Charah Solutions, Inc. 8.50% Senior Notes due 2026 (CHRB)

CHRB was the NYSE ticker for the 8.50% Senior Notes due 2026 issued by Charah Solutions, Inc., a Charlotte area company that provides environmental services to electric utilities, including coal ash management, site remediation and the sale of recycled byproducts such as fly ash. The notes were exchange-listed baby bonds sold in 2021 in small denominations and paid interest quarterly. Like most baby bonds, the notes ranked as senior unsecured debt of the issuer and were listed so that individual investors could buy them in $25 increments through ordinary brokerage accounts.

In early April 2023 NYSE Regulation suspended trading in both Charah's common stock (CHRA) and the CHRB notes and began delisting proceedings, because the company's average global market capitalization had fallen below the exchange's $15 million minimum over 30 trading days. The notes continued to trade over the counter after the suspension. Charah's business had been under pressure from losses, a heavy debt load and the gradual retirement of coal-fired power plants, which shrank the market for ash handling services.

In July 2023 SER Capital Partners completed its acquisition of Charah's common equity at $6.00 per share, taking the company private. The 2026 notes were not repaid in that deal; Charah said they remained its obligation as a subsidiary of SER and that it intended to keep making the scheduled quarterly interest payments. After the take-private deal Charah stopped filing public reports, which made the notes harder for retail holders to follow until their scheduled 2026 maturity.