04/20/2021 | Press release | Distributed by Public on 04/20/2021 15:02
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Price: US$33.95 per Offered Share
|
|
| | |
Price to the
Public(1) |
| |
Underwriters'
Discounts and Commissions |
| |
Net Proceeds to
the Selling Shareholders(2) |
|
Per Offered Share
|
| |
US$33.95
|
| |
US$1.358
|
| |
US$32.59
|
|
Total Offering(3)
|
| |
US$594,125,000
|
| |
US$23,765,000
|
| |
US$570,360,000
|
|
Underwriters' Position
|
| |
Maximum Size or
Number of Securities Available |
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Exercise Period
|
| |
Exercise Price
|
|
Over-Allotment Option
|
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2,625,000 Subordinate
Voting Shares |
| |
For a period of 30 days
after the Closing Date |
| |
US$33.95 per Subordinate
Voting Share |
|
|
ABOUT THIS PROSPECTUS SUPPLEMENT
|
| | | | S-1 | | |
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U.S. REGISTRATION STATEMENT
|
| | | | S-1 | | |
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DOCUMENTS INCORPORATED BY REFERENCE
|
| | | | S-1 | | |
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS |
| | | | S-2 | | |
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CURRENCY PRESENTATION AND
EXCHANGE RATE INFORMATION |
| | | | S-4 | | |
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MARKETING MATERIALS
|
| | | | S-4 | | |
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WHERE YOU CAN FIND MORE INFORMATION
|
| | | | S-4 | | |
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TRADEMARKS AND TRADE NAMES
|
| | | | S-4 | | |
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GFL ENVIRONMENTAL INC.
|
| | | | S-5 | | |
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RECENT DEVELOPMENTS
|
| | | | S-5 | | |
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SELLING SHAREHOLDERS
|
| | | | S-5 | | |
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USE OF PROCEEDS
|
| | | | S-6 | | |
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DESCRIPTION OF THE SHARE CAPITAL OF THE COMPANY
|
| | | | S-7 | | |
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CONSOLIDATED CAPITALIZATION
|
| | | | S-7 | | |
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DIVIDEND POLICY
|
| | | | S-7 | | |
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PRIOR SALES
|
| | | | S-7 | | |
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TRADING PRICES AND VOLUME
|
| | | | S-8 | | |
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PLAN OF DISTRIBUTION
|
| | | | S-9 | | |
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ELIGIBILITY FOR INVESTMENT
|
| | | | S-15 | | |
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MATERIAL CANADIAN FEDERAL INCOME TAX CONSIDERATIONS
|
| | | | S-16 | | |
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MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS
|
| | | | S-19 | | |
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RISK FACTORS
|
| | | | S-22 | | |
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ENFORCEMENT OF JUDGMENTS AGAINST FOREIGN PERSONS
|
| | | | S-24 | | |
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LEGAL MATTERS
|
| | | | S-24 | | |
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AUDITORS, REGISTRAR AND TRANSFER AGENT
|
| | | | S-24 | | |
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ABOUT THIS SHORT FORM BASE SHELF PROSPECTUS
|
| | | | 1 | | |
|
DOCUMENTS INCORPORATED BY REFERENCE
|
| | | | 2 | | |
|
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS |
| | | | 3 | | |
|
ENFORCEABILITY OF CIVIL LIABILITIES
|
| | | | 4 | | |
|
CURRENCY PRESENTATION AND EXCHANGE RATE INFORMATION
|
| | | | 5 | | |
|
WHERE YOU CAN FIND MORE INFORMATION
|
| | | | 5 | | |
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TRADEMARKS AND TRADE NAMES
|
| | | | 5 | | |
|
GFL ENVIRONMENTAL INC.
|
| | | | 5 | | |
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THE SELLING SECURITYHOLDERS
|
| | | | 6 | | |
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USE OF PROCEEDS
|
| | | | 6 | | |
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DESCRIPTION OF THE SHARE CAPITAL OF THE COMPANY
|
| | | | 6 | | |
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DESCRIPTION OF DEBT
SECURITIES |
| | | | 11 | | |
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DESCRIPTION OF WARRANTS
|
| | | | 12 | | |
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DESCRIPTION OF SHARE PURCHASE CONTRACTS
|
| | | | 13 | | |
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DESCRIPTION OF SUBSCRIPTION RECEIPTS
|
| | | | 14 | | |
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DESCRIPTION OF UNITS
|
| | | | 15 | | |
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CONSOLIDATED CAPITALIZATION
|
| | | | 16 | | |
|
EARNINGS COVERAGE RATIOS
|
| | | | 16 | | |
|
PRIOR SALES
|
| | | | 16 | | |
|
TRADING PRICE AND VOLUME
|
| | | | 16 | | |
|
PLAN OF DISTRIBUTION
|
| | | | 16 | | |
|
MATERIAL CANADIAN FEDERAL INCOME TAX CONSIDERATIONS
|
| | | | 17 | | |
|
MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR U.S. RESIDENTS
|
| | | | 18 | | |
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RISK FACTORS
|
| | | | 18 | | |
|
LEGAL MATTERS
|
| | | | 18 | | |
|
AUDITORS, REGISTRAR AND TRANSFER AGENT
|
| | | | 18 | | |
|
DOCUMENTS FILED AS PART OF THE
REGISTRATION STATEMENT |
| | | | 19 | | |
|
ENFORCEMENT OF JUDGMENTS AGAINST FOREIGN PERSONS
|
| | | | 19 | | |
|
EXEMPTIONS FROM CERTAIN DISCLOSURE REQUIREMENTS
|
| | | | 19 | | |
| | |
Year Ended December 31
|
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| | |
2020
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2019
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Highest rate during the period
|
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C$1.4496
|
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C$1.3600
|
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Lowest rate during the period
|
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C$1.2718
|
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C$1.2988
|
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Average for the period(1)
|
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C$1.3415
|
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C$1.3269
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Period end
|
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C$1.2732
|
| |
C$1.2988
|
|
| | |
Immediately Prior to the Closing
|
| |
Number of
Subordinate Voting Shares to be Sold in the Offering(8) |
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Immediately Following the Closing
|
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Name
|
| |
Number of
Subordinate Voting Shares Owned |
| |
Number of
Subordinate Voting Shares Owned |
| |
Percentage of
Outstanding Voting Shares |
| |
Percentage of
Total Voting Rights |
| ||||||||||||||||||
BC Partners(1)
|
| | | | 129,900,359(5) | | | | | | 10,681,939 | | | | | | 119,218,420 | | | | | | 33.9% | | | | | | 25.9%(9) | | |
Ontario Teachers(2)
|
| | | | 50,824,825(6) | | | | | | 4,179,417 | | | | | | 46,645,408 | | | | | | 13.3% | | | | | | 10.1%(10) | | |
Cayman Borrower II(3)
|
| | | | 30,525,425(7) | | | | | | 2,510,161 | | | | | | 28,015,264 | | | | | | 8.0% | | | | | | 6.1%(11) | | |
HPS(4) | | | | | 26,255,731 | | | | | | 128,483 | | | | | | 26,127,248 | | | | | | 7.4% | | | | | | 5.7%(12) | | |
Date of issuance
|
| |
Type of Security
|
| |
Number of
Securities Issued |
| |
Issuance/
Exercise Price per Security |
| |||
August 28, 2020 to April 1, 2021
|
| | Deferred Share Units ('DSUs')(1) | | | | | 27,828(2) | | | |
-
|
|
September 4, 2020 to March 17, 2021
|
| | Restricted Share Units ('RSUs')(3) | | | | | 1,598,546 | | | |
-
|
|
October 1, 2020
|
| |
Issuance of Convertible Preferred Shares(4)
|
| | | | 28,571,428 | | | |
US$21.00
|
|
March 29, 2021
|
| | Issuance of Subordinate Voting Shares(5) | | | | | 328,951 | | | |
US$33.27
|
|
March 31, 2021
|
| | Issuance of Subordinate Voting Shares(6) | | | | | 46,966 | | | |
US$33.86
|
|
April 12, 2021
|
| | Issuance of Subordinate Voting Shares(5) | | | | | 438,600 | | | |
US$35.33
|
|
| | |
Price Per Subordinate Voting Share
|
| |
Aggregate Monthly
Trading Volume |
| ||||||||||||
| | |
High (US$)
|
| |
Low (US$)
|
| ||||||||||||
Month | | | | | | | | | | | | | | | | | | | |
April 2020 ..
|
| | | | 17.71 | | | | | | 11.92 | | | | | | 16,877,360 | | |
May 2020
|
| | | | 19.35 | | | | | | 16.74 | | | | | | 10,683,360 | | |
June 2020
|
| | | | 20.97 | | | | | | 17.43 | | | | | | 15,458,640 | | |
July 2020 .
|
| | | | 21.89 | | | | | | 18.49 | | | | | | 15,830,770 | | |
August 2020
|
| | | | 23.27 | | | | | | 17.19 | | | | | | 49,201,430 | | |
September 2020 ..
|
| | | | 22.61 | | | | | | 17.47 | | | | | | 31,386,800 | | |
October 2020..
|
| | | | 23.09 | | | | | | 19.04 | | | | | | 16,609,620 | | |
November 2020
|
| | | | 28.60 | | | | | | 19.21 | | | | | | 30,527,280 | | |
December 2020..
|
| | | | 29.24 | | | | | | 26.50 | | | | | | 21,915,500 | | |
January 2021..
|
| | | | 32.25 | | | | | | 27.77 | | | | | | 14,080,850 | | |
February 2021..
|
| | | | 31.88 | | | | | | 26.79 | | | | | | 14,592,150 | | |
March 2021..
|
| | | | 35.43 | | | | | | 30.04 | | | | | | 20,631,400 | | |
April 2021 (through April 19, 2021)
|
| | | | 36.70 | | | | | | 31.96 | | | | | | 13,345,005 | | |
| | |
Price Per Subordinate Voting Share
|
| |
Aggregate Monthly
Trading Volume |
| ||||||||||||
| | |
High (C$)
|
| |
Low (C$)
|
| ||||||||||||
Month | | | | | | | | | | | | | | | | | | | |
April 2020 ..
|
| | | | 24.62 | | | | | | 16.85 | | | | | | 1,160,053 | | |
May 2020
|
| | | | 26.69 | | | | | | 23.47 | | | | | | 1,381,083 | | |
June 2020
|
| | | | 28.56 | | | | | | 24.00 | | | | | | 1,778,057 | | |
July 2020 .
|
| | | | 29.40 | | | | | | 25.24 | | | | | | 1,944,364 | | |
August 2020
|
| | | | 30.78 | | | | | | 22.50 | | | | | | 4,685,366 | | |
September 2020 ..
|
| | | | 29.80 | | | | | | 22.86 | | | | | | 7,557,608 | | |
October 2020..
|
| | | | 30.59 | | | | | | 25.38 | | | | | | 4,434,872 | | |
November 2020
|
| | | | 37.60 | | | | | | 25.56 | | | | | | 25,113,510 | | |
December 2020..
|
| | | | 37.23 | | | | | | 34.09 | | | | | | 15,546,465 | | |
January 2021..
|
| | | | 41.06 | | | | | | 35.49 | | | | | | 4,073,290 | | |
February 2021..
|
| | | | 40.51 | | | | | | 35.28 | | | | | | 3,708,874 | | |
March 2021..
|
| | | | 44.51 | | | | | | 38.11 | | | | | | 4,128,155 | | |
April 2021 (through April 19, 2021)
|
| | | | 45.91 | | | | | | 40.10 | | | | | | 3,871,748 | | |
|
New Issue and/or Secondary Offering
|
| |
April 20, 2021
|
|
| | |
Page
|
| |||
ABOUT THIS SHORT FORM BASE SHELF PROSPECTUS
|
| | | | 1 | | |
DOCUMENTS INCORPORATED BY REFERENCE
|
| | | | 2 | | |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
|
| | | | 3 | | |
ENFORCEABILITY OF CIVIL LIABILITIES
|
| | | | 4 | | |
CURRENCY PRESENTATION AND EXCHANGE RATE INFORMATION
|
| | | | 5 | | |
WHERE YOU CAN FIND MORE INFORMATION
|
| | | | 5 | | |
TRADEMARKS AND TRADE NAMES
|
| | | | 5 | | |
GFL ENVIRONMENTAL INC.
|
| | | | 5 | | |
THE SELLING SECURITYHOLDERS
|
| | | | 6 | | |
USE OF PROCEEDS
|
| | | | 6 | | |
DESCRIPTION OF THE SHARE CAPITAL OF THE COMPANY
|
| | | | 6 | | |
DESCRIPTION OF DEBT SECURITIES
|
| | | | 11 | | |
DESCRIPTION OF WARRANTS
|
| | | | 12 | | |
DESCRIPTION OF SHARE PURCHASE
CONTRACTS |
| | | | 13 | | |
| | |
Page
|
| |||
DESCRIPTION OF SUBSCRIPTION RECEIPTS
|
| | | | 14 | | |
DESCRIPTION OF UNITS
|
| | | | 15 | | |
CONSOLIDATED CAPITALIZATION
|
| | | | 16 | | |
EARNINGS COVERAGE RATIOS
|
| | | | 16 | | |
PRIOR SALES
|
| | | | 16 | | |
TRADING PRICE AND VOLUME
|
| | | | 16 | | |
PLAN OF DISTRIBUTION
|
| | | | 16 | | |
MATERIAL CANADIAN FEDERAL INCOME TAX CONSIDERATIONS
|
| | | | 17 | | |
MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR U.S. RESIDENTS
|
| | | | 18 | | |
RISK FACTORS
|
| | | | 18 | | |
LEGAL MATTERS
|
| | | | 18 | | |
AUDITORS, REGISTRAR AND TRANSFER AGENT
|
| | | | 18 | | |
DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT
|
| | | | 19 | | |
ENFORCEMENT OF JUDGMENTS AGAINST FOREIGN PERSONS
|
| | | | 19 | | |
EXEMPTIONS FROM CERTAIN DISCLOSURE REQUIREMENTS
|
| | | | 19 | | |