GFL Environmental Inc. Announces Proposed Private Offering of Senior Notes
June 01, 2021 at 08:44 am EDT
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GFL Environmental Inc. announced that it is planning to commence, subject to market and other conditions, a private offering of USD 600.0 million in aggregate principal amount of senior notes due 2029 (the "Notes"). GFL intends to use the net proceeds from the offering of the Notes (the "Notes Offering") to redeem all of GFL’s outstanding USD 360,000,000 aggregate principal amount of 8.500% Senior Notes due 2027 (the “2027 Unsecured Notes”) and to pay related fees, premiums and accrued and unpaid interest on the 2027 Unsecured Notes, and to use any remaining net proceeds from the Notes Offering to repay borrowings under its revolving credit facility. The Notes being offered by GFL in the Notes Offering have not been, and will not be, registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The Notes are being offered only to qualified institutional buyers under Rule 144A and outside the United States in compliance with Regulation S under the Securities Act. In Canada, the Notes are to be offered and sold on a private placement basis in certain provinces of Canada.
GFL Environmental Inc. is a Canada-based diversified environmental services company. The Company is engaged in providing non-hazardous solid waste management, infrastructure and soil remediation services and liquid waste management services. Its segments include Solid waste, which includes landfill, material recovery facilities, and Environmental Services, which includes liquid waste management and soil remediation services. Its service range includes residential waste collection, commercial waste collection, industrial cleaning services, dumpster rental services, liquid and hazardous waste and soil remediation services. It offers commercial, institutional, and industrial customers a range of environmentally hazardous waste handling services from onsite packaging, container supply, and transportation, to licensed disposal or recycling. It owns, operates, and manages solid and liquid waste disposal, transfer and recycling facilities across North America.