GFL Environmental Inc. Announces Proposed Offering of US$210 Million of Tax-Exempt Industrial Revenue Bonds
GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) has announced plans to participate in a US$210 million tax-exempt industrial revenue bond offering. The Florida Development Finance will issue the bonds, with proceeds loaned to a GFL subsidiary to finance or refinance solid waste disposal facilities in Florida. This unsecured obligation will be guaranteed by GFL and certain subsidiaries.
GFL is pursuing this offering ahead of its 3.750% Senior Secured Notes due 2025, aiming to shift more debt from secured to unsecured, aligning with an investment grade capital structure. The company intends to extend debt maturities and maintain balance sheet flexibility. The bonds will be offered only to qualified institutional buyers under Rule 144A of the Securities Act and have not been registered under the Securities Act.
GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ha annunciato piani per partecipare a un offerta di obbligazioni industriali esentasse da 210 milioni di dollari. La Florida Development Finance emetterà le obbligazioni, i cui proventi saranno prestati a una sussidiaria di GFL per finanziare o rifinanziare strutture di smaltimento dei rifiuti solidi in Florida. Questa obbligazione non garantita sarà garantita da GFL e da alcune sussidiarie.
GFL sta perseguendo questa offerta prima delle sue Note Senior Sicure al 3,750% in scadenza nel 2025, con l'obiettivo di spostare più debito da garantito a non garantito, allineandosi con una struttura di capitale di grado investitore. L'azienda intende estendere la scadenza del debito e mantenere flessibilità nel bilancio. Le obbligazioni saranno offerte solo a compratori istituzionali qualificati ai sensi della Regola 144A del Securities Act e non sono state registrate ai sensi del Securities Act.
GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ha anunciado planes para participar en una oferta de bonos de ingresos industriales exentos de impuestos de 210 millones de dólares. La Florida Development Finance emitirá los bonos, cuyos ingresos se prestarán a una subsidiaria de GFL para financiar o refinanciar instalaciones de disposición de residuos sólidos en Florida. Esta obligación no asegurada será garantizada por GFL y ciertas subsidiarias.
GFL está persiguiendo esta oferta previo a sus Notas Senior Garantizadas del 3.750% con vencimiento en 2025, con el objetivo de trasladar más deuda de asegurada a no asegurada, alineándose con una estructura de capital de grado de inversión. La empresa tiene la intención de ampliar los plazos de la deuda y mantener flexibilidad en su balance. Los bonos se ofrecerán solo a compradores institucionales calificados bajo la Regulación 144A de la Ley de Valores y no han sido registrados bajo la Ley de Valores.
GFL Environmental Inc. (NYSE: GFL) (TSX: GFL)는 210만 달러의 세금 면제 산업 수익 채권 발행에 참여할 계획을 발표했습니다. 플로리다 개발 금융이 채권을 발행하고, 그 수익은 GFL의 자회사가 플로리다의 고형 폐기물 처리 시설을 자금 지원하거나 재융자하는 데 사용됩니다. 이 무담보 채무는 GFL과 일부 자회사에 의해 보증됩니다.
GFL은 2025년 만기 3.750%의 선순위 보증 채권 이전에 이 제안을 추진하고 있으며, 더 많은 부채를 보증된 것에서 무담보로 전환하려고 하여 투자 등급의 자본 구조에 맞추고자 합니다. 회사는 부채 만기를 연장하고 재무 상태의 유연성을 유지할 것입니다. 채권은 증권법의 규칙 144A에 따라 자격이 있는 기관 구매자에게만 제공되며, 증권법에 따라 등록되지 않았습니다.
GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) a annoncé des plans pour participer à une offre d'obligations de revenu industriel exonérées d'impôt de 210 millions de dollars. La Florida Development Finance émettra les obligations, dont les produits seront prêtés à une filiale de GFL pour financer ou refinancer des installations d'élimination des déchets solides en Floride. Cette obligation non garantie sera garantie par GFL et certaines filiales.
GFL poursuit cette offre avant ses Obligations Senior Securisées à 3,750% arrivant à échéance en 2025, visant à transférer plus de dettes de sécurisées à non sécurisées, en s'alignant sur une structure de capital de qualité investissement. La société entend étendre les échéances de sa dette et maintenir une flexibilité financière. Les obligations seront offertes uniquement à des acheteurs institutionnels qualifiés en vertu de la Règle 144A de la Loi sur les valeurs mobilières et n'ont pas été enregistrées en vertu de la Loi sur les valeurs mobilières.
GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) hat Pläne angekündigt, an einer 210-Millionen-Dollar steuerfreien Industrieanleihe teilzunehmen. Die Florida Development Finance wird die Anleihen ausgeben, deren Erlöse einer Tochtergesellschaft von GFL geliehen werden, um Abfallentsorgungsanlagen in Florida zu finanzieren oder zu refinanzieren. Diese ungesicherte Verpflichtung wird von GFL und bestimmten Tochtergesellschaften garantiert.
GFL verfolgt dieses Angebot vor seinen 3,750%-Senior-Secured-Notes, die 2025 fällig werden, mit dem Ziel, mehr Schulden von gesichert auf ungesichert zu verschieben und sich mit einer Investitionsgrad-Kapitalstruktur in Einklang zu bringen. Das Unternehmen beabsichtigt, die Laufzeiten der Schulden zu verlängern und die Flexibilität der Bilanz zu erhalten. Die Anleihen werden nur an qualifizierte institutionelle Käufer gemäß Regel 144A des Wertpapiergesetzes angeboten und wurden nicht unter dem Wertpapiergesetz registriert.
- Potential to improve debt structure by moving from secured to unsecured debt
- Alignment with investment grade capital structure
- Opportunity to extend debt maturities
- Preservation of balance sheet flexibility
- Increase in total debt by US$210 million
Insights
GFL Environmental's proposed
- It's a proactive step to refinance upcoming debt, specifically the 3.750% Senior Secured Notes due in 2025.
- The shift from secured to unsecured debt aligns with an investment-grade capital structure, potentially improving GFL's credit profile.
- By extending debt maturities, GFL is enhancing its financial flexibility and reducing near-term refinancing risks.
- The tax-exempt nature of these bonds could result in lower interest costs compared to traditional corporate bonds.
- The
$210 million offering is relatively small compared to GFL's$15.47 billion market cap, indicating a measured approach to debt management.
While this move strengthens GFL's financial position, investors should note that it doesn't significantly alter the company's overall debt load. The impact on GFL's stock price may be in the short term, but it's a positive step for long-term financial health and flexibility.
GFL is opportunistically pursuing the Bond Offering in advance of the maturity of its
The Bonds being offered in the Bond Offering 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
This release shall not constitute an offer to sell or a solicitation of an offer to buy any security, nor shall there be any offer, solicitation or sale of any security in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful.
About GFL
GFL, headquartered in
Forward-Looking Information
This release includes certain "forward-looking statements", including statements relating to the potential for an offering and issuance of the Bonds and the use of proceeds therefrom. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management's current beliefs, expectations, estimates and projections regarding future events and operating performance. Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by GFL as of the date of this release, are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, the "Risk Factors" section of GFL's annual information form for the year ended December 31, 2023 and GFL's other periodic filings with the
For more information:
Patrick Dovigi
+1 905-326-0101
pdovigi@gflenv.com
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SOURCE GFL Environmental Inc.
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