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GFL Environmental Inc. - GFL STOCK NEWS

Welcome to our dedicated page for GFL Environmental news (Ticker: GFL), a resource for investors and traders seeking the latest updates and insights on GFL Environmental stock.

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.

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GFL Environmental (NYSE: GFL) has announced a quarterly cash dividend of US$0.014 per subordinate and multiple voting share for Q2 2024. The dividend is payable on July 31, 2024, to shareholders recorded by July 15, 2024. This dividend is categorized as an eligible dividend under Canada's Income Tax Act.

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GFL Environmental has successfully amended its $725 million senior secured term loan. The amendment reduces the borrowing rate from SOFR +250 basis points to SOFR +200 basis points and extends the loan's maturity from 2027 to 2031. This move comes after a recent credit rating upgrade and was significantly oversubscribed. CEO Patrick Dovigi highlighted that this repricing will help increase free cash flow, extend debt maturities, and maintain balance sheet flexibility. Over the last 12 months, GFL has reduced its senior secured term loan spread by 110 basis points and aims to achieve a net leverage target between 3.65x and 3.85x by year-end. The company is also focusing on achieving an investment-grade credit rating in the medium term.

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GFL Environmental Inc. (NYSE: GFL) will announce its Q2 2024 financial results on Wednesday, July 31, 2024, after market close. The company will hold an investor conference call on Thursday, August 1, 2024, at 8:30 am Eastern Time.

Participants can listen to the live audio webcast via the Investors page on GFL's website or join toll-free by dialing specific numbers in Canada and the United States. Pre-registration for the call is encouraged for quick access.

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GFL Environmental announced the pricing of $500 million in 6.625% senior notes due 2032. The offering was significantly oversubscribed, resulting in an effective interest rate of 6.101% post-swap. The proceeds, along with cash on hand, will be used to redeem all $500 million of GFL's 4.250% Senior Secured Notes due 2025, which have a 4.805% effective rate. This move aligns with GFL's strategy to transition more debt from secured to unsecured and extend debt maturities while preserving balance sheet flexibility. The refinancing is expected to be leverage neutral and have minimal impact on free cash flow due to offsetting cash tax savings.

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GFL Environmental announced plans for a private offering of US$500 million in senior notes due 2032. The proceeds will be used to redeem the company's existing US$500 million 4.250% Senior Secured Notes due 2025, along with related fees and interest. The new notes will be issued by a US subsidiary and guaranteed by GFL and certain other subsidiaries. The company aims to shift more debt from secured to unsecured, extend debt maturities, and maintain balance sheet flexibility. The refinancing is expected to be leverage neutral, with incremental interest expenses offset by cash tax savings, making a minimal impact on free cash flow.

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GFL Environmental announced the results of its annual general meeting held on May 15, 2024. Shareholders voted in favor of all proposed items, including the election of director nominees. Key votes included Patrick Dovigi (93.58% in favor), Dino Chiesa (78.95% in favor), and Violet Konkle (99.70% in favor). The final results will be available on SEDAR+ and EDGAR. GFL, headquartered in Vaughan, Ontario, is a leading environmental services firm in North America, with over 20,000 employees.

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GFL Environmental Inc. reported revenue of $1,801.4 million for the first quarter of 2024, exceeding expectations. Adjusted EBITDA increased by 10.0%, reaching $455.7 million. The company announced an Adjusted EBITDA guidance raise to approximately $2,230.0 million for 2024.

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GFL Environmental Inc. raises its quarterly cash dividend by 10% to US$0.014 per share, payable on April 30, 2024, to shareholders of record on April 15, 2024.
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GFL Environmental Inc. receives an upgrade in its issuer credit rating by S&P Global Ratings, moving from 'B+' to 'BB-', with a positive outlook. The company's CEO, Patrick Dovigi, highlights the focus on increasing free cash flow and de-levering the business.
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GFL Environmental Inc. announced the release of its 2024 first quarter financial results on May 1, 2024, followed by an investor conference call on May 2, 2024. The conference call can be accessed via webcast or toll-free dial-in. Participants are encouraged to pre-register for immediate access to the call.
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FAQ

What services does GFL Environmental Inc. provide?

GFL Environmental Inc. offers solid and liquid waste management services, as well as soil remediation services.

Where is GFL Environmental Inc. headquartered?

GFL Environmental Inc. is headquartered in Vaughan, Ontario, Canada.

What is the main source of revenue for GFL Environmental Inc.?

The main source of revenue for GFL Environmental Inc. is their solid waste management business, which includes collection, transportation, transfer, recycling, and disposal of non-hazardous solid waste.

How many facilities does GFL operate?

GFL operates over 140 facilities across Canada and Michigan.

What recent sustainability projects has GFL undertaken?

GFL's recent sustainability projects include the development of Renewable Natural Gas (RNG) facilities, with the first one now online at Arbor Hills, and several more expected to come online between Q4 2024 and 2026.

How many employees does GFL have?

GFL employs more than 20,000 people.

What are GFL's plans for 2024?

In 2024, GFL plans to deploy up to $900 million in growth capital expenditures focused on sustainability investments and M&A strategies to densify their existing footprint.

What is the focus of GFL's growth capital expenditures?

GFL's growth capital expenditures are focused on sustainability investments and densifying their existing footprint through strategic M&A activities.

What is GFL's approach to financial management?

GFL is focused on disciplined capital allocation, sustainability investments, and de-levering the business to achieve an investment-grade credit rating.

What is the market focus of GFL Environmental Inc.?

GFL Environmental Inc. focuses on providing environmental services primarily in Canada and the United States, with a significant portion of revenue generated from U.S. operations.

GFL Environmental Inc.

NYSE:GFL

GFL Rankings

GFL Stock Data

14.89B
364.66M
3.1%
82.45%
1.83%
Solid Waste Landfill
Administrative and Support and Waste Management and Remediation Services
Link
United States of America
Vaughan