| Summary of long-term debt |
The following table presents GFL’s long-term debt for the periods indicated: | | | | | | | | | December 31, 2023 | | December 31, 2022 | Revolving credit facility | | $ | 184.9 | | $ | 771.8 | Term Loan A Facility | | | — | | | 500.0 | Term Loan B Facility | | | 961.8 | | | 1,742.7 | Notes(1) | | | | | | | 4.250% USD senior secured notes (“4.250% 2025 Secured Notes”)(2) | | | 661.3 | | | 677.2 | 3.750% USD senior secured notes (“3.750% 2025 Secured Notes”)(3) | | | 992.0 | | | 1,015.8 | 5.125% USD senior secured notes (“5.125% 2026 Secured Notes”)(4) | | | 661.3 | | | 677.2 | 3.500% USD senior secured notes (“3.500% 2028 Secured Notes”)(5) | | | 992.0 | | | 1,015.8 | 6.750% USD senior secured notes (“6.750% 2031 Secured Notes”)(6) | | | 1,322.6 | | | — | 4.000% USD senior notes (“4.000% 2028 Notes”)(7) | | | 992.0 | | | 1,015.8 | 4.750% USD senior notes (“4.750% 2029 Notes”)(8) | | | 992.0 | | | 1,015.8 | 4.375% USD senior notes (“4.375% 2029 Notes”)(9) | | | 727.4 | | | 744.9 | Other | | | 347.3 | | | 75.0 | Subtotal | | | 8,834.6 | | | 9,252.0 | Discount | | | (9.6) | | | (5.5) | Derivative liability | | | 90.9 | | | 79.9 | Deferred finance costs | | | (79.0) | | | (59.6) | Total long-term debt | | | 8,836.9 | | | 9,266.8 | Less: Current portion of long-term debt | | | 9.7 | | | 17.9 | Non-current portion of long-term debt | | $ | 8,827.2 | | $ | 9,248.9 | | | | | | | | Total long-term debt | | | 8,836.9 | | | 9,266.8 | Less: Derivative asset | | | (20.0) | | | (58.3) | Total long-term debt, net of derivative asset | | $ | 8,816.9 | | $ | 9,208.5 |
(1) | Refer to Note 20 for additional information on the hedging arrangements related to the Notes. |
(2) | The 4.250% 2025 Secured Notes bear interest semi-annually which commenced on December 1, 2020 with principal maturing on June 1, 2025. |
(3) | The 3.750% 2025 Secured Notes bear interest semi-annually which commenced on February 1, 2021 with principal maturing on August 1, 2025. |
(4) | The 5.125% 2026 Secured Notes bear interest semi-annually which commenced on December 15, 2019 with principal maturing on December 15, 2026. |
(5) | The 3.500% 2028 Secured Notes bear interest semi-annually which commenced on September 1, 2021 with principal maturing on September 1, 2028. |
(6) | The 6.750% 2031 Secured Notes bear interest semi-annually commencing on January 15, 2024 with principal maturing on January 15, 2031. |
(7) | The 4.000% 2028 Notes are comprised of US$500.0 million of initial notes and US$250.0 million of additional notes. The initial notes and additional notes bear interest semi-annually which commenced on February 1, 2021 and February 1, 2022, respectively. The total principal matures on August 1, 2028. |
(8) | The 4.750% 2029 Notes bear interest semi-annually which commenced on December 15, 2021 with principal maturing on June 15, 2029. |
(9) | The 4.375% 2029 Notes bear interest semi-annually which commenced on February 15, 2022 with principal maturing on August 15, 2029. |
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| Schedule of changes in long-term debt arising from financing activities |
The following table presents GFL’s opening balances of long-term debt reconciled to closing balances: | | | | | | | | | December 31, 2023 | | December 31, 2022 | Balance, beginning of year | | $ | 9,266.8 | | $ | 8,001.8 | Cash flows | | | | | | | Issuance of long-term debt | | | 4,972.3 | | | 1,656.4 | Repayment of long-term debt | | | (5,365.1) | | | (904.5) | Payment of financing costs | | | (38.2) | | | (2.7) | Long-term debt via business combinations | | | 182.5 | | | 73.3 | Proceeds from termination of swap instrument | | | 17.3 | | | — | Non-cash changes | | | | | | | Accrued interest and other non-cash changes | | | 7.4 | | | 16.0 | Revaluation of foreign exchange | | | (217.1) | | | 504.3 | Fair value movements on cash flow hedges | | | 11.0 | | | (77.8) | Balance, end of year | | $ | 8,836.9 | | $ | 9,266.8 |
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