Casella Waste Systems Announces Closing Of Public Offering Of Class A Common Stock And Full Exercise Of Underwriters’ Option To Purchase Additional Shares

RUTLAND, Vt., June 16, 2023 (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 789,473 shares, at a public offering price of $85.50 per share, before offering discounts. The exercise of the underwriters’ option to purchase additional shares brought the total number of shares of Class A common stock sold by Casella in the offering to 6,052,631 and increased the aggregate gross proceeds from the offering to $517.5 million, before deducting underwriting discounts and offering expenses.

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 acted as joint book-running managers for the offering. UBS Investment Bank and KeyBanc Capital Markets acted as passive book-runners for the offering.

The shares were 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 was made only by means of the written prospectus and prospectus supplement that form a part of the registration statement. 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 [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].