Heritage-Crystal Clean Prices $31 Mln Stock Offering

(RTTNews) - Heritage-Crystal Clean, Inc. (HCCI) said Friday that it has priced an underwritten public offering of 3.1 million newly issued shares of the company's common stock at a public offering price of $10.00 per share.

The net proceeds to the company, after the underwriting discount and estimated offering expenses, are expected to be about $28.9 million.

The company has granted the underwriters of the offering an option to purchase an additional 465,000 shares of common stock at the public offering price, less the underwriting discount, during the period ending 30 days from the date of the final prospectus supplement filed in connection with the offering to cover over-allotments, if any.

The closing of the offering is expected to occur on or about December 17.

The company plans to use the net proceeds from the offering to pay down borrowings made in connection with its recently completed acquisition of FCC Environmental LLC and International Petroleum Corp. of Delaware and to complete the expansion of its used oil re-refinery, with the remaining net proceeds to be used for general corporate purposes, including the potential additional repayment of debt.