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SALT LAKE CITY (AP) -- EnergySolutions Inc., the Utah-based handler of radioactive waste, said Wednesday it set the price for its initial public offering at $19 to $21 per share.
The company is selling 11.85 million shares and its controlling stockholder, ENV Holdings LLC, is selling 18.15 million shares.
EnergySolutions said it intends to pay off nearly $200 million in debt with money from its stock sale.
Nearly $7 million will be paid to seven current or former members of management, including Chief Executive Steve Creamer, who will receive $2.3 million, the company said in a filing with the Securities and Exchange Commission.
After the IPO, ENV Holdings will own more than 60 percent of EnergySolutions common stock, the company said. The offering will occur "as soon as practicable."
EnergySolutions handles radioactive waste. Its customers are hospitals, laboratories, drug companies, utilities and the federal government.
The company believes that "virtually every company or organization in the United States that holds a nuclear license uses our services or facilities, directly or indirectly."
EnergySolutions has processing sites in Utah, Tennessee, South Carolina and the United Kingdom.
The Clive, Utah, facility, 70 miles west of Salt Lake City, handles more than 95 percent of all commercial low-level radioactive waste in the United States, according to the Government Accountability Office.
The Clive site accounted for 6.9 percent of EnergySolutions revenue from January through June.
"We believe there are significant nuclear services opportunities in the United States and internationally," the company said.
It intends to pay a cash dividend of $0.025 per share in the first quarter of 2008.
(Copyright 2007 by The Associated Press. All Rights Reserved.)
