Moody’s assigns B3 to GFL notes

Moody's Investors Service said it affirmed GFL Environmental Inc.'s B2 corporate family rating, B2-PD probability of default rating and the B3 rating on its existing senior unsecured notes, and assigned a B3 rating to its proposed senior unsecured notes.

The outlook is stable.

Net proceeds from the notes issue together with $468 million of equity contribution from its owners will be used to fund the $800 million acquisition of TransForce Inc.'s Matrec solid waste division and other pending acquisitions.

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