Waste Connections Inc. is looking to raise hundreds of millions of dollars to potentially help fuel acquisitions for the company. The Folsom, Calif.-based solid waste management company in-rntends to sell 11 million shares of stock, a move that would raise some $357.5 million based on the offering price of $32.50 per share. Waste Connections is in a quiet period due to the proposed stock sale, but said in a filing with the U.S. Securities and Ex-rnchange Commission dated Sept. 22 that the company would have about 77 million shares outstanding following the sale of 10 million new shares. The company subsequently said it planned to sell 11 million shares at $32.50. The company wants to use about $48 million of the proceeds to repay a portion of its debt. The remainder will be used for general corporate purposes, including the possibility of making acquisitions, the repayment of other debt and capital expenditures. The trash firm recently made news with the acquisition of Harold LeMay Enterprises Inc. of Tacoma, Wash., for $203.3 million. Waste Connections also co-owns the Pierce County landfill with LeMay and is buying out its partner in that disposal site for another $100 million. A proposed merger between Allied Waste Industries Inc. and Republic Services Inc., two of the nation's largest solid waste management companies, also has Waste Connections executives thinking there could be acquisition opportunities if the combined company has to divest some operations. Waste Management Inc., which also has shown interest in acquiring Republic Services, said that deal also would require divestitures to maintain competition in certain markets.
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