GFL Environmental Prices $750M Senior Notes at 5.625% to Fund Acquisitions, Lower Borrowing Costs
Summary
GFL Environmental has priced its previously announced private offering of $750 million in senior notes due 2031 at a 5.625% coupon rate. This follows yesterday's announcement of the proposed offering. The company intends to use the proceeds to repay its revolving credit facility and fund a portion of the cash consideration for the acquisition of SECURE Waste Infrastructure Corp., as well as other growth initiatives. The offering is expected to lower GFL's average effective borrowing rate and maintain leverage neutrality, which is a positive outcome for the company's financial structure.
At the time of this announcement, GFL was trading at $35.02 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $12.6B. The 52-week trading range was $33.33 to $51.51. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: PR Newswire.