Charah Solutions, Inc. Announces Pricing of Initial Public Offering

LOUISVILLE, Ky.--()--Charah Solutions, Inc. (“Charah”) announced today the pricing of its initial public offering of 7,352,941 shares of its common stock at $12.00 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. The shares are expected to begin trading on the New York Stock Exchange under the ticker symbol “CHRA” on June 14, 2018. In addition, the Selling Stockholders granted 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 offering is expected to close on June 18, 2018, subject to customary closing conditions.

Charah expects to receive approximately $51.4 million of net proceeds from the offering. 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. Charah will not receive any of the proceeds from the sale of shares of Charah’s common stock by the Selling Stockholders.

Morgan Stanley and BofA Merrill Lynch are acting as joint book-running managers for the offering. Stifel is acting as a bookrunner for the offering. Macquarie Capital, First Analysis Securities Corp. and Houlihan Lokey are acting as co-managers for the offering. The offering of these securities is being made only by means of a prospectus. When available, a copy of the 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 dg.prospectus_requests@baml.com

Important Information

A registration statement relating to these securities has been filed with, and declared effective by, the SEC. 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, which 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

Charah Solutions, Inc.
Charles W. Price, 502-245-1353
or
Joele Frank, Wilkinson Brimmer Katcher
Ed Trissel/Jon Keehner/Kate Clark, 212-355-4449

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