GFL Environmental talks $250 million notes due 2020 to yield 7½%-7¾%; pricing Wednesday

By Paul A. Harris

Portland, Ore., March 10 – GFL Environmental Inc. talked its $250 million offering of senior notes due 2020 (B3/B) to yield 7½% to 7¾%, an informed source said on Tuesday.

Books close at 11 a.m. ET on Wednesday, except for accounts meeting with management on Wednesday.

BMO Securities and Credit Suisse Securities (USA) LLC are the joint bookrunners.

The deal, which is formatted as a Rule 144A offering in the United States and will be privately placed in Canada, comes with two years of call protection.

The Vaughan, Ont.-based environmental services company plans to use the proceeds to repay revolver and unsecured term loan debt, as well as to fund the tender for up to $50 million of its 7½% Canadian dollar-denominated senior notes, and for general corporate purposes, including potential acquisitions.

GFL Environmental provides solid and liquid waste collection, treatment and disposal solutions as well as soil remediation services to municipal, industrial and commercial sectors.

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