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.
The GFL Environmental Inc. (GFL) news page on Stock Titan aggregates company announcements, market disclosures and other updates related to its subordinate voting shares. GFL describes itself as the fourth largest diversified environmental services company in North America, with a focus on non-hazardous solid waste management and environmental services such as liquid waste management and soil remediation. Headquartered in Vaughan, Ontario, the company operates through a platform of facilities throughout Canada and in 18 U.S. states.
News items for GFL commonly include earnings releases and financial guidance, where the company reports quarterly and full-year results and provides outlooks for future periods. These releases are often accompanied by details of investor conference calls and webcasts. Investors can also find announcements about dividends on subordinate voting and multiple voting shares, including record and payment dates and Canadian tax designations.
Another recurring category of GFL news involves capital markets transactions, such as private offerings of senior notes and secondary offerings by selling shareholders, as well as share repurchase activity. The company has also issued news on corporate and strategic actions, including transactions related to its investment in Green Infrastructure Partners, a vertically integrated infrastructure company.
Because GFL operates in the environmental services and solid waste management sector, its updates can provide insight into its operational performance, capital allocation decisions and corporate structure changes. For investors tracking GFL stock (NYSE: GFL, TSX: GFL), this news page offers a centralized view of company-issued information, helping users follow developments in earnings, dividends, financing activities and other material events.
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.
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.
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.
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.
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.
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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