GFL Environmental driving by with $1 billion eight-year secured notes; initial talk 3½%-3¾%

By Paul A. Harris

Portland, Ore., Dec. 14 – GFL Environmental, Inc. plans to price a $1 billion offering of eight-year senior secured bullet notes (existing ratings Ba3/BB-) in a Monday drive-by trailing a late-morning conference call with investors, according to market sources.

Initial guidance has the notes coming to yield 3½% to 3¾%, a trader said.

Joint bookrunner Barclays will bill and deliver. BMO, CIBC, RBC and Scotia are also joint bookrunners.

Goldman Sachs, JPMorgan, NBC, Stifel, TD and BCP are the co-managers.

The Rule 144A for life notes feature a make-whole call at Treasuries plus 50 basis points until six months prior to maturity, whereupon they become callable at par. They are otherwise non-callable.

The Toronto-based waste management company plans to use the proceeds to pay down its term loan due in 2025.

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