GFL Environmental Inc. announced on May 17, 2023, a secondary offering of 18,176,073 subordinate voting shares priced at US$36.20 per share, equivalent to C$48.74 at the exchange rate of US$1.00 = C$1.3463. The gross proceeds totaled approximately US$657.97 million (or C$884.93 million), with net proceeds of US$650.70 million (or C$875.36 million) benefiting the selling shareholders BCEC-GFL Borrower (Cayman) LP, Ontario Teachers’ Pension Plan, GFL Borrower II (Cayman) LP, and Poole Private Capital. GFL did not receive any proceeds from the sale.

The offering was managed by underwriters Goldman Sachs Canada Inc. and Goldman Sachs & Co. LLC. Legal counsel included Stikeman Elliott LLP and Latham & Watkins LLP for GFL, while Davies Ward Phillips & Vineberg LLP and Davis Polk & Wardwell LLP represented the underwriters.

The transaction closed on May 23, 2023, following a successful execution under the multi-jurisdictional disclosure system.