GFL Environmental Prices $750 Mln Senior Notes At 5.625% Coupon
(RTTNews) - GFL Environmental Inc. (GFL) on Tuesday announced the pricing of a private offering of $750 million aggregate principal amount of senior notes due 2031.
The company said that the notes will carry a coupon of 5.625%, or approximately 4.5% after giving effect to cross-currency interest rate swaps the company intends to enter into.
The company intends to use the proceeds to repay amounts drawn on its revolving credit facility and to fund related fees and expenses.
The company added that the offering is expected to lower its average effective borrowing rate and be leverage neutral.
The company said the offering is intended to maximize liquidity.
The proceeds will fund a portion of the cash consideration, transaction costs and expenses associated with its previously announced acquisition of SECURE Waste Infrastructure Corp.
The proceeds will also support other growth initiatives.
In the pre-market trading, GFL Environmental is 0.14% higher at $35.05 on the New York Stock Exchange.
