Monitor the closing of the SECURE Waste acquisition and subsequent leverage metrics. The debt offering improves liquidity for the deal and modestly reduces borrowing costs, but adds to total debt. Watch for any updates on acquisition completion and Q2 earnings for leverage ratio confirmation.
Price Chart
Executive Summary
GFL Environmental Inc. priced a $750 million private placement of senior notes due 2031 with a 5.625% coupon (effective ~4.500% after cross-currency swaps). Proceeds will repay revolving credit facility draws and fund the previously announced acquisition of SECURE Waste Infrastructure Corp., expected to be leverage neutral and lower the average borrowing rate.
Key Facts
- $750 million aggregate principal amount of senior notes due 2031
- Stated coupon of 5.625%; effective rate ~4.500% after cross-currency interest rate swaps
- Proceeds to repay revolver draws and fund SECURE Waste Infrastructure Corp. acquisition
- Expected to be leverage neutral, maintaining leverage in the mid 3.0x range
- Private placement to QIBs under Rule 144A and Regulation S
Financial Impact
$750 million debt issuance at 5.625% coupon, with effective rate ~4.500% after swaps
Risk Factors
- Increased debt load despite leverage-neutral guidance
- Execution risk on the SECURE Waste acquisition
- Interest rate risk if swap hedges are not fully effective
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-076620 |
| Document: tm2618407d4_6k.htm | 0001104659-26-076620 |
| Document: 0001104659-26-076620-index-headers.html | 0001104659-26-076620 |
| Document: 0001104659-26-076620-index.html | 0001104659-26-076620 |
| Document: 0001104659-26-076620.txt | 0001104659-26-076620 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 1, 2026 4w ago | 6-K | $41.50 $42.37 | ▲ +2.10% | ▲ +0.92% | $42.09 (+1.42%) |
Jul 2, 2026 13w ago | 6-K | $37.48 $41.37 | ▲ +10.38% | ▲ +10.79% | $42.09 (+12.30%) |
Jun 30, 2026 13w ago | 6-K | $36.79 $38.99 | ▲ +5.98% | ▲ +7.01% | $42.09 (+14.41%) |
Jun 25, 2026 14w ago | 6-K | $37.78 $38.93 | ▲ +3.04% | ▲ +2.52% | $42.09 (+11.41%) |
Jun 23, 2026 14w ago | 6-K | $36.01 $39.13 | ▲ +8.66% | ▲ +7.50% | $42.09 (+16.88%) |
May 13, 2026 20w ago | 6-K | $37.17 $35.97 | ▼ −3.23% | ▼ −2.37% | $42.09 (+13.24%) |
May 1, 2026 21w ago | 6-K | $37.71 $34.32 | ▼ −8.99% | ▼ −14.63% | $42.09 (+11.61%) |
Apr 23, 2026 23w ago | 6-K | $40.36 $36.67 | ▼ −9.14% | ▼ −13.78% | $42.09 (+4.29%) |
Apr 13, 2026 24w ago | 6-K | $38.95 $36.65 | ▼ −5.91% | ▼ −13.63% | $42.09 (+8.06%) |
Apr 2, 2026 26w ago | 6-K | $44.55 $40.11 | ▼ −9.97% | ▼ −19.85% | $42.09 (−5.53%) |
US Market Status
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