Heritage-Crystal Clean, Inc. Announces Full Exercise of Option by Underwriters
December 17 2014 - 2:51PM
Heritage-Crystal Clean, Inc. (the "Company") (Nasdaq:HCCI), today
announced that the underwriters of its previously announced public
offering of common stock have exercised, in full, their option to
purchase an additional 465,000 shares of common stock at the public
offering price of $10.00 per share. Proceeds from the exercise of
the option are expected to be approximately $4.4 million after
deducting the underwriting discount.
William Blair & Company, L.L.C. is acting as Lead
Book-Running Manager for the offering. Robert W. Baird & Co.
Incorporated and Needham & Company, LLC are acting as Passive
Bookrunners for the offering.
The closing of the offering is expected to occur on or about
December 17, 2014 subject to customary closing conditions.
The common stock will be issued in the United States pursuant to
the Company's effective shelf registration statement filed with the
U.S. Securities and Exchange Commission. The offering is being made
only by means of a prospectus, including a prospectus supplement,
forming a part of the effective registration statement. A copy of
the prospectus supplement and accompanying prospectus relating to
the offering may be obtained, when available, from William Blair
& Company, L.L.C., Attention Prospectus Department, 222 West
Adams Street, Chicago, Illinois 60606, by telephone at (800)
621-0687, or by email at prospectus@williamblair.com.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The offering may be made
only by means of a prospectus. Before investing, you should read
the prospectus supplement and the accompanying prospectus for
information about the Company and the offering.
About Heritage-Crystal Clean, Inc.
Heritage-Crystal Clean, Inc. provides parts cleaning, used oil
re-refining, and hazardous and non-hazardous waste services to
small and mid-sized customers in both the manufacturing and vehicle
service sectors. Our service programs include parts cleaning,
containerized waste management, used oil collection and
re-refining, vacuum truck services and waste antifreeze collection
and recycling. These services help our customers manage their used
chemicals and liquid and solid wastes, while also helping to
minimize their regulatory burdens. Our customers include businesses
involved in vehicle maintenance operations, such as car
dealerships, automotive repair shops, and trucking firms, as well
as small manufacturers, such as metal product fabricators and
printers. Through our used oil re-refining program, we recycle used
oil into high quality lubricating base oil, and we are a supplier
to firms that produce and market finished lubricants.
Heritage-Crystal Clean, Inc. is headquartered in Elgin, Illinois,
and serves approximately 125,000 customer locations.
Safe Harbor Statement
All references to the "Company," "we," "our," and "us" refer to
Heritage-Crystal Clean, Inc., and its subsidiary, Heritage-Crystal
Clean, LLC.
This release contains forward-looking statements that are based
upon current management expectations. Generally, the words "aim,"
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "plan," "project," "should," "will be," "will continue,"
"will likely result," "would" and similar expressions identify
forward-looking statements. These forward-looking statements
involve known and unknown risks, uncertainties and other important
factors that could cause our actual results, performance or
achievements or industry results to differ materially from any
future results, performance or achievements expressed or implied by
these forward-looking statements. These risks, uncertainties and
other important factors include, among others: general economic
conditions and downturns in the business cycles of automotive
repair shops, industrial manufacturing businesses and small
businesses in general; increased solvent, fuel and energy costs and
volatility in the price of crude oil, the selling price of
lubricating base oil, solvent, fuel, energy, and commodity costs;
our ability to successfully integrate FCC Environmental and achieve
the anticipated synergies from the Acquisition within the expected
time period, or at all; our ability to enforce our rights under the
FCC Environmental purchase agreement; our ability to pay our debt
when due and comply with our debt covenants; our ability to
successfully operate our used oil re-refinery and to
cost-effectively collect or purchase used oil or generate operating
results; our ability to successfully complete our used oil
re-refinery expansion and realize the anticipated benefits
therefrom within the expected time period, or at all; increased
market supply or decreased demand for base oil; further
consolidation and/or declines in the United States automotive
repair and manufacturing industries; the impact of extensive
environmental, health and safety and employment laws and
regulations on our business; legislative or regulatory requirements
or changes adversely affecting our business; competition in the
industrial and hazardous waste services industries and from other
used oil re-refineries; claims and involuntary shutdowns relating
to our handling of hazardous substances; the value of our used
solvents and oil inventory, which may fluctuate significantly; our
ability to expand our non-hazardous programs for parts cleaning;
our dependency on key employees; our level of indebtedness, which
could affect our ability to fulfill our obligations, impede the
implementation of our strategy, and expose us to interest rate
risk; our ability to effectively manage our extended network of
branch locations; the control of The Heritage Group over the
Company; and the risks identified in the Company's Annual Report on
Form 10-K filed with the SEC on March 3, 2014 and Quarterly Report
on Form 10-Q filed with the SEC on October 16, 2014. Given these
uncertainties, you are cautioned not to place undue reliance on
these forward-looking statements. We assume no obligation to update
or revise them or provide reasons why actual results may differ.
The information in this release should be read in light of such
risks and in conjunction with the consolidated financial statements
and the notes thereto included elsewhere in this release.
CONTACT: Mark DeVita, Chief Financial Officer, (847) 836-5670
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