GFL Environmental to sell $600 million eight-year notes on Tuesday

By Paul A. Harris

Portland, Ore., June 1 – GFL Environmental, Inc. plans to price a $600 million offering of eight-year senior notes (unsecured ratings B3/B-) in a Tuesday drive-by trailing a conference call with investors, according to a market source.

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

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

The Rule 144A for life notes come with three years of call protection. They feature a 40% equity clawback during the non-call period and have a 101% poison put.

The Toronto-based waste management company plans to use the proceeds plus cash on hand to refinance 8½% senior notes due 2027 and to pay down its revolver.

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