GFL talks minimum $250 million five-year notes at 9¾% area yield; pricing Tuesday

By Paul A. Harris

Portland, Ore., Jan. 26 – GFL Environmental Corp. talked a minimum $250 million offering of five-year senior notes (B3/B) to yield in the 9¾% area, according to a syndicate source.

Books close at 2 p.m. ET on Tuesday, and the Rule 144A and Regulation S for life deal is set to price thereafter.

Credit Suisse Securities (USA) LLC, BMO Securities and Barclays are the joint bookrunners.

The notes become callable after two years at par plus 50% of the coupon and feature a two-year 35% equity clawback and a 101% poison put.

The Vaughan, Ont.-based solid and liquid waste management company plans to use the proceeds to fund the acquisition of the Matrec solid waste division of TransForce Inc.

The co-issuer will be special purpose vehicle GFL Escrow Corp.

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