Heritage-Crystal Clean Announces Pricing of Offering of Shares of Common Stock; 2.9M Shares at $20.50/Share

Heritage-Crystal Clean

announced today that it has priced an underwritten public offering of 2,956,521 newly issued shares of the Company's common stock at a public offering price of $20.50 per share. The net proceeds to the Company, after the underwriting discount and estimated offering expenses are expected to be approximately $56.8 million. We have granted the underwriters of the offering an option to purchase an additional 443,479 shares of common stock at the public offering price, less the underwriting discount, during the period ending 30 days from the date of our final prospectus supplement filed in connection with the offering to cover over-allotments, if any. We intend to use the net proceeds from the offering to reduce a portion of our indebtedness and for general corporate purposes, which may include the addition of re-refining capacity via expansion of our existing re-refinery, construction of a new re-refinery, acquisitions or investments in existing re-refineries and/or acquisitions of used oil collection capacity.