Casella Waste drops on $450 mln stock offering for acquisition

Casella Waste Systems

18/09/2024 13:17

** Shares of Casella Waste Systems  CWST.O  down 4.4%
premarket to $102 after co secures equity raise to fund recently
announced acquisition
    ** Rutland, Vermont-based firm announces 4.5 mln shares
priced at $100 for $450 mln gross proceeds
    ** Deal size increased from $400 mln, prices at 6.3%
discount to stock's Tues close
    ** Co to use net proceeds to finance acquisition of Royal
Carting and Welsh Sanitation, to repay debt and for general
purposes
    ** CWST has 58.13 mln shares outstanding for $6.2 bln market
cap and ~56.68 mln shares of public float, per LSEG
    ** Through Tues, CWST shares up 25% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))