GFL Environmental Inc. Prices Private Offering of Senior Notes

Core Viewpoint - GFL Environmental Inc. has successfully priced a US$500 million offering of senior notes, which was significantly oversubscribed, to refinance existing debt and enhance its capital structure [1][5]. Group 1: Financial Details - The senior notes have a coupon rate of 6.625% and an effective interest rate of 6.101% after a cross-currency interest rate swap [1]. - The proceeds will be used to redeem GFL's US$500 million 4.250% Senior Secured Notes due 2025, which have an effective interest rate of 4.805% after a cross-currency interest rate swap [1]. - The refinancing is expected to be leverage neutral, with any incremental interest expense offset by cash tax savings, resulting in an immaterial impact on GFL's free cash flow [5]. Group 2: Company Overview - GFL Environmental Inc. is the fourth largest diversified environmental services company in North America, providing solid waste management, liquid waste management, and soil remediation services [3]. - The company operates facilities throughout Canada and in more than half of the U.S. states, employing over 20,000 individuals [3]. Group 3: Offering Structure - The notes are being offered only to qualified institutional buyers under Rule 144A and outside the United States in compliance with Regulation S under the Securities Act [2]. - In Canada, the notes will be offered and sold on a private placement basis in certain provinces [2].