Arizona Tribune - Charah Solutions Adds Seasoned Energy Industry Leaders to Its Board and Strengthens Balance Sheet

Charah also appointed Scott Helm and Rhem Wooten to its Board of Directors.

"We are excited to welcome Scott Helm, chairman of Vistra Corp., and Rhem Wooten, partner with SER Capital Partners, as new directors to the Charah Board," said Curt Morgan, Charah's Chairman of the Board. "With their deep experience and relationships in the power industry, Scott and Rhem each bring valuable perspectives and resources to the Charah business."

Matthew Sutton, the Company's President & Chief Executive Officer, commented, "We are excited to announce the added board leadership and are pleased with our efforts to reduce debt and extend maturities. These steps strengthen the company's balance sheet and enhance our ability to serve customers as a leading environmental services and byproduct recycling provider."

Bondholders representing nearly three quarters of the outstanding bonds agreed to an exchange offering that retired the existing notes and converted their holdings into new secured notes due in February 2031. One prominent existing bondholder provided $25 million of new debt to refinance the non-participating bondholders.

In concert with the refinancing efforts of the notes, Charah amended and extended its Asset-Base Lending revolving credit facility ("ABL") at a reduced interest rate. The two-year extension will provide the company with additional working capital to support its business and serve customers.

Stifel served as exclusive financial advisor and acted as Dealer Manager in connection with the transaction.

Jones Day served as legal counsel to the Company on the exchange transaction as well as the amendment process.

New Board of Directors Biographies

Mr. Helm currently serves as Chairman of the Board at Vistra Corp, holding that position since October 2017 and is also a Senior Advisor at SER Capital Partners. For over a decade, Mr. Helm has been a private investor based out of Baltimore, Maryland. Previously, Mr. Helm was a founding partner for a private equity firm focused on investing in North American energy infrastructure. Before that, he served as Executive Vice President and Chief Financial Officer at Orion Power Holdings, Inc., a publicly listed company that owned and operated power plants. Mr. Helm began his career at Goldman, Sachs & Co., first working in the fixed income division, then moving to the investment banking division. Mr. Helm also serves on the board of the Chesapeake Shakespeare Company. Mr. Helm received a bachelor's degree in business administration from Washington University in St. Louis.

Mr. Wooten joined SER in 2019 and currently serves as a Partner. Mr. Wooten has over 40 years of experience in both public and private companies spanning the full spectrum of the electric power industry, including grid-connected and behind-the-meter power production, energy efficiency, and other distributed infrastructure and energy services. Prior to joining SER, Mr. Wooten was Executive Vice President of Hannon Armstrong Sustainable Infrastructure leading origination of approximately $1 billion annually. Prior to that Mr. Wooten was the Founder and President of Allied Syngas and served as President of Duke Energy's independent power unit. Mr. Wooten received a B.S. in Business Administration with Honors from the University of North Carolina at Chapel Hill.

About Charah Solutions, Inc.

With more than 35 years of experience, Charah is a leading provider of environmental services and byproduct recycling to the utility and energy industries. Based in Louisville, Kentucky, Charah is the partner of choice for solving customers' most complex environmental challenges, and as an industry leader in quality, safety, and compliance, the Company is committed to reducing emissions, reclaiming land, much of which is ideal for new data center and energy project development, and increasing water quality for a cleaner energy future. Charah assists utilities and independent power producers with all aspects of sustainably managing and recycling ash byproducts generated from the combustion of coal in the production of electricity. The Company also designs and implements solutions for ash pond management and closure, landfill construction, structural fill projects, power plant remediation, and site redevelopment. For more information, please visit www.charah.com.

About SER Capital Partners

SER Capital Partners is a middle-market private equity firm dedicated to investing in North American businesses driving clean power, electrification, and resource efficiency. Its team members have amassed decades of experience in its targeted sectors both as private equity investors and senior executives. The firm actively creates attractive investments often underpinned by critical assets in partnership with talented management teams. More is available at www.sercapitalpartners.com.

CONTACTS

Charah Solutions Investor Contact
Tony Tomljanovic, Chief Financial Officer
Email: [email protected]

SER Capital Partners Contact
Nick Chaubey
Email: [email protected]

SOURCE: Charah Solutions, Inc.

View the original press release on ACCESS Newswire

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