GFL Environmental (TSX: GFL) is looking to provide some returns to shareholders. The company this morning revealed it intends to undertake a share buyback program.
The normal course issuer bid will see the company repurchase up to 5% of its issued and outstanding shares over the course of the next twelve months, beginning May 12, 2022. Under the currently proposed program, the company will be able to repurchase up to 16.5 million of its currently outstanding 330.2 million shares.
Shares purchased under the program are to be cancelled by the company.
Purchases under the program are to occur on the open market, privately through negotiated transactions, and through an automatic share purchase plan. Daily purchases are limited to 85,481 shares on the TSX, while on the NYSE the company can purchase up to 25% of its 30 day average daily trading volume.
The buyback program follows a series of financings conducted by the company last year, including a US$300 million private placement with HPS Investment Partners, the expansion of a credit facility by C$200.0 million, the closing of US$550 million in senior notes, and the closing of US$750 million in senior notes, amongst other transactions.
GFL Environmental last traded at $36.54 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.
