Heritage-Crystal Clean to price public offering of 3.1 million shares

Bookrunners William Blair, Baird and Needham to assist with financing

By Devika Patel

Knoxville, Tenn., Dec. 8 – Heritage-Crystal Clean, Inc. plans to conduct a public sale of 3.1 million common shares, with a 30-day greenshoe of 465,000 additional shares, according to a preliminary prospectus supplement filed Monday with the Securities and Exchange Commission.

William Blair, Baird and Needham & Co. are the bookrunners.

The company will use $11 million of the proceeds to repay borrowings connected to its acquisition of FCC Environmental and $8 million of the funds to complete expanding its used oil re-refinery. The remaining proceeds will be used for general corporate purposes, potentially including debt repayment.

Heritage-Crystal is an Elgin, Ill.-based provider of parts cleaning and containerized waste services.

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