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GFL Environmental Inc. Prices Upsized Private Offering of Senior Secured Notes
GFL Environmental Inc. Prices Upsized Private Offering of Senior Secured Notes Canada N...
About this update from Gfl Environmental Inc
[{"type":"text","content":"\n \n \n \n GFL Environmental Inc. Prices Upsized Private Offering of Senior Secured Notes\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VAUGHAN, ON\n \n \n ,\n \n \n Nov. 29, 2023\n \n \n /CNW/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) (\"GFL\" or the \"Company\") today announced the pricing of\n \n US$1 billion\n \n 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\n \n US$300 million\n \n over the previously announced offering size of\n \n US$700 million\n \n . 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\n \n $5 million\n \n . 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.\n \n \n \n \n \n \n \n \n \n The Notes being offered by GFL in the Notes Offering have not been, and will not be, registered under the Securities Act of 1933, as amended (the \"Securities Act\"), and may not be offered or sold in\n \n the United States\n \n absent registration or an applicable exemption from registration requirements. The Notes are being offered only to qualified institutional buyers under Rule 144A and outside\n \n the United States\n \n in compliance with Regulation S under the Securities Act. In\n \n Canada\n \n , the Notes are to be offered and sold on a private placement basis in certain provinces of\n \n Canada\n \n .\n \n \n This release shall not constitute an offer to sell or a solicitation of an offer to buy any security...