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GFL Environmental Inc. Announces Proposed Private Offering of Senior Unsecured Notes and Senior Secured Notes
GFL Environmental Inc. Announces Proposed Private Offering of Senior Unsecured Notes and S...
About this update from Gfl Environmental Inc
[{"type":"text","content":"\n\n\n\nGFL Environmental Inc. Announces Proposed Private Offering of Senior Unsecured Notes and Senior Secured Notes\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, Dec. 9, 2019\n\n\n\nVAUGHAN, ON, Dec. 9, 2019 /CNW/ - GFL Environmental Inc. (\"GFL\") today announced that it is planning to commence, subject to market and other conditions, a private offering of US$275 million in aggregate principal amount of 7.000% unsecured senior notes due 2026 (the \"Unsecured Notes\") and US$500 million in aggregate principal amount of senior secured notes due 2026 (the \"Secured Notes\" and, together with the Unsecured Notes, the \"Notes\"). GFL previously issued US$400 million in aggregate principal amount of its 7.000% unsecured senior notes due 2026 (the \"Existing Unsecured Notes\") and the Unsecured Notes will be treated as \"Additional Notes\" under the indenture governing the Unsecured Notes and will be treated as a single series with the Existing Unsecured Notes under such indenture. In addition to the Notes, GFL expects to raise a minimum of $300 million of equity from existing shareholders of GFL (the \"Equity Financing\"). The closing of the Equity Financing and the Notes Offering are not contingent on each other.\n\n \n \n\n \nGFL intends to use the net proceeds from the offering of the Notes (the \"Notes Offering\"), together with the Equity Financing (i) to fund certain acquisitions, including a pending acquisition, (ii) to repay outstanding borrowings under its revolving credit facility, (iii) to pay related fees and expenses in connection therewith and (iv) for general corporate purposes.\nThe Notes being offered by GFL in the Notes Offering, and the Equity Financing, have not been and will not be registered under the Securities Act of 1933, as amended (the \"Securities Act\"), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The Notes and the Equity Financing are being offered only to qualified institutional buyers under Rule 144A and outside the Un...