Carey Olsen advises certain sellers in GFL Environmental's secondary offering
Carey Olsen's Cayman Islands corporate team has advised BCEC-GFL Borrower (Cayman) LP [BC Partners] and GFL Borrower II (Cayman) LP [GIC] in connection with the US$723,450,000 million dual-listed U.S. and Canadian secondary offering of subordinate voting shares of GFL Environmental Inc. (NYSE, TSX: GFL).
The selling shareholders, which included BC Partners, GIC, Ontario Teachers' Pension Plan Board, Poole Private Capital, LLC, and entities affiliated with HPS Investment Partners, LLC, collectively agreed to sell 21,000,000 subordinate voting shares at the public offering price of US$34.45 per share in a fully underwritten secondary transaction. RBC Capital Markets, LLC and RBC Dominion Securities Inc. acted as the underwriters for the offering in the United States and Canada, respectively.
Carey Olsen acted for BC Partners and GIC alongside onshore counsel Simpson Thacher & Bartlett LLP. The Carey Olsen team advising the sellers comprised Cayman Islands partner Dylan Wiltermuth and associate Nich Vasic.
GFL, headquartered in Vaughan, Ontario, is the fourth largest diversified environmental services company in North America, providing a comprehensive line of solid waste management, liquid waste management and soil remediation services through its platform of facilities throughout Canada and in more than half of the U.S. states.
