VAUGHAN, ON, Nov. 29, 2023 /CNW/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL" or the "Company") today announced the pricing of US$1 billion in aggregate principal amount of 6.750% senior secured notes due 2031 (the "Notes") in a transaction that was significantly oversubscribed. The offering was upsized by US$300 million over the previously announced offering size of US$700 million. GFL intends to use the net proceeds from the offering of the Notes (the "Notes Offering") to repay in full its Term Loan A Facility and substantially all of the outstanding borrowings under its Revolving Credit Facility. After giving effect to the Notes Offering, the percentage of GFL's fixed interest rate debt will shift from 72% to 88%. The interest rate on the Notes is 35 basis points lower than the current 7.10% rate on the borrowings to be repaid, resulting in expected annualized cash interest savings of approximately $5 million. The Notes Offering will also extend a portion of the Company's debt maturity to 2031 and provide GFL with greater flexibility for future refinancings.
Read more at newswire.caGFL Environmental Inc. Prices Upsized Private Offering of Senior Secured Notes
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