On October 1, 2026, Clean Harbors, Inc. issued $600.0 million in aggregate principal amount of 6.250% senior notes due 2034. The notes were issued under an Indenture dated the same day, with U.S. Bank Trust Company, National Association serving as trustee. The notes are senior unsecured obligations of the company and are not registered under the Securities Act of 1933, meaning they were offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S.
Interest on the notes is payable semi-annually in arrears on March 31 and September 30 of each year, commencing March 31, 2027. The Indenture includes covenants that restrict the company’s ability to incur additional indebtedness, pay dividends, create liens, and engage in mergers or certain affiliate transactions. The company may redeem the notes prior to September 30, 2029, at 100% of the principal amount plus accrued interest, or at a premium of 106.250% using proceeds from certain equity offerings.
The company intends to use $470 million of the net proceeds to finance the purchase price of its acquisition of EnviroServe, a national environmental and waste management services provider. The remainder of the net proceeds will be used to repay borrowings under its revolving credit facility that were incurred to partially finance the purchase price of its acquisition of ES&H. The EnviroServe Acquisition closed on October 2, 2026, and the ES&H Acquisition closed on September 18, 2026.
Separately, on October 5, 2026, the company announced the completion of both acquisitions. The combined purchase price for EnviroServe and ES&H was $775 million. On a combined basis, the two companies are expected to generate annual revenues of approximately $340 million and post-synergized annual Adjusted EBITDA of approximately $87 million, representing a post-synergy acquisition multiple of 8.9 times Adjusted EBITDA.
