State-backed bonds to support waste management infrastructure

  • Florida Development Finance Corporation plans to issue $210 million in bonds for solid waste disposal facilities
  • Bonds are guaranteed by GFL Environmental Inc.
  • Proceeds will finance projects run by GFL Solid Waste Southeast
  • Expected to be rated B3 by Moody’s Investors Service and B by S&P Global Ratings
  • BofA Securities is the underwriter

The Florida Development Finance Corporation is issuing $210 million in bonds to finance solid waste disposal facilities throughout the state. These bonds, known as Series 2024A Solid Waste Disposal Revenue Bonds, are exclusively available to institutional buyers who must purchase at least $250,000 worth of securities without resale intentions. GFL Environmental Inc. guarantees these fixed rate term bonds, which have a final maturity date set for October 1, 2054. The bonds are exempt from federal income tax but subject to alternative minimum tax. They are expected to be rated B3 by Moody’s Investors Service and B by S&P Global Ratings. BofA Securities serves as the underwriter for this initiative.

Factuality Level: 10
Factuality Justification: The article provides accurate and objective information about the Florida Development Finance Corporation issuing bonds for solid waste disposal facilities development, details on the bond offering, its purpose, maturity date, expected rating, and underwriter. It is free from sensationalism, redundancy, personal perspective or bias.
Noise Level: 2
Noise Justification: The article provides relevant information about a specific financial transaction related to solid waste disposal facilities development in Florida, with clear details on the bonds and their expected ratings. It stays on topic without diving into unrelated territories or making exaggerated claims.
Public Companies: GFL Environmental Inc. (), BofA Securities ()
Private Companies: GFL Solid Waste Southeast
Key People: Paulo Trevisani (Author)

Financial Relevance: Yes
Financial Markets Impacted: The bonds issued will impact the municipal bond market, specifically in the solid waste disposal sector.
Financial Rating Justification: This article discusses the issuance of bonds for financing solid waste disposal facilities, which is a financial topic related to infrastructure investment. It also mentions the expected rating and underwriter, indicating its potential impact on the municipal bond market.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in this article.
Deal Size: 210000000
Move Size: No market move size mentioned.
Sector: All
Direction: Up
Magnitude: Small
Affected Instruments: Bonds

Reported publicly: www.marketwatch.com