GFL Environmental to price $150 million tap of 9 7/8% notes due 2021 in Wednesday drive-by

By Paul A. Harris

Portland, Ore., April 13 – GFL Environmental Inc. plans to price a $150 million tack-on to its 9 7/8% senior notes due Feb. 1, 2021 on Wednesday trailing a late-morning conference call with investors, according to a syndicate source.

Credit Suisse Securities (USA) LLC, BMO Securities and Barclays are the joint bookrunners for the Rule 144A and Regulation S for life offering.

The notes become callable after Feb. 1, 2018 at 104.938 and feature a 35% equity clawback at 109.875 until Feb. 1, 2018, as well as a 101% poison put.

The Vaughan, Ont.-based solid and liquid waste management company plans to use the proceeds to repay its revolving credit facility.

The original $300 million issue priced at par on Jan. 26, 2016.

The tack-on notes will become immediately fungible with original notes.

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