GFL Environmental Inc., the fourth largest diversified environmental services company in North America, has priced a secondary offering of 16,611,295 subordinate voting shares at US$45.15 per share (C$63.57). The total offering value is US$749,999,969.25 (C$1,055,959,965). Net proceeds to the selling shareholders are expected to total US$746,345,484.35 (C$1,050,799,102), after deducting the underwriter's discount of US$3,654,484.90 (C$5,144,618). The company will bear offering expenses estimated at approximately US$1,000,000 (C$1,408,000).

The selling shareholders include BCEC-GFL Borrower (Cayman) LP, affiliated with BC Partners Advisors L.P., selling 11,255,268 shares; Ontario Teachers' Pension Plan Board, selling 1,846,726 shares; GFL Borrower II (Cayman) LP, selling 1,296,686 shares; and HPS Investment Partners, LLC, selling 2,212,615 shares. A portion of net proceeds will be designated for repaying margin loans held by certain selling shareholders.

RBC Dominion Securities Inc. and RBC Capital Markets, LLC are underwriting the offering in Canada and the United States, respectively. Stikeman Elliott LLP provides Canadian legal counsel to the company, while Latham & Watkins LLP advises on U.S. matters. Davies Ward Phillips & Vineberg LLP and Davis Polk & Wardwell LLP provide counsel to the underwriter.