GFL to redeem 9 7/8% notes with funds from new financings

New York, May 3 – GFL Environmental Inc. will redeem its 9 7/8% senior notes due 2021 using funds from a newly priced offering of $400 million of senior notes due 2026 and $435 million of senior secured term loans, according to a news release.

The redemption is conditional on receipt of sufficient funds to pay the redemption price and the closing of the acquisition of GFL by a group of investors including BC Partners Advisors LP, Ontario Teachers' Pension Plan Board and founder Patrick Dovigi and his affiliates.

Proceeds from the financings will also be used to repay borrowings on GFL’s revolving credit facility and to pay fees and expenses including call premiums.

GFL is a Vaughan, Ont. environmental services company.

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