GFL Environmental Inc. filed an 8-K press release on November 12, 2026, announcing that HPS Investment Partners, LLC has converted all outstanding Series A perpetual convertible preferred shares into subordinate voting shares, which were then sold in a block trade.

Key Highlights

  • Full conversion: HPS Investment Partners, LLC converted 4,867,006 Series A perpetual convertible preferred shares on behalf of their holders.
  • Shares issued: The conversion produced 6,219,896 subordinate voting shares.
  • No preferred shares remain: According to the filing, following the conversion, no Series A Preferred Shares will remain outstanding.
  • Block trade price: The subordinate voting shares were sold by HPS-managed funds in a block trade at US$42.73 per share.
  • Exchange listings: GFL trades on NYSE:GFL and TSX: GFL.

GFL Environmental's Series A Preferred Share Conversion and Block Trade Details

GFL Environmental Inc. announced on November 12, 2026, that HPS Investment Partners, LLC, acting on behalf of holders of the company's Series A perpetual convertible preferred shares, provided notice of conversion of all 4,867,006 Series A Preferred Shares. According to the filing, the conversion resulted in the issuance of 6,219,896 subordinate voting shares, and upon completion, no Series A Preferred Shares remain outstanding.

The filing disclosed that the subordinate voting shares issued through the conversion were subsequently sold by funds managed by HPS in a block trade at a price of US$42.73 per share. The announcement did not disclose total proceeds from the block trade, nor did it specify additional terms or conditions associated with the conversion or sale.

GFL described itself in the filing as "the fourth largest diversified environmental services company in North America," providing solid waste management services across Canada and 19 U.S. states, with a workforce of more than 17,000 employees. The filing also contains forward-looking statements, which the company noted "are not historical facts, nor guarantees or assurances of future performance but instead represent management's current beliefs, expectations, estimates and projections," and are subject to risks and uncertainties described in GFL's filings with the U.S. Securities and Exchange Commission and Canadian securities regulators.

What Was Disclosed

GFL Environmental disclosed that HPS Investment Partners converted 4,867,006 Series A preferred shares into 6,219,896 subordinate voting shares, eliminating all outstanding Series A Preferred Shares. HPS-managed funds then sold those subordinate voting shares in a block trade at US$42.73 per share.