GFL Environmental to sell $500 million eight-year notes Wednesday

By Paul A. Harris

Portland, Ore., April 17 – GFL Environmental Inc. plans to price a $500 million offering of eight-year senior notes (existing ratings: Caa2/CCC+) in a quick-to-market Wednesday transaction trailing a late-morning conference call with investors, according to a market source.

Barclays is the left lead bookrunner for the Rule 144A and Regulation S for life offering. BMO Securities, Macquarie Bank, RBC Capital Markets LLC, Scotia Capital, Goldman Sachs & Co. LLC and TD Securities are bookrunners.

National Bank of Canada, CIBC World Markets and HSBC are the co-managers.

The notes become callable after three years at par plus 50% of the coupon.

The Toronto-based diversified environmental services provider plans to use the proceeds to repay amounts drawn under its revolving credit facility, including amounts drawn to fund its interim 2019 acquisitions, and for general corporate purposes, which may include the repayment of certain debt and funding future acquisitions.

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