GFL Environmental sets roadshow for $400 million eight-year notes

By Paul A. Harris

Portland, Ore., Oct. 22 – GFL Environmental Inc. plans to start a roadshow on Tuesday in New York for a $400 million offering of eight-year senior notes (Caa2/CCC+), according to a syndicate source.

The roadshow moves to Boston on Wednesday, and the Rule 144A and Regulation S for life offering is set to price on Thursday.

An investor call is scheduled at 12:30 p.m. ET on Tuesday.

Barclays is the lead left bookrunner. BMO Capital Markets Corp. and RBC Capital Markets LLC are the joint bookrunners.

CIBC World Markets, HSBC, Macquarie Capital, NBC, Scotia Capital and TD Securities are the co-managers.

The notes become callable after three years at par plus 50% of the coupon and feature a three-year 40% equity clawback and a 101% poison put.

The Toronto-based environmental services company plans to use the proceeds to help fund its merger with Waste Industries.

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