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GFL Environmental Announces Closing of WCA Waste Corporation Acquisition and US$600 Million Private Placement of Perpetual Convertible Preferred Shares
GFL Environmental Announces Closing of WCA Waste Corporation Acquisition and US$600 Milli...
About this update from Gfl Environmental Inc
[{"type":"text","content":"GFL-WCA-acquisition\n \n \n \n GFL Environmental Announces Closing of WCA Waste Corporation Acquisition and US$600 Million Private Placement of Perpetual Convertible Preferred Shares\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n VAUGHAN, ON, Oct. 1, 2020\n \n \n \n \n \n VAUGHAN, ON\n \n ,\n \n Oct. 1, 2020\n \n /CNW/ - GFL Environmental Inc. (\"GFL\" or the \"Company\") (NYSE: GFL) (TSX: GFL) announced today the successful closing of the acquisition of WCA Waste Corporation.  The purchase price for the acquisition was partly funded with the net proceeds from the previously announced private placement (the \"Private Placement\") of\n \n US$600 million\n \n of perpetual convertible preferred shares (the \"Preferred Shares\") to funds managed by HPS Investment Partners, LLC (\"HPS\"), which also closed today.\n \n \n \n \n \n \n \n \n \n \n Patrick Dovigi\n \n , the Founder and Chief Executive Officer of GFL, said, \"This transaction represents an exciting time for our employees, customers, shareholders and other stakeholders. As a result of the closing today of the WCA acquisition, we now operate in nine provinces across\n \n Canada\n \n and 27 states in\n \n the United States\n \n . After more than a year of working on this transaction, we are ready to implement our integration plans and focus on growing the business.\" Mr. Dovigi continued, \"I also want to acknowledge the significant investment today by HPS, a long standing partner of GFL that continues to support our strategy of pursuing strategic and accretive acquisitions to create long-term shareholder value.\"\n \n \n Pursuant to the terms of the Private Placement, HPS has subscribed for 28,571,428 Preferred Shares for gross proceeds of\n \n US$600 million\n \n . The Preferred Shares are initially convertible into 23,809,524 subordinate voting shares of the Company (the \"Subordinate Voting Shares\"), representing approximately 6.8% of the issued and outstanding Subordinate Voting Shares and 5.2% of the outstanding voting rights attached to the Company's shares and b...