GFL Environmental to price $400 million five-year notes on Wednesday

By Paul A. Harris

Portland, Ore., April 22 – GFL Environmental Inc. plans to price a $400 million issue of five-year senior secured notes (Ba3/BB-) in a Wednesday drive-by trailing a mid-morning conference call with investors, according to market sources.

Initial talk has the deal shaping up to yield in the 4½% area, a trader said.

Barclays, BMO Capital Markets Corp., Goldman Sachs & Co. LLC, RBC Capital Markets LLC, Scotia Capital and TD Securities are the joint bookrunners.

NBC Securities, CIBC World Markets Corp., HSBC Securities and Macquarie Capital are the co-managers.

The Rule 144A and Regulation S for life notes become callable after two years at par plus 50% of the coupon. They also feature a two-year 40% equity clawback and a 101% poison put.

The Vaughan, Ont.-based waste management company plans to use the proceeds for general corporate purposes, including acquisitions.

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