Casella Waste slips on acquisition-related stock offering

Casella Waste Systems

17/09/2024 21:23

** Shares of Casella Waste Systems  CSWT.O  down 3.1% at
$103.44 post-market after co launches stock offering to fund
recently announced acquisition
    ** Rutland, Vermont-based co commences $400 mln stock
offering
    ** It plans to use net proceeds to finance buy of Royal
Carting and Welsh Sanitation, to repay debt and for general
purposes
    ** Last week, CWST said pending Royal Carting acquisition
includes two solid waste collection operations and two transfer
stations in New York’s Middle and Lower Hudson Valley regions
and western Connecticut
    ** CWST shares on Tues closed down 1.5% at $106.73, trimming
YTD gain to 25%
    ** Co has 58.13 mln shares outstanding for $6.2 bln market
cap and ~56.68 mln shares of public float, per LSEG
    ** Raymond James, J.P. Morgan and Stifel leading the stock
offering

 (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))