LOUISVILLE, KY – Charah Solutions, Inc. (“Charah”) announced today that it has launched an initial public offering of 7,352,941 shares of its common stock at an anticipated initial offering price between $16.00 and $18.00 per share pursuant to a registration statement on Form S-1 (the “Registration Statement”) filed with the U.S. Securities and Exchange Commission (the “SEC”). Of the 7,352,941 shares of Charah’s common stock to be sold in the offering, Charah is offering 5,294,117 shares and the selling stockholders named in the Registration Statement (the “Selling Stockholders”) are offering 2,058,824 shares. In addition, the Selling Stockholders intend to grant the underwriters a 30-day option to purchase up to an additional 1,102,941 shares of Charah’s common stock at the initial public offering price, less underwriting discounts and commissions. The shares have been authorized for listing on the New York Stock Exchange under the ticker symbol “CHRA,” subject to official notice of issuance.
Charah expects to use the net proceeds from the offering to repay borrowings outstanding under its term loan and the remaining net proceeds for general corporate purposes.
MMorgan Stanley and BofA Merrill Lynch are acting as joint book-running managers for the proposed offering. Stifel is acting as a bookrunner for the proposed offering. Macquarie Capital, First Analysis Securities Corp. and Houlihan Lokey are acting as co-managers for the proposed offering. The offering of these securities will be made only by means of a prospectus. When available, a copy of the preliminary prospectus may be obtained from:
- Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014
- BofA Merrill Lynch, NC1-004-03-43, Attention: Prospectus Department, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001 or by email at [email protected]
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time that the registration statement becomes effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Important Information
A registration statement, including a prospectus which is preliminary and subject to completion, relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The registration statement may be obtained free of charge at the SEC’s website at www.sec.gov under “Charah Solutions, Inc.” This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Charah Solutions, Inc.
Based in Louisville, KY, Charah Solutions, Inc. is a provider of environmental and maintenance services to the power generation industry, with operations in coal-fired and nuclear power generation sites across the country.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Charah’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Charah’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Charah does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Charah to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus filed with the SEC in connection with Charah’s initial public offering. The risk factors and other factors noted in Charah’s prospectus could cause its actual results to differ materially from those contained in any forward-looking statement.
Contacts
Charles W. Price
Charah Solutions, Inc.
(502) 245-1353
Ed Trissel/Jon Keehner/Kate Clark
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
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