06:47 AM EDT, 06/07/2024 (MT Newswires) -- GFL Environmental ( GFL ) overnight Thursday priced its US$500 million offering of 6.625% senior notes due 2032.

The net proceeds and cash on hand will be used to redeem all of GFL's outstanding US$500 million aggregate principal amount of 4.250% senior secured notes due 2025 and to pay related fees, premiums, and accrued and unpaid interest.

GFL said it is pursuing the debt offering to move more of its debt from secured to unsecured, consistent with an investment-grade capital structure, extend its related debt maturities and preserve balance sheet flexibility.

The refinancing of the 2025 secured notes is expected to be leverage-neutral.

The company's shares were up 1.2% in Canada yesterday and slipped 0.3% in premarket U.S. trading on Friday.