GFL Environmental to price $350 million five-year notes on Wednesday

By Paul A. Harris

Portland, Ore., May 2 – GFL Environmental Inc. plans to price $350 million of five-year senior notes (B3/B-) on Wednesday, according to a market source.

The deal was scheduled to be the subject of a mid-morning investor conference call on Tuesday.

The offering is also being marketed by means of an internet roadshow.

While the market awaits official talk, early guidance is in the 6% area, a sellside source said.

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

CIBC World Markets, NBC and Scotia Capital are the co-managers.

The first call will be in two years at par plus 50% of the coupon.

The Vaughan, Ont.-based waste management services company plans to use the proceeds to refinance its 7 7/8% senior notes due 2020, to fund certain acquisitions, to repay drawn amounts under its revolving credit facility and to put cash on the balance sheet for general corporate purposes.

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