GFL Environmental to use revolver borrowings to help fund WCA buy

By Taylor Fox

New York, Aug. 12 – GFL Environmental Inc. plans to use capacity under its revolving credit facility to help finance its acquisition of WCA Waste Corp., according to a news release.

GFL entered into a definitive agreement with an affiliate of Macquarie Infrastructure Partners II to purchase WCA and its subsidiaries for a purchase price of $1.21 billion.

The acquisition will also be financed through a combination of cash on hand and the net proceeds from the issuance of $600 million of series A convertible preferred shares to affiliates of HPS Investment Partners, LLC.

GFL also said it plans to explore a longer-term strategic and opportunistic debt financing of $500 million to $750 million.

GFL is a Vaughan, Ont.-based waste management company. WCA is a waste management service based in Houston.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.