VAUGHAN,
ON, Sept. 25, 2023 /PRNewswire/ - GFL
Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL" or the "Company"),
a leading North American diversified environmental services
company, today announced that it has amended its US$729.0 million senior secured
term loan to reduce its borrowing rate to
SOFR + 250 basis points from
the previous SOFR + 300 basis
points, plus 10 basis points CSA, resulting in a
total borrowing rate reduction of 60 basis
points.
"Our ability to reprice our senior secured term loan on the
tightest pricing terms since 2021 for a company with our credit
rating is a testament to the improvement in our credit quality and
the support of our high quality long standing institutional debt
investors, many of whom have been with us for over a decade," said
Patrick Dovigi, Founder and Chief
Executive Officer of GFL. "This transaction will result in
approximately $6 million in annualized
interest savings which should not only increase free cash flow but
also position us well for future credit rating upgrades."
About GFL
GFL, headquartered in Vaughan,
Ontario, is the fourth largest diversified environmental
services company in North America,
providing a comprehensive line of solid waste management, liquid
waste management and soil remediation services through its platform
of facilities throughout Canada
and in more than half of the U.S. states. Across its organization,
GFL has a workforce of more than 20,000 employees.
Forward-Looking
Information
This release includes certain "forward-looking statements" and
"forward-looking information" (collectively, "forward-looking
information") within the meaning of applicable U.S. and Canadian
securities laws, respectively. Statements containing
forward-looking information are not historical facts nor assurances
of future performance but instead represent management's
expectations, estimates and projections regarding future events or
circumstances. Forward-looking information is based on our
opinions, estimates and assumptions that we considered appropriate
and reasonable as of the date such information is stated and is
subject to known and unknown risks, uncertainties, assumptions and
other important factors that may cause the actual results, level of
activity, performance or achievements to be materially different
from those expressed or implied by such forward-looking
information. Important factors that could cause actual results to
differ, possibly materially, from those indicated by the
forward-looking information include, but are not limited to, the
factors described in the "Risk Factors" section of GFL's annual
information form for the 2022 fiscal year filed on Form 40-F and
GFL's other periodic filings with the U.S. Securities and Exchange
Commission and the securities commissions or similar regulatory
authorities in Canada. GFL
undertakes no obligation to publicly update any forward-looking
information, except as required by applicable securities laws.
For more information:
Patrick Dovigi
+1 905-326-0101
pdovigi@gflenv.com
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SOURCE GFL Environmental Inc.