Canadian waste hauler GFL Environmental Inc. plans to raise up to USD 2.4 Billion in an initial public offering, marking one of Canada’s largest-ever IPO’s.
The Vaughan, Ontario-based company on Wednesday said it has been approved for listing on the New York Stock Exchange under the symbol ”GFL” and has applied to list its subordinate voting shares on the Toronto Stock Exchange, also under the symbol ”GFL”.
The IPO price is expected to be between USD 20 and USD 24 per share, valuing GFL at up to USD 7.56 Billion. According to a press release, the initial public offering is expected to close the week of November 11.
“We intend to use the net proceeds received by us from this offering to redeem all of the outstanding 2023 Notes, to redeem USD 160 Million of the 2026 Notes, to redeem USD 240 Million of the 2027 Notes and to pay related fees, premiums and accrued and unpaid interest on such notes. We intend to use any remaining net proceeds for general corporate purposes, including future acquisitions,” GFL said in a regulatory filing on Wednesday.
GFL has a network of facilities across Canada and in 20 U.S. States. The company employs over 1,000 workers and services around 4 million households and more than 135,000 commercial customers.
The waste hauler provides services like collecting and transporting non-hazardous materials. It also does site excavation and demolition projects.
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