GFL Environmental to sell $400 million eight-year notes on Thursday

By Paul A. Harris

Portland, Ore., May 3 – GFL Environmental Inc. plans to price $400 million of eight-year senior notes (Caa1/B-) in a quick-to-market Thursday trade following a mid-morning conference call with investors, according to market sources.

Initial price talk has the deal coming with a yield in the high 6% area.

Citigroup Global Markets Inc. is the left bookrunner for the Rule 144A and Regulation S for life offering. Barclays, BMO Securities and RBC Capital Markets LLC are the joint bookrunners.

Scotia Capital, NBC, CIBC World Markets and Macquarie Capital are the co-managers.

The notes become callable after three years at par plus 50% of the coupon and feature a three-year 40% equity clawback and a 101% poison put.

The Vaughan, Ont.-based waste management services company plans to use the proceeds, together with proceeds from senior secured term loans, to fund the redemption of any and all of its 9 7/8% senior notes due 2021 and to repay amounts drawn under its revolving credit facility.

© 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.