New Issue: GFL Environmental prices upsized $550 million eight-year notes at par to yield 4 3/8%

By Paul A. Harris

Portland, Ore., Aug. 3 – GFL Environmental, Inc. priced an upsized $550 million issue of eight-year senior notes (expected: B3/B-) at par to yield 4 3/8% in a Tuesday drive-by, according to market sources.

The issue size increased from $400 million.

The yield printed in the middle of yield talk in the 4 3/8% area. Initial guidance was in the mid-4% area.

Joint bookrunner Barclays will bill and deliver.

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

Issuer:	GFL Environmental Inc.
Amount:	$550 million, increased from $400 million
Maturity:	Aug. 15, 2029
Securities:	Senior notes
Joint books:	Barclays (bill and deliver), BMO Capital Markets Corp., CIBC World Markets Corp., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, National Bank of Canada Financial Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., Stifel Nicolaus, TD Securities (USA) LLC, BC Partners Securities LLC
Coupon:	4 3/8%
Price:	Par
Yield:	4 3/8%
Spread:	334 bps
First call:	Aug. 15, 2024 at 102.188
Trade date:	Aug. 3
Settlement date:	Aug. 10
Expected ratings:	Moody's: B3
	S&P: B-
Distribution:	Rule 144A and Regulation S for life
Price talk:	4 3/8% area
Marketing:	Drive-by

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