GFL Environmental Inc. announced a private offering of $1 billion in senior notes due 2034, to be issued by a U.S. wholly‑owned subsidiary and guaranteed by GFL and select subsidiaries.
The notes will be used to repay amounts drawn on the company’s revolving credit facility and for general corporate purposes, with the offering designed to be leverage‑neutral and keep net leverage in the low‑to‑mid 3.0x range. GFL’s net leverage was 3.85x at the end of 2024 and is expected to fall to 3.6x by the end of 2025.
The debt issuance follows the March 2025 sale of GFL’s Environmental Services division for $8 billion, a transaction that closed on March 1, 2025. Proceeds from that sale have been directed toward debt reduction, supporting the company’s goal of moving toward an investment‑grade rating and freeing capital for future M&A and sustainability investments.
Underwriters for the offering have not been disclosed, and the exact closing date is not yet specified.
CEO Patrick Dovigi said the company remains focused on “profitability‑focused strategic initiatives” and on maintaining “Net Leverage in the low 3’s,” underscoring the importance of disciplined capital management as GFL expands its service portfolio.
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