GFL Environmental Inc. (TSX: GFL) announced on Thursday that its selling shareholders intend to conduct a secondary offering. The company also relayed that it will not receive any proceeds from the offering.
The offering will consist of 12,658,228 subordinate voting shares held by the selling shareholders. While the shares haven’t been priced, the offering values at approximately $667.7 million based on its last trading price.
JP Morgan is acting as the underwriter for the said offering. No details yet have been disclosed on the start and closing schedule and no regulatory approvals have yet been secured but the offering will be available in Canada and the United States.
Sponsored · Cambria Gold Mines
In September, the firm offered US$250 million of 4.000% senior secured notes due 2028 in a private offering. It also recently reported its financials for Q3 2021, highlighting a revenue of $1.49 billion and a net loss of $245.2 million. Revenue guidance for full-year 2021 has also been increased to $5.39 billion – $5.41 billion from $5.23 billion – $5.28 billion.
GFL Environmental last traded at $52.75 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
