The $600M debt issuance is fully deployed into two closed acquisitions that closed within days of the note issuance, eliminating execution risk. The 8.9x post-synergy multiple is attractive for a waste services roll-up. Monitor upcoming quarterly filings for revenue and EBITDA contribution from EnviroServe and ES&H to validate synergy targets.
Price Chart
Executive Summary
Clean Harbors issued $600M of 6.250% senior notes due 2034, using $470M of net proceeds to fund the EnviroServe acquisition and the remainder to repay revolver borrowings used for the ES&H acquisition. The two acquisitions closed for a combined $775M purchase price, expected to generate ~$340M in annual revenue and ~$87M in post-synergy Adjusted EBITDA (8.9x multiple). The debt issuance increases leverage but funds two accretive, bolt-on acquisitions with clear strategic rationale and disclosed synergy targets.
Key Financial Metrics
Key Facts
- Issued $600M aggregate principal amount of 6.250% senior notes due 2034 on October 1, 2026.
- Net proceeds: $470M used to fund EnviroServe acquisition; remainder to repay revolver borrowings for ES&H acquisition.
- Combined purchase price for EnviroServe and ES&H acquisitions: $775 million.
- EnviroServe and ES&H expected to generate ~$340M annual revenue and ~$87M post-synergy Adjusted EBITDA.
- Post-synergy acquisition multiple of 8.9x Adjusted EBITDA.
- ES&H acquisition closed on September 18, 2026; EnviroServe acquisition closed on October 2, 2026.
- Interest on the Notes is 6.250% per annum, payable semi-annually, maturing September 30, 2034.
- Notes are senior unsecured unsecured obligations of the Company.
- Indenture contains covenants restrict incurrence of additional indebtedness, dividends, restricted payments, asset sales, mergers, affiliate transactions.
- Change of control triggering event may require offer to repurchase Notes at 101% of principal plus accrued interest.
- Optional redemption prior to September 30, 2027: up to 40% of aggregate principal amount of Notes at 106.250% of principal amount plus accrued interest.
- Notes have not been registered under the Securities Act of 1933.
Financial Impact
Total deal value of $775M total spend for two acquisitions; $600M notes offering of $600M; $470M used for EnviroServe; remainder for revolver repayment; combined expected annual revenue ~$340M; post-synergy Adjusted EBITDA ~$87M; post-synergy multiple 8.9x.
Risk Factors
- Integration risk from two simultaneous acquisitions.
- Higher leverage from $600M incremental debt; covenant compliance depends on realizing projected EBITDA.
- Potential for slower-than-expected synergy realization or customer attrition at acquired entities.
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000822818-26-000042 |
| Document: clh-20261001.htm | 0000822818-26-000042 |
| Document: clh-completesacquisitionsp.htm | 0000822818-26-000042 |
| Document: 0000822818-26-000042-index-headers.html | 0000822818-26-000042 |
| Document: 0000822818-26-000042-index.html | 0000822818-26-000042 |
| Document: 0000822818-26-000042.txt | 0000822818-26-000042 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | Institutional Cluster | $318.76 | awaiting T+60 | — | $317.09 (−0.52%) |
Oct 5, 2026 21d ago | 8-K | $318.06 | awaiting T+60 | — | $317.09 (−0.30%) |
Sep 18, 2026 5w ago | 8-K | $315.80 | awaiting T+60 | — | $317.09 (+0.41%) |
Aug 14, 2026 10w ago | Insider Cluster | $321.98 | awaiting T+60 | — | $317.09 (−1.52%) |
Aug 12, 2026 10w ago | 8-K | $316.65 | awaiting T+60 | — | $317.09 (+0.14%) |
Jul 29, 2026 12w ago | 8-K | $326.34 $320.96 | ▼ −1.65% | ▼ −6.38% | $317.09 (−2.83%) |
May 14, 2026 23w ago | 8-K | $308.40 $310.00 | ▲ +0.52% | ▼ −3.07% | $317.09 (+2.82%) |
May 6, 2026 24w ago | 8-K | $287.98 $312.88 | ▲ +8.65% | ▲ +6.59% | $317.09 (+10.11%) |
Apr 10, 2026 28w ago | DEFA14A | $302.23 $297.93 | ▼ −1.42% | ▼ −11.75% | $317.09 (+4.92%) |
Mar 17, 2026 31w ago | Insider Cluster | $290.55 $287.99 | ▼ −0.88% | ▼ −11.06% | $317.09 (+9.13%) |
US Market Status
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