UPDATE 1-Safety-Kleen files for $300 million IPO

Thu May 1, 2008 3:45pm EDT
 
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(Adds expected stock symbol, use of proceeds)

WASHINGTON, May 1 (Reuters) - Safety-Kleen HoldCo Inc, which provides used oil collection, rerefining and recycling, and parts cleaning services, on Thursday filed to raise up to $300 million in an initial public offering of common stock.

The Plano, Texas-based company said in a filing with the U.S. Securities and Exchange Commission that Merrill Lynch and JPMorgan are underwriting the IPO.

The filing did not reveal how many shares the company plans to offer or an expected price.

Safety-Kleen plans to list its shares on the New York Stock Exchange under the symbol, SK.

The company has provided cleaning and environmental solutions to customers in the commercial, industrial and automotive end markets for more than 40 years.

It plans to use proceeds from the offering for general corporate purposes, including working capital and capital expenditures and possibly to make acquisitions. (Reporting by Karey Wutkowski; editing by Jeffrey Benkoe)

 

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