Published on 12/14/2020 in the Prospect News High Yield Daily.
New Issue: GFL Environmental prices downsized $750 million eight-year bullet at par to yield 3½%
By Paul A. Harris
Portland, Ore., Dec. 14 – GFL Environmental, Inc. price a downsized $750 million issue of eight-year senior secured bullet notes (Ba3/BB-) at par to yield 3½% on Monday, according to market sources.
The issue size decreased from $1 billion.
The yield printed at the wide end of the 3¼% to 3½% yield talk but at the tight end of the 3½% to 3¾% early guidance.
Joint bookrunner Barclays will bill and deliver. Other joint bookrunners were BMO, CIBC, RBC and Scotia.
The Toronto-based waste management company plans to use the proceeds to pay down its term loan due in 2025.
| Issuer: | GFL Environmental Inc.
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| Amount: | $750 million, decreased from $1 billion
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| Maturity: | Sept. 1, 2028
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| Securities: | Senior secured notes
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| Bookrunners: | Barclays (bill and deliver), BMO, CIBC, RBC and Scotia
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| Co-managers: | Goldman Sachs, JPMorgan, NBC, Stifel, TD and BCP
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| Coupon: | 3½%
|
| Price: | Par
|
| Yield: | 3½%
|
| Spread: | 281 bps
|
| Call protection: | Make-whole call at Treasuries plus 50 bps until March 1, 2028, then callable at par, otherwise non-callable
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| Trade date: | Dec. 14
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| Settlement date: | Dec. 21
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| Ratings: | Moody's: Ba3
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| S&P: BB-
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 3¼% to 3½%
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| Marketing: | Drive-by
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