Clean Harbors launches $600 million bond offering to fund acquisitions

Clean Harbors ($CLH) launched a private offering of $600 million in senior notes expected to mature in 2034. It plans to use proceeds to finance the purchase of EnviroServe and repay revolving-credit borrowings associated with its previously announced ES&H acquisition. The new development is the financing launch, not the announcement of either acquisition.

The offering is not conditional on completion of the acquisitions. Should either transaction fail to close, remaining proceeds would instead be available for general corporate purposes. Clean Harbors did not announce final pricing in the launch release, and the company cautioned that the acquisitions might not complete on the anticipated terms or timetable. The proposed principal amount should therefore not be treated as cash already received or as confirmation that both purchases have closed.

Sources:

• Clean Harbors — senior-note offering, Business Wire
• Company release — accessible reprint