TORONTO, May 3, 2017 /CNW/ - GFL Environmental Inc. ("GFL") announced today that it has priced its previously announced private offering (the "Notes Offering") of US$350 million in aggregate principal amount of senior unsecured notes due 2022 (the "Notes").
The Notes will bear interest at a rate of 5.625% per annum. The net proceeds from the offering will be used to redeem all of GFL's US$250 million of outstanding 7.875% senior unsecured notes due 2020, to repay a portion of the outstanding borrowings under its senior secured revolving credit facility, to pay fees and expenses in connection with the offering and the redemption, and for general corporate purposes, including financing future acquisitions and organic growth initiatives.
The closing of the Notes Offering, which is subject to customary conditions, is expected to occur on May 12, 2017. The Notes will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. 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 in the United States under Rule 144A and outside the United States in compliance with Regulation S under the U.S. Securities Act. In Canada, the Notes are to be offered and sold on a private placement basis in certain provinces of Canada pursuant to exemptions from the prospectus requirements under Canadian securities laws.
This release does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.
About GFL Environmental Inc.
GFL, headquartered in Toronto, ON, is a diversified environmental services company providing a comprehensive line of solid waste, soil remediation, and liquid waste services through its platform of facilities across Canada and in Southeastern Michigan. GFL has a workforce of approximately 4,500 employees and provides its broad range of environmental services to more than 80,000 commercial and industrial customers and its solid waste collection services to more than 2.5 million households.
This release may contain forward-looking information including but not limited to the potential for an offering and issuance of the Notes by GFL and the use of proceeds therefrom. Such forward-looking information is based on certain assumptions and analysis made by GFL in light of its experience and perception of current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results, performance or achievements will conform to GFL's expectations and predictions is subject to market conditions and a number of known and unknown risks and uncertainties which could cause actual results to differ materially from GFL's expectations. Other factors which could materially affect such forward-looking information are described in the risk factors detailed in the offering documentation prepared and delivered by GFL in connection with the Note Offering.
SOURCE GFL Environmental
For further information: Patrick Dovigi, President and Chief Executive Officer, +1 416 673 9385, [email protected]