EnergySolutions sets price range for its public offering

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. 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 frome hospitals, laboratories, drug companies, utilities and the federal government.

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.