VAUGHAN,
ON, July 3, 2024 /CNW/ - GFL
Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL" or the "Company"),
a leading North American diversified environmental services
company, today announced that it has amended its US$725.0 million senior secured term loan to
reduce its borrowing rate to SOFR +200 basis points from the
previous SOFR +250 basis points, in a transaction that was
significantly oversubscribed. The Company also extended the
maturity of the senior secured term loan from 2027 to 2031.
"On the back of our recent credit rating upgrade, we
opportunistically pursued the repricing of our senior secured term
loan with a view to further increasing our free cash flow,
extending our debt maturities and preserving balance sheet
flexibility", said Patrick
Dovigi, Founder and Chief Executive Officer of
GFL. "Our ability to reprice our senior secured term loan on
one of the tightest pricing terms since 2008 for a company with our
credit quality is a continued testament to our high-quality,
long-standing debt investors, many of whom have been with us for
over a decade." Mr. Dovigi concluded, "Over the course of the last
12 months, we have been able to reduce our senior secured term loan
spread by 110 basis points given our focus on delevering. We remain
committed to achieving our net leverage target of
between 3.65x and 3.85x by the end of the year
and we believe this transaction will move us closer to our
broader goal of achieving an investment grade credit rating in the
medium term."
About GFL
GFL, headquartered in Vaughan,
Ontario, is the fourth largest diversified environmental
services company in North America,
providing a comprehensive line of solid waste management, liquid
waste management and soil remediation services through its platform
of facilities throughout Canada
and in more than half of the U.S. states. Across its organization,
GFL has a workforce of more than 20,000 employees.
Forward-Looking Statements
This press release includes certain "forward-looking statements"
within the meaning of applicable securities laws, including
statements relating to achieving an investment grade credit rating
and our expected net leverage target for the end of 2024. 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 factors described in the "Risk Factors" section of GFL's annual
information form for the 2023 fiscal year filed on Form 40-F and
GFL's other periodic filings with the U.S. Securities and Exchange
Commission and the securities commissions or similar regulatory
authorities in Canada. These
factors are not intended to represent a complete list of the
factors that could affect GFL. However, such risk factors should be
considered carefully. There can be no assurance that such estimates
and assumptions will prove to be correct. You should not place
undue reliance on forward-looking statements, which speak only as
of the date of this release. GFL undertakes no obligation to
publicly update any forward-looking statement, except as required
by applicable securities laws.
For more information: Patrick
Dovigi, +1 905-326-0101, pdovigi@gflenv.com
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SOURCE GFL Environmental Inc.