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  "documentTitle": "GFL Environmental Inc. (GFL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-08-18 00:00:00",
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  "notes": "Uses a 'CEO Quote vs Reality' structure to highlight management deception.",
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      "kind": "callout",
      "text": "The best part of the deal is that GFL doesn't need any more equity....",
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      "text": "The Company would like investors to think these are somehow not equity. Call it what you want, but they convert into equity, and can ultimately be dilutive.",
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      "text": "GFL has been creative in building its capital structure, first with “Tangible Equity Units” and now with “Preferred shares”. The Company would like investors to think these are somehow not equity. Call it what you want, but they convert into equity, and can ultimately be dilutive.",
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      "text": "GFL is well positioned to fund the Acquisition with its strong balance sheet and proven access to the capital markets. The Company expects to finance the Acquisition through a combination of cash on hand, capacity under the Company's revolving credit facility and the net proceeds from the issuance of US$600 million of Series A convertible preferred shares...",
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      "kind": "quote",
      "text": "We do not need any more equity. So I know that rumor has been out on the street that we were going to be outgoing searching for and doing some form of equity offering. I can tell you today we are not doing another equity offering.",
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      "text": "\"We do not need any more equity. So I know that rumor has been out on the street that we were going to be outgoing searching for and doing some form of equity offering. I can tell you today we are not doing another equity offering.\" — CEO Dovigi, WCA Deal Call",
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      "text": "Source: GFL press release",
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      "kind": "title",
      "text": "Hear No Equity, See No Equity",
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