New Issue: GFL Environmental prices upsized $200 million tap of 9 7/8% notes due 2021 at 103.25

By Paul A. Harris

Portland, Ore., April 13 – GFL Environmental Inc. priced an upsized $200 million tack-on to its 9 7/8% senior notes due Feb. 1, 2021 (B3/B) at 103.25 to yield 8.838% on Wednesday, according to a syndicate source.

The tack-on size was increased from $150 million.

The reoffer price came on top of official price talk as well as early guidance.

Credit Suisse Securities (USA) LLC, BMO Securities and Barclays were the joint bookrunners.

The Vaughan, Ont.-based solid and liquid waste management company plans to use to proceeds to repay its revolving credit facility.

Issuer:	GFL Environmental Inc.
Face amount:	$200 million, increased from $150 million
Proceeds:	$206.5 million
Maturity:	Feb. 1, 2021
Securities:	Tack-on to 9 7/8% senior notes due Feb. 1, 2021
Bookrunners:	Credit Suisse Securities (USA) LLC, BMO Securities, Barclays
Coupon:	9 7/8%
Price:	103.25
Yield to worst:	8.838%
Spread:	779 bps
Call:	Make-whole call at Treasuries plus 50 bps until Feb. 1, 2018, then callable at 104.938
Equity clawback:	35% at 109.875 until Feb. 1, 2018
Change-of-control put:	101%
Trade date:	April 13
Settlement date:	April 18 with accrued interest
Ratings:	Moody's: B3
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S for life
Price talk:	103.25 area
Marketing:	Quick to market
Original issue:	$300 million priced at par on Jan. 26, 2016
Fungibility:	Tack-on notes will become immediately fungible with original notes
Total issue size:	$500 million

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.