Safety-Kleen Sets IPO Terms

Safety-Kleen Inc., a Plano, Texas-based provider of oil collection, re-refining and recycling in North America, has set its IPO terms to around 21.9 million common shares being offered at between $15 and $17 per share. It would have an initial market cap of approximately $880 million, were it to price in the middle of its range. The company plans to trade on the NYSE under ticker symbol SK, with Merrill Lynch and JP Morgan serving as co-lead underwriters.

 

Shareholders include Highland Capital Management (38% pre-IPO), Contrarian Capital Management (19.8%), JPMorgan Partners (15.5%) and GSC Group (9.2%).