GFL Environmental driving by with $250 million tap of 4% notes due 2028; talk 99.5 to par

By Paul A. Harris

Portland, Ore., Sept. 21 – GFL Environmental, Inc. plans to price a $250 million add-on to its 4% senior notes due Aug. 1, 2028 in a Tuesday drive-by trailing a conference call with investors, according to market sources.

Price talk is 99.5 to par, rich to early price guidance of 99 to 99.5.

Books close at 1 p.m. ET.

Joint bookrunner Barclays will bill and deliver. BMO, CIBC, Goldman Sachs, JPMorgan, NBC, RBC, Scotia, Stifel, TD and BCP are also joint bookrunners.

The Rule 144A and Regulation S for life notes become callable on Aug. 1, 2023 at 102.

The Vaughan, Ont.-based diversified environmental services company plans to use the proceeds to repay debt under its revolver and for general corporate purposes, which may include future acquisitions.

The original $500 million issue priced in November 2020.

The add-on notes are set to become fungible with original notes.

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