Shearman & Sterling advised Advanced Disposal Services, Inc. and certain of its selling stockholders on a secondary public offering of 17,825,000 shares of common stock (including 2,325,000 shares purchased by the underwriters pursuant to their fully exercised option) by the selling stockholders at a public offering price of $21.50 per share, resulting in gross proceeds to the selling stockholders of approximately $383.2 million.
UBS Securities LLC, Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC acted as lead joint book-running managers and representatives of the underwriters for the offering. Macquarie Capital (USA) Inc. also acted as a lead joint book-running manager. Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Stifel acted as joint book-running managers, and First Analysis Securities Corporation acted as co-manager.
Advanced Disposal is the fourth-largest solid waste company in the United States, providing integrated, non-hazardous solid waste collection, recycling and disposal services to residential, commercial, industrial and construction customers across 16 states and the Bahamas.
The Shearman & Sterling team was led by partner Richard Alsop (New York-Capital Markets) and associates Naveen Pogula, Daniel Yao (both New York-Capital Markets) and Taylor Montgomery (New York-Corporate).
Other Shearman & Sterling lawyers involved in the transaction were partner Douglas McFayden (New York-Tax); of counsel Paul Schreiber (New York-Investment Funds) and William Yaro (New York-Finance Group); counsel Jason Pratt (New York-Environmental); and associates Adam Sternberg (New York-Tax) and Catherine Sum (New York-Investment Funds).