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GFL Environmental Inc. (NYSE: GFL, TSX: GFL) is a prominent environmental services company based in Vaughan, Ontario. As the fourth largest diversified environmental services company in North America, GFL offers a wide array of services including solid waste management, liquid waste management, and soil remediation. With over 140 strategically located facilities across Canada and Michigan, GFL provides essential services to more than 2.5 million households and over 80,000 industrial, commercial, and institutional customers.
GFL's core business lines include the collection, transportation, transfer, recycling, and disposal of non-hazardous solid waste, which generates the majority of their revenue. Their Environmental Services segment encompasses liquid waste management and soil remediation services. The company derives most of its revenue from operations in the United States, with significant activities also in Canada.
GFL is committed to sustainability and environmental responsibility. Recent projects include sustainability investments and the ongoing execution of a robust M&A strategy aimed at enhancing their market footprint. The company has recently announced growth capital expenditures focused on sustainability and accretive opportunities, with an expected deployment of up to $900 million in 2024. These investments are anticipated to generate substantial incremental Adjusted EBITDA starting from Q4 2024.
Financially, GFL is focused on disciplined capital allocation to achieve an investment-grade credit rating. They have outlined a clear strategy to de-lever the business and maintain a strong balance sheet. GFL's first Renewable Natural Gas (RNG) facility at Arbor Hills is now online, and several other RNG projects are projected to come online between Q4 2024 and 2026.
With a workforce of over 20,000 employees, GFL's unwavering commitment to safety, compliance, and customer service excellence sets them apart as a leader in the environmental services industry. Their comprehensive approach and ongoing innovation ensure they meet and exceed environmental and legislative requirements, fostering greater environmental responsibility within the communities they serve.
GFL Environmental has successfully amended its $725 million senior secured term loan. The amendment reduces the borrowing rate from SOFR +250 basis points to SOFR +200 basis points and extends the loan's maturity from 2027 to 2031. This move comes after a recent credit rating upgrade and was significantly oversubscribed. CEO Patrick Dovigi highlighted that this repricing will help increase free cash flow, extend debt maturities, and maintain balance sheet flexibility. Over the last 12 months, GFL has reduced its senior secured term loan spread by 110 basis points and aims to achieve a net leverage target between 3.65x and 3.85x by year-end. The company is also focusing on achieving an investment-grade credit rating in the medium term.
GFL Environmental Inc. (NYSE: GFL) will announce its Q2 2024 financial results on Wednesday, July 31, 2024, after market close. The company will hold an investor conference call on Thursday, August 1, 2024, at 8:30 am Eastern Time.
Participants can listen to the live audio webcast via the Investors page on GFL's website or join toll-free by dialing specific numbers in Canada and the United States. Pre-registration for the call is encouraged for quick access.
GFL Environmental announced the pricing of $500 million in 6.625% senior notes due 2032. The offering was significantly oversubscribed, resulting in an effective interest rate of 6.101% post-swap. The proceeds, along with cash on hand, will be used to redeem all $500 million of GFL's 4.250% Senior Secured Notes due 2025, which have a 4.805% effective rate. This move aligns with GFL's strategy to transition more debt from secured to unsecured and extend debt maturities while preserving balance sheet flexibility. The refinancing is expected to be leverage neutral and have minimal impact on free cash flow due to offsetting cash tax savings.
GFL Environmental announced plans for a private offering of US$500 million in senior notes due 2032. The proceeds will be used to redeem the company's existing US$500 million 4.250% Senior Secured Notes due 2025, along with related fees and interest. The new notes will be issued by a US subsidiary and guaranteed by GFL and certain other subsidiaries. The company aims to shift more debt from secured to unsecured, extend debt maturities, and maintain balance sheet flexibility. The refinancing is expected to be leverage neutral, with incremental interest expenses offset by cash tax savings, making a minimal impact on free cash flow.
GFL Environmental announced the results of its annual general meeting held on May 15, 2024. Shareholders voted in favor of all proposed items, including the election of director nominees. Key votes included Patrick Dovigi (93.58% in favor), Dino Chiesa (78.95% in favor), and Violet Konkle (99.70% in favor). The final results will be available on SEDAR+ and EDGAR. GFL, headquartered in Vaughan, Ontario, is a leading environmental services firm in North America, with over 20,000 employees.
GFL Environmental Inc. reported revenue of $1,801.4 million for the first quarter of 2024, exceeding expectations. Adjusted EBITDA increased by 10.0%, reaching $455.7 million. The company announced an Adjusted EBITDA guidance raise to approximately $2,230.0 million for 2024.
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