GFL Environmental driving by with $700 million seven-year secured notes; initial talk 7% area

By Paul A. Harris

Portland, Ore., Nov. 29 – GFL Environmental Inc. expects to price a $700 million offering of senior secured notes due 2030 (Ba3/BB-) in a Wednesday drive-by, according to market sources.

Initial guidance has the deal coming to yield in the 7% area.

The Rule 144A and Regulation S seven-year notes come with three years of call protection.

J.P. Morgan Securities LLC, ATB, Barclays, BMO Capital Markets Corp., CIBC, Desjardins, Goldman Sachs & Co. LLC, National Bank of Canada, RBC Capital Markets Corp., Scotia Capital (USA) Inc., Stifel, Nicolaus & Co. Inc, TD Securities (USA) LLC and BC Partners are the joint bookrunners.

The Vaughan, Ont.-based waste management and environmental services company plans to use the proceeds to repay debt under its term loan A and to pay down its revolver.

GFL stated in a Wednesday press release that it is opportunistically pursuing the notes offer with a view to moving more of its debt from floating to fixed interest rates, extending maturities and providing greater flexibility for future refinancings.

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