GFL Environmental Inc. Prices Private Offering of Senior Notes

Executive Summary

• GFL Environmental Inc. priced a private offering of US$1 billion in aggregate principal amount of 5.500% senior notes due 2034, which was significantly oversubscribed.
• The notes are issued by a U.S. wholly owned subsidiary and guaranteed by GFL and certain other subsidiaries.
• Proceeds will be used to repay amounts drawn on the revolving credit facility and for general corporate purposes, aiming to maximize liquidity for growth strategies while maintaining leverage in the low-to-mid 3.0x range.

Key Details

• Instrument: 5.500% senior notes due 2034.
• Aggregate Principal Amount: US$1 billion.
• Transaction Status: Significantly oversubscribed.
• Issuer: A U.S. wholly owned subsidiary of GFL Environmental Inc.
• Guarantors: GFL and certain of its other subsidiaries.
• Use of Proceeds: Repayment of amounts drawn on the revolving credit facility and for 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.
• Offering Structure: Offered only to qualified institutional buyers under Rule 144A and outside the United States in compliance with Regulation S; offered and sold on a private placement basis in certain provinces of Canada.
• Registration: Not registered under the Securities Act of 1933.

Notable Quotes

• "The successful pricing of these Notes demonstrates the continued support we have from our institutional debt investors," said Patrick Dovigi, Founder and Chief Executive Officer. "We have worked very hard to build their trust as stewards of their capital and in turn they have supported us in our growth strategies, allowing us to further pursue our goal of creating long-term value for all of our stakeholders."