PE-backed GFL Environmental unveils $350 mln debt offering

GFL Environmental Inc, a Toronto-based environmental services company, announced plans to commence a private offering of US$350 million of senior unsecured notes. GFL said it will use the proceeds to redeem US$250 million of outstanding senior secured notes, repay debt, and for other priorities, including future acquisitions and growth initiatives. GFL is backed by several investors, including HPS Investment Partners, Macquarie Group and Hawthorn Equity Partners. Last October, HPS and Macquarie invested an additional $225 million in the business.

PRESS RELEASE

GFL Environmental Inc. Announces Proposed Private Offering of Senior Unsecured Notes

TORONTO, May 2, 2017 /CNW/ – GFL Environmental Inc. (“GFL”) announced today that it is planning to commence, subject to market and other conditions, a private offering of US$350 million in aggregate principal amount of senior unsecured notes due 2022 (the “Notes”).

GFL intends to use the net proceeds from the offering to redeem all of its 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 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.

For further information: Patrick Dovigi, President and Chief Executive Officer, +1 416 673 9385, pdovigi@gflenv.com

Photo courtesy of GFL Environmental Inc