Subcutaneous emphysema. Subcutaneous emphysema occurs when air gets into tissues under the skin. This most often occurs in the skin covering the chest wall or neck, but can also occur in other parts of the body. Subcutaneous emphysema can often be seen as a smooth bulging of the skin. When a health care provider feels (palpates) the skin, it produces an unusual crackling sensation as the gas is pushed through the tissue.
The acquisition is expected to close in Q4 2015, subject to obtaining regulatory approvals and satisfaction of other customary closing conditions. Following the acquisition, the Shred-it management team will join Stericycle.
Subject to market and other conditions, the company expects to finance the acquisition of Shred-it through a combination of cash, debt and $700 million in equity or an equity-linked offering. The financing structure provides Stericycle the ability to rapidly de-lever back to current Debt/EBITDA levels by 2017.