secwatch.observer — SEC 8-K summary
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Issuer:     CLEAN HARBORS INC (CLH)
CIK:        0000822818
Form:       8-K
Filed at:   2024-03-25T23:59:59+00:00
Accession:  0000822818-24-000011
Event type: m_and_a
Sentiment:  positive
Materiality: 0.65
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Clean Harbors completes HEPACO acquisition for $400M; issues $500M term loan
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- Acquired HEPACO from Gryphon Investors for $400M cash; HEPACO had $270M revenue and $36M adj. EBITDA in 2023.
- Financed with $500M incremental Term Loans under existing Term Loan Agreement, maturing Oct 2028, SOFR+1.75%.
- Expects ~$20M annual cost synergies after first full year, implying 7.1x post-synergy acquisition multiple.
- HEPACO expected to add ~$30M Adjusted EBITDA in 2024; guidance to be updated on Q1 earnings call May 1.
- Both incremental and existing term loans total $1.48B; prepayable with 1% premium if repriced before Sep 22, 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/822818/000082281824000011/0000822818-24-000011-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/822818/000082281824000011/clh-20240322.htm
  HTML page:      https://secwatch.observer/filing/0000822818-24-000011

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer