Phoenix Recycling opens new facility
Phoenix Recycling, Durango, Colorado, has opened a new recycling facility. The 15,000-square-foot plant, which is built on 30 acres, is the beginnings of a resource recovery park that will be home to specialty recyclers that will work alongside Phoenix Recycling, says owner Mark Thompson.
The plant will be able to process all residential recycled material from haulers in La Plata, Montezuma and Archuleta counties, therefore eliminating the need to send it outside the area.
The plant will incorporate the company’s construction and demolition (C&D) sorting facility in Three Springs, Colorado.
Construction of the facility was partially funded by the Colorado Department of Public Health and Environment, which provided a $260,000 grant.
The facility includes a custom-made conveyor belt that can sort both residential and construction waste as part of a manual sorting process.
With its new facility Phoenix Recycling has also bid on a two-year contract for the city of Durango’s municipal solid waste.
The city currently collects and sends 22 tons of materials each week to Friedman Recycling in Albuquerque, New Mexico, with which it has a one-year contract.
Advanced Disposal makes debut on NYSE
Advanced Disposal Services Inc., Ponte Vedra, Florida, announced the pricing of its initial public offering of 19.25 million shares of its common stock at a price to the public of $18 per share. All of the shares are being offered by Advanced Disposal.
The shares began trading on Oct. 6, 2016 on the New York Stock Exchange under the ticker symbol ADSW. The underwriters have the option to purchase up to an additional 2.88 million shares of common stock. The company says it intends to use the net proceeds from the shares offered to repay outstanding borrowings under the Term Loan B portion of its senior secured credit facilities.
Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Barclays Capital Inc. acted as lead joint book-running managers and representatives of the underwriters for the offering. UBS Securities LLC also acted as a lead joint book-running manager.
Merrill Lynch, Pierce, Fenner & Smith Inc., Macquarie Capital (USA) Inc., Morgan Stanley & Co. LLC, and Stifel also acted as joint book-running managers, and SMBC Nikko Securities America Inc. and First Analysis Securities Corp. acted as co-managers.
The offering of these securities is being made only by means of a prospectus. A registration statement relating to these securities was declared effective by the Securities and Exchange Commission Oct. 5.
Advanced Disposal serves 2.8 million residential customers—221,000 commercial and industrial customers and more than 800 municipal customers. In its most recent quarter, Advanced Disposal reported announced revenue for the three months ended June 30, 2016, of $358.2 million versus $355.2 million in the same period of the prior year.