Clean Harbors Inc. (NYSE: CLH) on Wednesday launched a private offering of $600 million in senior notes due 2034, the company announced.
The securities are being offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, and outside the United States under Regulation S. The notes will not be registered under the Securities Act.
The company said the net proceeds will be used to finance its previously announced acquisition of EnviroServe, a national environmental and waste management services provider. Additional proceeds are intended to repay borrowings under Clean Harbors' revolving credit facility that were used to partially fund its earlier acquisition of ES&H.
If either transaction does not close, the remaining net proceeds would be directed toward general corporate purposes, according to the company.
Note completion is not contingent on either acquisition proceeding, Clean Harbors stated.
Based in Norwell, Massachusetts, Clean Harbors provides environmental and industrial services across the United States, Canada, Mexico, Puerto Rico and India. The firm serves the chemical, manufacturing and refining sectors, as well as government agencies, offering hazardous waste management, emergency spill response, industrial cleaning and recycling services.
Through its Safety-Kleen subsidiary, Clean Harbors also operates as a parts washer provider and oil re-refiner.
