GFL Environmental driving by with $400 million eight-year notes, initial talk mid-4% area

By Paul A. Harris

Portland, Ore., Aug. 3 – GFL Environmental, Inc. plans to price a $400 million offering of eight-year senior notes (expected ratings B3/B-) in a Tuesday drive-by trailing a conference call with investors, according to market sources.

Initial guidance has the deal coming to yield in the mid-4% area, a trader said.

Joint bookrunner Barclays will bill and deliver. BMO Capital Markets Corp., CIBC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, National Bank of Canada, RBC Capital Markets Corp., Scotia Capital (USA) Inc., Stifel, Nicolaus & Co. Inc., TD Securities (USA) LLC and BCP are also joint bookrunners.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon.

The Vaughan, Ont.-based diversified environmental services company plans to use the proceeds for general corporate purposes, including acquisitions.

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