BFI Canada Ltd.

BFI Canada Ltd.

March 06, 2009 08:54 ET

BFI Canada Ltd. Announces Closing of Previously Announced Bought Deal Financing

TORONTO, ONTARIO--(Marketwire - March 6, 2009) -


BFI Canada Ltd. (the "Corporation") (TSX:BFC) today announced the closing of its previously announced public offering (the "Offering") of 8,500,000 common shares ("Shares"). Each Share was sold at a price of C$9.50 for aggregate gross proceeds to the Corporation of C$80,750,000. The Shares were sold on a bought deal basis through a syndicate of underwriters co-led by TD Securities Inc., RBC Capital Markets and CIBC World Markets Inc. (the "Underwriters"), and including National Bank Financial Inc., BMO Capital Markets, Scotia Capital Inc., Clarus Securities Inc., Cormark Securities Inc., Macquarie Capital Markets Canada Ltd., Octagon Capital Corporation and Raymond James Ltd.

The Corporation intends to use the net proceeds of the Offering to repay a portion of the outstanding borrowings under its U.S. senior revolving credit facility.

In addition, the Underwriters have an option to purchase up to an additional 1,275,000 common shares at a price of C$9.50 per common share, on the same terms and conditions, exercisable, in whole or in part, until the date that is 30 days following closing. In the event that the option is exercised in its entirety, the aggregate gross proceeds of the Offering to the Corporation will be approximately C$93 million.

The Shares have not been registered under the United States Securities Act of 1933, as amended, or under any state securities laws, and may not be offered, sold, directly or indirectly, or delivered within the United States of America and its territories and possessions or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of such Act. This release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

Forward-looking statements

This document may contain forward-looking statements relating to the operations of the Corporation or to the environment in which it operates, which are based on estimates, forecasts and projections. Forward-looking information is not a guarantee of future performance and involves risks and uncertainties that are difficult to predict, or are beyond management's control. A number of factors could cause actual outcomes and results to differ materially from those estimated, forecast or projected. These factors include those set forth in the Annual Information Form ("AIF") for BFI Canada Income Fund (the "Fund") for the year ended December 31, 2007, the Fund's Management Information Circular dated August 26, 2008, and those made in the "Risks and Uncertainties" and "Outlook" sections of Management's Discussion and Analysis of the financial condition and results of operations of the Corporation as at and for the year ended December 31, 2008. Consequently, readers should not rely on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Although the forward-looking information contained herein is based on what management believes to be reasonable assumptions, users are cautioned that actual results may differ. Management disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

About BFI Canada Ltd.

The Corporation, through its operating subsidiaries, is one of North America's largest full-service waste management companies, providing non-hazardous solid waste ("waste") collection and disposal services to commercial, industrial, municipal and residential customers in five Canadian provinces and ten states in the United States ("U.S."). The Corporation provides service to over 1.8 million customers with vertically integrated collection and disposal assets. The Corporation's Canadian segment operates under the BFI Canada brand and is Canada's second largest full-service waste management company providing vertically integrated waste collection and disposal services in the provinces of British Columbia, Alberta, Manitoba, Ontario, and Quebec. This segment provides service to 20 Canadian markets and operates five landfills, four transfer collection stations, seven material recovery facilities ("MRFs"), and one landfill gas to energy facility. The Corporation's U.S. south and northeast segments, collectively the U.S. segment or U.S. segments, operate under the IESI brand and provide vertically integrated waste collection and disposal services in two geographic regions: the south, consisting of various service areas in Texas, Louisiana, Oklahoma, Arkansas, Mississippi, and Missouri, and the northeast, consisting of various service areas in New York, New Jersey, Pennsylvania, and Maryland. This segment provides service to 40 U.S. markets and operates 17 landfills, 29 transfer collection stations, 11 MRFs, and one transportation operation. The Corporation's shares are listed on the Toronto Stock Exchange under the symbol BFC. For more information on BFI Canada Ltd., visit

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