GFL Environmental Inc. Prices Offering of US$210 Million of Tax-Exempt Industrial Revenue Bonds at 4.375%
GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) has announced the pricing of US$210 million in aggregate principal amount of Florida Development Finance Solid Waste Disposal Revenue Bonds at 4.375%. The Bonds, which were significantly oversubscribed, have an initial mandatory tender date of October 1, 2031. The proceeds will be 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 Bond Offering ahead of the maturity of its 3.750% Senior Secured Notes due 2025, aiming to shift more debt from secured to unsecured, extend debt maturities, and maintain balance sheet flexibility. The Bonds are being 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 la determinazione del prezzo di 210 milioni di dollari USA nel principale importo aggregato delle Obbligazioni per la gestione dei rifiuti solidi della Florida a 4,375%. Le Obbligazioni, che sono state notevolmente sovrascritte, hanno una data iniziale di offerta obbligatoria fissata al 1 ottobre 2031. I proventi saranno prestati a una sussidiaria di GFL per finanziare o rifinanziare impianti per la gestione dei rifiuti solidi in Florida. Questa obbligazione non garantita sarà garantita da GFL e da alcune sussidiarie.
GFL sta perseguendo questa Offerta di Obbligazioni in previsione della scadenza dei suoi Note Senior Secured al 3,750% in scadenza nel 2025, con l'obiettivo di spostare più debito da garantito a non garantito, estendere le scadenze del debito e mantenere la flessibilità patrimoniale. Le Obbligazioni sono 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 el precio de 210 millones de dólares estadounidenses en monto principal agregado de los Bonos de Ingresos por Desechos Sólidos de la Florida a 4,375%. Los Bonos, que fueron significativamente sobre suscritos, tienen una fecha inicial de oferta obligatoria del 1 de octubre de 2031. Los ingresos se prestarán a una subsidiaria de GFL para financiar o refinanciar instalaciones de gestión de residuos sólidos en Florida. Esta obligación no garantizada será garantizada por GFL y ciertas subsidiarias.
GFL está persiguiendo esta Oferta de Bonos antes del vencimiento de sus Notas Senior Garantizadas de 3,750% que vencen en 2025, con el objetivo de cambiar más deuda de garantizada a no garantizada, extender los vencimientos de la deuda y mantener la flexibilidad en el balance. Los Bonos se ofrecen solo a compradores institucionales calificados bajo la Regla 144A de la Ley de Valores y no han sido registrados bajo la Ley de Valores.
GFL Environmental Inc. (NYSE: GFL) (TSX: GFL)는 플로리다 개발 금융 고형 폐기물 처리 수익채권의 총 원금 2억 1천만 달러에 대한 가격을 4.375%로 발표했습니다. 이 채권은 크게 초과 청약을 받았으며, 최초 의무 입찰 날짜는 2031년 10월 1일로 설정되어 있습니다. 수익금은 GFL 자회사가 플로리다의 고형 폐기물 처리 시설을 재정 지원하거나 재융자하는 데 사용될 것입니다. 이 무담보 의무는 GFL 및 일부 자회사에 의해 보증됩니다.
GFL은 2025년 만료되는 3.750%의 선순위 담보 노트 만료를 앞두고 이 채권 발행을 진행 중이며, 담보된 채무를 무담보로 전환하고 채무 만기를 연장하며 재무 구조의 유연성을 유지하는 것이 목표입니다. 이 채권은 규정 144A에 따라 자격을 갖춘 기관 투자자에게만 제공되며, 증권법에 따라 등록되지 않았습니다.
GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) a annoncé le prix de 210 millions de dollars US en montant principal agrégé des Obligations de Revenu des Déchets Solides de la Florida Development Finance à 4,375%. Les Obligations, qui ont été considérablement sursouscrites, ont une date de soumission obligatoire initiale fixée au 1er octobre 2031. 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 d'Obligations avant l'échéance de ses Notes Garanties Senior de 3,750% arrivant à échéance en 2025, visant à transférer davantage de dettes d'une dette garantie à une dette non garantie, à prolonger les échéances de la dette et à maintenir la flexibilité du bilan. Les Obligations sont offertes uniquement à des acheteurs institutionnels qualifiés en vertu de la règle 144A de la Securities Act et n'ont pas été enregistrées en vertu de la Securities Act.
GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) hat die Preisgestaltung von 210 Millionen US-Dollar an aggregiertem Hauptbetrag für die Florida Development Finance Solid Waste Disposal Revenue Bonds zu 4,375% angekündigt. Die Anleihen, die erheblich überzeichnet wurden, haben ein anfängliches verpflichtendes Tenderdatum vom 1. Oktober 2031. Die Erlöse werden an eine Tochtergesellschaft von GFL verliehen, um Einrichtungen zur Entsorgung von festem Abfall in Florida zu finanzieren oder zu refinanzieren. Diese unbesicherte Verpflichtung wird von GFL und bestimmten Tochtergesellschaften garantiert.
GFL verfolgt dieses Anleiheangebot im Vorfeld der Fälligkeit seiner 2025 fälligen 3,750% Senior Secured Notes, mit dem Ziel, mehr Schulden von gesichert auf ungesichert umzustellen, 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 Securities Act angeboten und sind nach dem Securities Act nicht registriert.
- Successful pricing of US$210 million in Solid Waste Disposal Revenue Bonds
- Significantly oversubscribed offering indicates strong investor interest
- Lower interest rate of 4.375% compared to existing 3.750% Senior Secured Notes
- Extension of debt maturity to October 1, 2031
- Strategic move towards an investment grade capital structure
- Increase in overall debt load
- Potential dilution of existing debt holders' claims
Insights
GFL Environmental's pricing of
The company's proactive approach in refinancing ahead of the 2025 maturity of its
The extended maturity to 2031 enhances GFL's debt profile, reducing near-term refinancing risks. This move, coupled with the preservation of balance sheet flexibility, strengthens GFL's financial position and may support future growth initiatives or acquisitions in the solid waste management sector.
GFL Environmental's use of tax-exempt industrial revenue bonds for solid waste disposal facilities in Florida aligns with broader environmental and infrastructure trends. These bonds, typically used for projects with public benefits, suggest that GFL's operations are viewed favorably by local authorities.
The
The company's focus on solid waste disposal facilities indicates a commitment to core environmental services, which could be viewed positively by ESG-focused investors. However, the effectiveness of these investments in improving environmental performance will be important to monitor, as it could impact GFL's long-term competitiveness and regulatory compliance in the evolving waste management landscape.
GFL is opportunistically pursuing the offering of the Bonds (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.
FAQ
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