VAUGHAN,
ON, June 6, 2024 /CNW/ - GFL
Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL") today announced
that it is planning to commence, subject to market and other
conditions, a private offering of US$500
million in aggregate principal amount of senior notes due
2032 (the "Notes"). GFL intends to use the net proceeds from the
offering of the Notes (the "Notes Offering"), together with cash on
hand, to redeem all of GFL's outstanding US$500 million aggregate principal amount of
4.250% Senior Secured Notes due 2025 (the "2025 Secured Notes") and
to pay related fees, premiums and accrued and unpaid interest on
the 2025 Secured Notes. The Notes will be issued by a U.S. wholly
owned subsidiary of GFL and will be guaranteed by GFL and certain
of its other subsidiaries.
GFL is opportunistically pursuing the Notes Offering, with a
view to moving more of its debt from secured to unsecured,
consistent with an investment grade capital structure, extending
its related debt maturities and preserving balance sheet
flexibility. The refinancing of the 2025 Secured Notes is expected
to be leverage neutral. In addition, it is expected that any
incremental interest expense incurred as a result of the Notes
Offering will be offset by cash tax savings, resulting in an
immaterial impact to GFL's free cash flow.
The Notes being offered 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.
This release shall not constitute an offer to sell or a
solicitation of an offer to buy any security, nor shall there be
any offer, solicitation or sale of any security in any state or
jurisdiction in which such an offer, solicitation, or sale would be
unlawful.
About GFL
GFL, headquartered in Vaughan,
Ontario, is the fourth largest diversified environmental
services company in North America,
providing a comprehensive line of solid waste management, liquid
waste management and soil remediation services through its platform
of facilities throughout Canada
and in more than half of the U.S. states. Across its organization,
GFL has a workforce of more than 20,000 employees.
Forward-Looking Information
This release includes certain "forward-looking statements",
including statements relating to the potential for an offering and
issuance of the Notes by GFL and the use of proceeds therefrom. In
some cases, but not necessarily in all cases, forward-looking
statements can be identified by the use of forward looking
terminology such as "plans", "targets", "expects" or "does not
expect", "is expected", "an opportunity exists", "is positioned",
"estimates", "intends", "assumes", "anticipates" or "does not
anticipate" or "believes", or variations of such words and phrases
or statements that certain actions, events or results "may",
"could", "would", "might", "will" or "will be taken", "occur" or
"be achieved". In addition, any statements that refer to
expectations, projections or other characterizations of future
events or circumstances contain forward-looking statements.
Forward-looking statements are not historical facts, nor guarantees
or assurances of future performance but instead represent
management's current beliefs, expectations, estimates and
projections regarding future events and operating performance.
Forward-looking statements are necessarily based on a number of
opinions, assumptions and estimates that, while considered
reasonable by GFL as of the date of this release, are subject to
inherent uncertainties, risks and changes in circumstances that may
differ materially from those contemplated by the forward-looking
statements. Important factors that could cause actual results to
differ, possibly materially, from those indicated by the
forward-looking statements include, but are not limited to, the
"Risk Factors" section of GFL's annual information form for the
year ended December 31, 2023 and
GFL's other periodic filings with the U.S. Securities and Exchange
Commission and the securities commissions or similar regulatory
authorities in Canada. These
factors are not intended to represent a complete list of the
factors that could affect GFL. However, such risk factors should be
considered carefully. There can be no assurance that such estimates
and assumptions will prove to be correct. You should not place
undue reliance on forward-looking statements, which speak only as
of the date of this release. GFL undertakes no obligation to
publicly update any forward-looking statement, except as required
by applicable securities laws.
For more information:
Patrick Dovigi
+1 905-326-0101
pdovigi@gflenv.com
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SOURCE GFL Environmental Inc.