By Cristal Cody
Tupelo, Miss., April 15 - GFL Environmental Corp. sold a C$100 million add-on to its 7½% five-year senior notes at 103.25 to yield 6.347%, according to an informed source on Tuesday.
The notes (/B+/DBRS: B) are due June 18, 2018.
BMO Capital Markets Corp. was the bookrunner.
The issue is unconditionally guaranteed by the company's current and future restricted subsidiaries.
The notes are redeemable in 2015 at 105.625, in 2016 at 103.75 and in 2017 and thereafter at par.
GFL Environmental originally brought the issue on June 11, 2013 in a C$200 million offering of notes that priced at par to yield 7½%. The total outstanding is C$300 million.
The solid and liquid waste management company is based in Vaughan, Ont.
| Issuer: | GFL Environmental Corp.
|
| Guarantors: | Current and future restricted subsidiaries
|
| Amount: | C$100 million reopening
|
| Maturity: | June 18, 2018
|
| Securities: | Senior notes
|
| Bookrunner: | BMO Capital Markets Corp.
|
| Co-managers: | Scotia Capital Inc. and Canaccord Capital Corp.
|
| Coupon: | 7½%
|
| Price: | 103.25
|
| Yield: | 6.347%
|
| Call feature: | In 2015 at 105.625; in 2016 at 103.75; in 2017 and thereafter at par
|
| Put option: | At 101%
|
| Pricing date: | April 14
|
| Settlement date: | April 17
|
| Ratings: | Standard & Poor's: B+
|
| DBRS: B
|
| Distribution: | Regulation S, Rule 144A, Canada private placement
|
| Total outstanding: | C$300 million
|
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