GFL Environmental Cuts Borrowing Rate For $720 Mln Term Loan

(RTTNews) - Environmental services company GFL Environmental Inc. (GFL) Monday said it has amended its $720 million senior secured term loan to reduce borrowing rate by 60 basis points. This helps the company to save interest to the tune of about $6 million annually.

The borrowing rate has been reduced to SOFR (Secured Overnight Financing Rate) plus 250 basis points from the previous SOFR + 300 basis points, plus 10 basis points Credit Spread Adjustment (CSA).

"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.