06:56 AM EDT, 10/01/2024 (MT Newswires) -- GFL Environmental ( GFL ) was at last look down 1.5% in US premarket trade after announcing Tuesday the pricing of US$210 million in aggregate principal amount of Florida Development Finance Corporation Solid Waste Disposal Revenue Bonds at 4.375% in a transaction that, it said, was "significantly" oversubscribed.

A statement noted the bonds will have an initial mandatory tender date of October 1, 2031. It said the Issuer will loan the proceeds of the Bonds to a subsidiary of GFL to finance or refinance certain solid waste disposal facilities located in the State of Florida. The loan is an unsecured obligation that will be guaranteed by GFL and certain of its subsidiaries, it added.

GFL said it is "opportunistically pursuing the offering of the Bonds" in advance of the maturity of its 3.750% Senior Secured Notes due 2025, "with a view to moving more of its debt from secured to unsecured, consistent with an investment grade capital structure, extending its related debt maturities and preserving balance sheet flexibility".

GFL rose $0.83 or 1.5% to $53.95 on the TSX yesterday.