Advanced Disposal Services’ $398.5 million Initial Public Offering


Shearman & Sterling advised Advanced Disposal Services, Inc. on its initial public offering of 22,137,500 shares of common stock (including 2,887,500 shares purchased by the underwriters pursuant to their fully exercised over-allotment option) at a public offering price of $18.00 per share, resulting in gross proceeds to Advanced Disposal of approximately $398.5 million.

The shares began trading on the New York Stock Exchange under the ticker symbol “ADSW” on October 6, 2016.

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 Incorporated, 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 Corporation acted as co-managers.

Advanced Disposal is the fourth largest solid waste company in the U.S., 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 partners Richard Alsop (Picture) (New York-Capital Markets) and JD DeSantis (New York-Capital Markets/Finance); and associates Naveen Pogula, Daniel Yao (both New York-Capital Markets) and Victor Nilsson (New York-Corporate).

Involved fees earner: Richard Alsop – Shearman & Sterling; Naveen Pogula – Shearman & Sterling; Daniel Yao – Shearman & Sterling; Victor Nilsson – Shearman & Sterling; Jonathan DeSantis – Shearman & Sterling;

Law Firms: Shearman & Sterling;

Clients: Advanced Disposal Services, Inc.;

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Author: Ambrogio Visconti