Close is not the same as delisted yet
GFL Environmental (TSX: GFL, NYSE: GFL) said September 1 it closed the acquisition of SECURE Waste Infrastructure Corp. (TSX: SES) under the April 13 arrangement. The deal is done. Do not write SES as still independent.
Financing was three pieces. GFL used revolver capacity, issued 75,126,306 subordinate voting shares, and closed a new US$1 billion senior secured term loan maturing about August 28, 2033. The loan is SOFR plus 200 basis points, or about 5.0 percent after cross-currency swaps, the company said. Patrick Dovigi said the loan was oversubscribed at the end of August and did not change GFL's credit rating.
GFL expects more than 2,000 SECURE employees to join, with Allen Gransch and other SECURE managers staying to run the business. Dovigi said the deal should accelerate the multi-year targets from GFL's early-2025 investor day and keep year-end net leverage in the mid-3s. Updated 2026 guidance including SECURE is promised with third-quarter results.
Delisting is tomorrow
SECURE common shares are expected to delist from the TSX at the close on or about September 2. GFL shares issued to SECURE holders should begin trading on the TSX and NYSE on or about September 2 under GFL. The August 31 election deadline and the August 28 Competition Bureau clearance were the last gates. This note is the close file.
Neutral read
SES is on the listed oilfield-services list. Banks were skipped. GFL is the acquirer, not a listed energy name on our producer book. 75.1 million shares, US$1 billion of term debt, and a September 2 delisting are the facts. Write this as a completed arrangement, not as a pending Ottawa file. Watch whether third-quarter guidance actually folds SECURE in and whether mid-3s leverage holds after the new loan.