GFL Environmental dips after unveiling secondary offering, share buyback from top holder
U.S.-listed shares of Canada's GFL Environmental GFL.N down 0.3% at $48.50 in extended trading after news of secondary offering, share repurchase from top investor
GFL shares on Tues ended up 1%, notching record high close of $48.62
After the bell, waste management firm announces ~15.7 mln shares to be offloaded by existing investors including Ontario Teachers' Pension Plan
Co discloses it bought back ~17.1 mln shares from BC Partners at $46.92, a 3.5% discount to last sale on Tues
In addition, co agreed to purchase ~7.1 mln shares of the secondary offering from RBC, the underwriter
Prior to the transactions, BC Partners is top holder with ~43.56 mln shares, or 11.4% stake, according to LSEG data
GFL has ~393.38 mln shares outstanding, giving it market value of roughly $19 bln
Shares up ~9% YTD and up ~40% over the past 12 months
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