosed in the forward-looking statements made. Such forward-looking statements involve a number of risks and uncertainties any one or more of which could cause actual results to differ materially from those described in Casella’s forward-looking statements. Such risks and uncertainties include or relate to, among other things: the impact of general economic, industry or political conditions in the United States or internationally. Additional risks and uncertainties relating to the offering, Casella and its business are discussed in the prospectus supplement related to the offering filed with the SEC and in other filings that Casella periodically makes with the SEC. In addition, the forward-looking statements included in this press release represent Casella’s views as of the date of this press release. Casella undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing Casella’s views as of any date subsequent to the date of this press release.
Investors:
Ned Coletta
Chief Financial Officer
(802) 772-2239
Media:
Joseph Fusco
Vice President
(802) 772-2247
FAQ
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