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GFL Environmental Inc. Announces Closing of Upsized Offering of US$750 Million Senior Notes and Addresses Spruce Point Capital's Inaccurate and Self-Serving Report
GFL Environmental Inc. Announces Closing of Upsized Offering of US$750 Million Senior Note...
About this update from Gfl Environmental Inc
[{"type":"text","content":"\n\n\n\nGFL Environmental Inc. Announces Closing of Upsized Offering of US$750 Million Senior Notes and Addresses Spruce Point Capital's Inaccurate and Self-Serving Report\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\nCanada NewsWire\nVAUGHAN, ON, Aug. 25, 2020\n\n\n\nVAUGHAN, ON, Aug. 25, 2020 /CNW/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) (\"GFL\" or the \"Company\") today announced that it has closed its previously announced upsized offering of US$750 million senior notes. The net proceeds of the offering, together with cash on hand and the net proceeds from the recently announced private placement of US$600 million of perpetual convertible preferred shares, will be used for general corporate purposes, including acquisitions.\n\n \n \n \n \n \n \n\n \n\"This marks another milestone for GFL,\" said Patrick Dovigi, Founder and Chief Executive Officer of GFL. \"The closing of the notes offering and the expansion of our U.S. footprint through the announced acquisitions of WCA Waste Corporation and the Waste Management, Inc. and Advanced Services Disposal, Inc. divestiture assets reflect our strong commitment to a dynamic growth strategy and the creation of long-term shareholder value.  With the offering now complete, we anticipate closing the acquisition of the WM/ADS divestiture assets by late Q3/early Q4 2020 and the WCA acquisition before the end of Q4 2020.\" \nMr. Dovigi continued \"The notes offering also demonstrates that investors are aligned with our strategy, supportive of management and not easily swayed by the malicious innuendo and flawed analyses in Spruce Point Capital Management's self-serving attack on the Company.\"\nSpruce Point Capital's report and related public commentary are consistent with a \"short and distort\" strategy for the benefit of Spruce Point, which has disclosed that it and market cohorts stand to profit significantly in the event that GFL's stock price declines, at the expense of GFL's shareholders. \n\"The GFL board of directors stands 100% behind the Company's management team, strategy and focus on long-term sharehold...