GFL Environmental Inc. Announces Pricing of Private Offering of Senior Unsecured Notes

TORONTO, April 13, 2016 /CNW/ - GFL Environmental Inc. ("GFL") priced its previously announced private offering and increased the offering to US$200 million in aggregate principal amount of 9.875% Senior Notes due 2021 (the "Notes"), with an issue price of 103.25%. The Notes will be treated as a single series with, and will have the same terms as, the US$300 million aggregate principal amount of 9.875% Senior Notes due 2021 that were issued on February 1, 2016 by GFL Escrow Corporation, a predecessor by amalgamation to GFL. 

GFL intends to use the net proceeds from the offering to repay its outstanding borrowings under its senior secured revolving credit facility, to pay fees and expenses in connection with the offering and for general corporate purposes, including financing future acquisitions and organic growth initiatives.

The closing of the Notes, which is subject to customary conditions, is expected to occur on April 18, 2016. The Notes will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The Notes are being offered only to qualified institutional buyers in the United States under Rule 144A and outside the United States in compliance with Regulation S under the U.S. Securities Act. In Canada, the Notes are to be offered and sold on a private placement basis in certain provinces of Canada pursuant to exemptions from the prospectus requirements under Canadian securities laws.

This release does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.

About GFL Environmental Inc.

GFL, headquartered in Toronto, ON, is a Canadian diversified environmental services company offering services to residential, commercial, industrial, institutional and municipal customers in solid waste management, liquid waste management and soil remediation through its national platform of Canadian operations.

Forward-Looking Information

This release may contain forward-looking information including but not limited to the potential for an offering and issuance of the Notes by GFL and the use of proceeds therefrom. Such forward-looking information is based on certain assumptions and analysis made by GFL in light of its experience and perception of current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results, performance or achievements will conform to GFL's expectations and predictions is subject to market conditions and a number of known and unknown risks and uncertainties which could cause actual results to differ materially from GFL's expectations. Other factors which could materially affect such forward-looking information are described in the risk factors detailed in the offering documentation prepared and delivered by GFL in connection with the note issuance.

SOURCE GFL Environmental

Patrick Dovigi, President and Chief Executive Officer, [phone], [email protected]; Roslyn Samtleben, Chief Financial Officer, [phone], [email protected]