Published on 11/16/2020 in the Prospect News Canadian Bonds Daily and Prospect News High Yield Daily.
New Issue: GFL Environmental prices upsized $500 million 4% notes due 2028 to yield 4 1/8%
By Paul A. Harris
Portland, Ore., Nov. 16 – GFL Environmental, Inc. priced an upsized $500 million issue of 4% eight-year senior notes (B3/B-) at 99.171 to yield 4 1/8% in a Monday drive-by, according to market sources.
The issue size increased from $400 million.
The yield printed 12.5 basis points tighter than the 4¼% to 4½% yield talk. Initial talk was in the high 4% area.
Joint bookrunner Barclays will bill and deliver. Additional bookrunners were BMO, CIBC, RBC and Scotia.
The Vaughan, Ont.-based diversified environmental services company plans to use the proceeds to refinance its 7% senior notes due 2026 and for general corporate purposes. The additional proceeds resulting from the $100 million upsizing of the deal will be used to repay a revolver draw and for general corporate purposes.
| Issuer: | GFL Environmental, Inc.
|
| Amount: | $500 million, increased from $400 million
|
| Maturity: | Aug. 1, 2028
|
| Securities: | Senior notes
|
| Bookrunners: | Barclays (bill and deliver), BMO, CIBC, RBC and Scotia
|
| Co-managers: | Goldman Sachs, JPMorgan, NBC, Stifel and TD
|
| Coupon: | 4%
|
| Price: | 99.171
|
| Yield: | 4 1/8%
|
| Spread: | 341 bps
|
| First call: | Aug. 1, 2023 at 102
|
| Trade date: | Nov. 16
|
| Settlement date: | Nov. 23
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A for life
|
| Price talk: | 4¼% to 4½%
|
| Marketing: | Drive-by
|
|
|
© 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.
