GFL Environmental Inc. Announces Proposed Private Offering of Senior Notes

Executive Summary

• GFL Environmental Inc. announced a planned private offering of US$1 billion aggregate principal amount of senior notes due 2034.
• Proceeds will be used to repay amounts drawn on its revolving credit facility and for general corporate purposes, supporting liquidity for growth in 2026 and beyond.
• The offering is expected to have an immaterial impact on borrowing rates and will be leverage‑neutral, keeping the company’s leverage in the low‑to‑mid 3.0× range.

Key Details

• Offering Size: US$1 billion aggregate principal amount of senior notes due 2034.
• Issuer: U.S. wholly owned subsidiary of GFL Environmental Inc., guaranteed by GFL and certain subsidiaries.
• Placement Type: Private placement to qualified institutional buyers under Rule 144A (U.S.) and Regulation S; also offered in select Canadian provinces.
• Use of Proceeds:
• Repayment of amounts drawn on the company’s revolving credit facility.
• General corporate purposes, including funding growth initiatives for 2026 onward.
• Impact on Leverage: Anticipated to be leverage‑neutral; maintaining target leverage in the low‑to‑mid 3.0× range.
• Borrowing Rate Impact: Expected immaterial effect on the company’s borrowing rate.
• Regulatory Notes: The notes are not registered under the U.S. Securities Act and will only be offered where permissible; no offer or solicitation is made in jurisdictions where it would be unlawful.

Notable Quotes

(No direct quotes were provided in the release.)