Published on 8/17/2020 in the Prospect News Canadian Bonds Daily and Prospect News High Yield Daily.
New Issue: GFL Environmental prices upsized $750 million five-year notes at par to yield 3¾%
By Paul A. Harris
Portland, Ore., Aug. 17 – GFL Environmental Inc. priced an upsized $750 million issue of 3¾% five-year senior secured notes (Ba1/BB) at par in a Monday drive-by, according to market sources.
The issue size increased from $600 million.
The coupon printed at the tight end of the 3¾% to 4% coupon talk. Initial guidance was in the 4% area.
Barclays, BMO, Goldman Sachs, RBC, Scotia and CIBC were the joint bookrunners.
The Toronto-based waste management company plans to use the proceeds, along with cash on hand, borrowings under its revolver and $600 million of privately placed perpetual convertible preferred equity, for general corporate purposes, including pending acquisitions.
| Issuer: | GFL Environmental Inc.
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| Amount: | $750 million, increased from $600 million
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| Maturity: | Aug. 1, 2025
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| Securities: | Senior secured notes
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| Joint bookrunners: | Barclays, BMO, Goldman Sachs, RBC, Scotia and CIBC
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| Co-managers: | Stifel Nicolaus, JPMorgan, NBC, TD Securities and HSBC
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| Coupon: | 3¾%
|
| Price: | Par
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| Yield: | 3¾%
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| Spread: | 347 bps
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| First call: | Aug. 1, 2022 at 101.875
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| Trade date: | Aug. 17
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| Settlement date: | Aug. 24
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| Ratings: | Moody's: Ba1
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| S&P: BB
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 3¾% to 4% coupon
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| Marketing: | Drive-by
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