GFL Environmental talks $600 million five-year notes to yield 3¾%-4%; pricing Monday

By Paul A. Harris

Portland, Ore., Aug. 17 – GFL Environmental Inc. plans to price a $600 million offering of five-year senior secured notes in a Monday drive-by trailing a mid-morning conference call with investors, according to market sources.

The Rule 144A and Regulation S for life deal is talked to yield 3¾% to 4%, tight to initial guidance in the 4% area.

Books close at 1 p.m. ET on Monday.

Barclays, BMO, Goldman Sachs, RBC, Scotia and CIBC are the joint bookrunners.

Stifel Nicolaus, JPMorgan, NBC, TD Securities and HSBC are the co-managers.

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

The Toronto-based waste management company plans to use the proceeds, along with cash on hand, borrowings under its revolver and $600 million of privately placed perpetual convertible preferred equity, for general corporate purposes, including pending acquisitions.

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