Advanced Disposal makes debut on NYSE
Advanced Disposal makes debut on NYSE
<![CDATA[Advanced Disposal Services Inc., Ponte Vedra, Florida, announced today the pricing of its initial public offering of 19.25 million shares of its common stock at a price to the public of $18 per share. All of the shares are being offered by the company.
The shares began trading on Oct. 6, 2016 on the New York Stock Exchange under the ticker symbol ADSW. The underwriters have the option to purchase up to an additional 2.88 million shares of common stock. The company says it intends to use the net proceeds from the shares offered to repay outstanding borrowings under the Term Loan B portion of its senior secured credit facilities.
Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Barclays Capital Inc. acted as lead joint book-running managers and representatives of the underwriters for the offering. UBS Securities LLC also acted as a lead joint book-running manager. Merrill Lynch, Pierce, Fenner & Smith Inc., Macquarie Capital (USA) Inc., Morgan Stanley & Co. LLC, and Stifel also acted as joint book-running managers, and SMBC Nikko Securities America, Inc. and First Analysis Securities Corp. acted as co-managers.
The offering of these securities is being made only by means of a prospectus. A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on Oct. 5.
Advanced Disposal serves 2.8 million residential customers–221,000 commercial and industrial customers and more than 800 municipal customers. In its most recent quarter, Advanced Disposal reported announced revenue for the three months ended June 30, 2016, of $358.2 million versus $355.2 million in the same period of the prior year.
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Source: Recycling Today
Advanced Disposal makes debut on NYSE
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