Clean Harbors Inc., which provides hazardous waste management services, said Friday it has closed an offering of $300 million senior secured notes due 2016. The offering was expanded from $250 million due to strong demand.
The offering yielded net proceeds of about $292.1 million, excluding offering expenses. Clean Harbors said it plans to use net proceeds from the offering to pay off debt and for general corporate purposes.
The notes have an interest rate of 7.625 percent and were sold at 97.369 percent of the aggregate principal amount. That's a yield to maturity of 8.125 percent.
Shares of the company slid $1.62, or 2.8 percent, to $55.78 in afternoon trading.