GFL arranges $1-billion (U.S.) senior note offering

Executive Summary

• GFL Environmental Inc. announced a proposed private offering of $1 billion (U.S.) in aggregate principal amount of senior notes due 2034.
• The notes will be issued by a U.S. wholly owned subsidiary of GFL and guaranteed by GFL and certain other subsidiaries.
• Proceeds are intended to repay amounts drawn on the revolving credit facility and for general corporate purposes to maximize liquidity for growth in 2026 and beyond.

Key Details

• Instrument: Senior notes due 2034.
• Aggregate Principal Amount: $1 billion (U.S.).
• Issuer: A U.S. wholly owned subsidiary of GFL Environmental Inc.
• Guarantors: GFL Environmental Inc. and certain of its other subsidiaries.
• Use of Proceeds: Repayment of amounts drawn on the revolving credit facility and general corporate purposes.
• Financial Impact: Expected to have an immaterial impact on the borrowing rate and be leverage neutral, consistent with maintaining leverage in the low-to-mid 3.0x range.
• Conditions: Subject to market and other conditions.