Published on 6/1/2021 in the Prospect News Canadian Bonds Daily and Prospect News High Yield Daily.
New Issue: GFL Environmental prices upsized $750 million eight-year notes at par to yield 4¾%
By Paul A. Harris
Portland, Ore., June 1 – GFL Environmental, Inc. priced an upsized $750 million issue of eight-year senior notes (expected ratings B3/B-) at par to yield 4¾% in a Tuesday drive-by, according to a market source.
The issue size increased from $600 million.
The yield printed at the tight end of the 4¾% to 5% yield talk.
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 plus cash on hand to refinance 8½% senior notes due 2027 and to pay down its revolver.
| Issuer: | GFL Environmental, Inc.
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| Amount: | $750 million, increased from $600 million
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| Maturity: | June 15, 2029
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| Securities: | Senior notes
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| Joint bookrunners: | Barclays (bill and deliver) BMO, CIBC, RBC and Scotia
|
| Co-managers: | Goldman Sachs, JPMorgan, NBC, Stifel and TD
|
| Coupon: | 4¾%
|
| Price: | Par
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| Yield: | 4¾%
|
| Spread: | 334 bps
|
| First call: | June 15, 2024 at 102.375
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| Trade date: | June 1
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| Settlement date: | June 8
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| Expected ratings: | Moody's: B3
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| S&P: B-
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| Distribution: | Rule 144A for life
|
| Price talk: | 4¾% to 5%
|
| Marketing: | Drive-by
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