GFL Environmental Inc. (NYSE: GFL) (TSX: GFL), a leading North American environmental services company, has announced its intention to participate in a US$210 million bond offering, subject to market conditions. This offering, known as the “Bond Offering,” will involve the issuance of Florida Development Finance Corporation (the “Issuer”) Solid Waste Disposal Revenue Bonds (the “Bonds”).
The proceeds from the Bond Offering will be loaned to a subsidiary of GFL to finance or refinance certain solid waste disposal facilities located in Florida. GFL will guarantee the loan, along with certain of its subsidiaries. This unsecured loan marks a strategic move for GFL, as it seeks to shift its debt from secured to unsecured, aligning with its goal of achieving an investment-grade capital structure.
GFL’s decision to pursue this Bond Offering comes ahead of the maturity of its 3.750% Senior Secured Notes due 2025. By extending its debt maturities and moving towards a more flexible capital structure, GFL aims to enhance its financial position and future growth potential.
The Bonds being offered in the Bond Offering will not be registered under the Securities Act of 1933, as amended, and will only be available to qualified institutional buyers as defined under Rule 144A of the Securities Act. This news release should not be considered an offer to sell or a solicitation of an offer to buy any security.
Headquartered in Vaughan, Ontario, GFL is the fourth largest diversified environmental services company in North America. GFL provides a wide range of services, including solid waste management, liquid waste management, and soil remediation. With a workforce of over 20,000 employees, GFL operates across Canada and more than half of the U.S. states.
GFL’s strategic move towards an investment-grade capital structure reflects its commitment to long-term sustainability and growth. The successful completion of the Bond Offering will further strengthen its financial position and position it for continued expansion in the North American environmental services market.
