Casella Waste prices stock offering at $4 apiece
NEW YORK (AP) — Casella Waste Systems Inc. on Friday priced public offering of stock at $4 per share and plans to use proceeds to refinance debt, fund acquisitions and for other general corporate purposes.
The company is offering 10 million shares and granted underwriters a 30-day option to buy up to another 1.5 million shares.
Casella Waste has about 27.4 million shares, according to a recent regulatory filing.
BofA Merrill Lynch and J.P. Morgan are managing the offering, which is expected to close on or about next Wednesday.
The Rutland, Vt., company provides garbage-disposal and recycling services in Northeastern states.
The shares were down 6 cents to close at $4.27. The stock has fallen 33 percent this year.