GFL Environmental talks $350 million five-year senior notes to yield in 5¾% area; pricing Wednesday

By Paul A. Harris

Portland, Ore., May 3 – GFL Environmental Inc. talked its $350 million offering of five-year senior notes (existing B3/confirmed B-) to yield in the 5¾% area, according to a market source.

Books close at noon ET on Wednesday, and the deal is set to price thereafter.

Official talk comes inside of initial guidance in the 6% area, a trader 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.