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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 reported a 43.3% revenue increase to $1,485.1 million for Q3 2021, driven by organic growth and acquisitions. Adjusted EBITDA rose 47.9% to $415.8 million, with a margin of 28.0%. Despite this, the company faced a net loss of $245.2 million, worsening from $114.7 million in Q3 2020. Year-to-date, GFL completed 37 acquisitions valued at approximately $735 million in annualized revenue. The company updated its full-year guidance, expecting revenue between $5,390 million and $5,410 million.
The Board of Directors of GFL Environmental announced a cash dividend of US$0.011 per subordinate and multiple voting share for Q3 2021. This dividend is scheduled for payment on October 29, 2021, to shareholders on record as of October 18, 2021. GFL has classified this as an eligible dividend under the Canadian Income Tax Act. Headquartered in Vaughan, Ontario, GFL ranks as the fourth largest diversified environmental services company in North America, employing over 17,000 people across Canada and the U.S.
GFL Environmental Inc. (NYSE: GFL) announced its third quarter 2021 financial results will be released after market close on November 3, 2021. The company will hold an investor conference call on November 4, 2021, at 8:30 am Eastern Time, accessible via the Company’s Investors page or by dialing toll-free. GFL is a leading environmental services provider in North America, with over 17,000 employees and operations across Canada and 27 U.S. states.
GFL Environmental Inc. (NYSE: GFL) has completed 31 acquisitions in 2021, including the recent acquisition of Peoria Disposal Company (PDC), known for its solid waste and recycling services in Central Illinois and Eastern Missouri. PDC's assets include multiple landfills and a wastewater treatment plant. The acquisition enhances GFL's footprint and sustainability initiatives. Additionally, GFL finalized the acquisition of the Alabama Dumpster group and sold non-core assets for approximately US$72.5 million. GFL continues to focus on strategic growth and capitalizing on a robust M&A pipeline.
GFL Environmental Inc. has announced significant financing initiatives aimed at supporting its growth. The company amended its revolving credit facility, extending its term to September 2026, increasing the facility by C$200 million, and introducing a delayed draw term loan of C$500 million for acquisitions. Additionally, GFL has entered into a Subscription Agreement with HPS Investment Partners to issue up to 8.2 million Series B Preferred Shares at US$36.60 each, potentially raising US$300 million. Proceeds will fund acquisitions and maintain GFL's credit rating.
GFL Environmental has successfully priced a US$250 million offering of 4.000% senior notes maturing in 2028, which was significantly oversubscribed. This offering follows a previous issuance of US$500 million in the same notes. The company plans to use the proceeds to repay existing debts and for general corporate purposes, including potential acquisitions. The notes will not be registered under the Securities Act and are available only to qualified institutional buyers.
GFL Environmental Inc. (NYSE: GFL) announced plans for a private offering of US$250 million in 4.000% senior notes due 2028. These notes will be treated as Additional Notes under the existing indenture. The proceeds will be used to repay borrowings under its revolving credit facility and support general corporate purposes, including acquisitions. The offering will only be available to qualified institutional buyers and will not be registered under the Securities Act, highlighting its exclusivity.
GFL Environmental Inc. (NYSE: GFL) has changed its auditor from Deloitte LLP to KPMG LLP effective August 20, 2021. The transition followed a comprehensive review process and a formal request for proposal to qualified firms. The Board of Directors supported this change, with no reportable events between GFL and Deloitte, which had no reservations in its audit reports. CFO Luke Pelosi expressed gratitude to Deloitte for its past support while looking forward to future collaborations on non-audit engagements. GFL is a leading environmental services company in North America.
GFL Environmental Inc. has successfully completed the acquisition of Terrapure Environmental Ltd.'s solid waste and environmental solutions business. This strategic move enhances GFL's operational capabilities and expands its service offerings across several markets. With a strong customer base and a high-quality asset network, the acquisition is expected to be immediately accretive to free cash flow. GFL CEO Patrick Dovigi emphasized the positive operational synergies and welcomed over 1,600 Terrapure employees into the GFL family.
GFL Environmental has successfully closed its upsized offering of US$550 million in 4.375% senior notes due 2029. The proceeds will be utilized for general corporate purposes, notably acquisitions. As the fourth largest environmental services company in North America, GFL operates in Canada and 27 U.S. states with a workforce exceeding 15,000 employees. The announcement contains forward-looking statements regarding the use of proceeds and future performance, subject to various risks and uncertainties.
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