07:20 AM EDT, 07/03/2024 (MT Newswires) -- GFL Environmental ( GFL ) , down 1.3% in U.S. premarket trade, on Wednesday said it has amended its US$725 million senior secured term loan to reduce its borrowing rate to SOFR +200 basis points from the previous SOFR +250 basis points.

GFL also extended the maturity of the senior secured term loan from 2027 to 2031.

"On the back of our recent credit rating upgrade, we opportunistically pursued the repricing of our senior secured term loan with a view to further increasing our free cash flow, extending our debt maturities and preserving balance sheet flexibility", said Founder and Chief Executive Patrick Dovigi.

Over the last 12 months, GFL reduced its senior secured term loan spread by 110 basis points.

"We believe this transaction will move us closer to our broader goal of achieving an investment grade credit rating in the medium term," Dovigi said.