Published on 5/3/2017 in the Prospect News Canadian Bonds Daily and Prospect News High Yield Daily.
New Issue: GFL Environmental prices $350 million 5 5/8% five-year notes at par to yield 5.626%
By Paul A. Harris
Portland, Ore., May 3 – GFL Environmental Inc. priced a $350 million issue of five-year senior notes (B3/B-) at par to yield 5.626% on Wednesday, according to a market source.
The yield printed tight to yield talk in the 5¾% area and inside of initial guidance in the 6% area, sources said.
Barclays was the lead left bookrunner. BMO Securities, Credit Suisse Securities (USA) LLC and Macquarie Capital were the joint bookrunners.
The Vaughan, Ont.-based waste management services company plans to use the proceeds to refinance its 7 7/8% senior notes due 2020, to fund certain acquisitions, to repay drawn amounts under its revolving credit facility and to put cash on the balance sheet for general corporate purposes.
| Issuer: | GFL Environmental Inc.
|
| Amount: | $350 million
|
| Maturity: | May 1, 2022
|
| Securities: | Senior notes
|
| Lead left bookrunner: | Barclays
|
| Joint bookrunners: | BMO Securities, Credit Suisse Securities (USA) LLC, Macquarie Capital
|
| Co-managers: | CIBC, Comerica, NBC, Scotia
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5.626%
|
| Spread: | 380 bps
|
| First call: | May 1, 2019 at 102.813
|
| Equity clawback: | 40% at 105.625 until May 1, 2019
|
| Trade date: | May 3
|
| Settlement date: | May 12
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5¾% area
|
| Marketing: | Roadshow
|
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