Casella Waste Systems Announces Pricing of Public Offering of 5,263,158 Shares of Class A Common Stock

RUTLAND, Vt., June 13, 2023 (GLOBE NEWSWIRE) -- Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste, recycling and resource management services company, announced today the pricing of an underwritten public offering of 5,263,158 shares of its Class A common stock at a public offering price of $85.50 per share, before offering discounts. The offering will result in aggregate gross proceeds of approximately $450.0 million to Casella, before deducting underwriting discounts and offering expenses. Casella also granted the underwriters of the offering an option for a period of 30 days to purchase up to an additional 789,473 shares of Class A common stock. All of the shares in the offering are to be sold by Casella. The offering is expected to close on or about June 16, 2023, subject to customary closing conditions.

Casella intends to use the net proceeds from the offering to finance a portion of its previously announced acquisitions of operations from GFL Environmental Inc. and assets of Consolidated Waste Services, LLC and its affiliates, repay borrowings from its revolving credit facility and general corporate purposes.

Raymond James and Stifel are acting as joint book-running managers for the offering. UBS Investment Bank and KeyBanc Capital Markets are acting as passive book-runners for the offering.

The shares are being offered by Casella pursuant to an automatically effective shelf registration statement (including a prospectus) that was previously filed with the U.S. Securities and Exchange Commission (“SEC”). The offering is being made only by means of the written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement relating to and describing the terms of the offering was filed with the SEC on June 12, 2023, and is available on the SEC’s website at www.sec.gov. A final prospectus supplement relating to the offering will be filed with the SEC and will form a part of the registration statement, and will also be available on the SEC’s website.

Copies of the final prospectus supplement and accompanying prospectus relating to the offering, when available, may also be obtained from Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, or by telephone at [phone], or by e-mail to [e-mail]; or Stifel, Nicolaus & Company, Incorporated, Attn: Syndicate Department, One South Street, 15th Floor, Baltimore, Maryland 21202, telephone: [phone] or email: [e-mail].