GFL Environmental Inc. Subordinate Voting Shares - GFL STOCK NEWS

GFL Environmental Inc. (NYSE: GFL) is facing a challenge from the Canadian Commissioner of Competition regarding its acquisition of Terrapure Environmental Ltd., closed on August 17, 2021. The application specifically targets seven locations in Western Canada, which generate annual revenues of approximately $30 million. GFL is committed to cooperating with the Competition Bureau to address this issue.

GFL Environmental Inc. announced a secondary offering of 12,658,228 subordinate voting shares by certain shareholders. The company will not receive any proceeds from this offering, which will be managed by J.P. Morgan as the underwriter. The shares will be offered across Canada via a prospectus supplement. GFL has filed a registration statement on Form F-10 with the SEC and will provide necessary documents for prospective investors. The company emphasizes that the offering is subject to customary closing conditions and various risks affecting its completion.

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.