Mr. Patrick Dovigi reports

GFL ENVIRONMENTAL INC. PRICES PRIVATE OFFERING OF SENIOR NOTES

GFL Environmental Inc. has priced $500-million (U.S.) in aggregate principal amount of 6.625 per cent senior notes due 2032 in a transaction that was significantly oversubscribed. The notes will have an effective interest rate to GFL of 6.101 per cent after giving effect to a cross-currency interest rate swap. GFL intends to use the net proceeds from the offering of the notes, together with cash on hand, to redeem all of GFL's outstanding $500-million (U.S.) aggregate principal amount of 4.250 per cent senior secured notes due 2025 and to pay related fees, premiums, and accrued and unpaid interest on the 2025 secured notes. The 2025 secured notes have an effective interest rate of 4.805 per cent after giving effect to a cross-currency interest rate swap. The notes will be issued by a United States wholly owned subsidiary of GFL and will be guaranteed by GFL and certain of its other subsidiaries.

GFL is opportunistically pursuing the notes offering, with a view to moving more of its debt from secured to unsecured, consistent with an investment-grade capital structure, extending its related debt maturities and preserving balance sheet flexibility. The refinancing of the 2025 secured notes is expected to be leverage neutral. In addition, it is expected that any incremental interest expense incurred as a result of the notes offering will be offset by cash tax savings, resulting in an immaterial impact to GFL's free cash flow.

About GFL Environmental Inc.

GFL, headquartered in Vaughan, Ont., is the fourth-largest diversified environmental services company in North America, providing a comprehensive line of solid waste management, liquid waste management and soil remediation services through its platform of facilities throughout Canada and in more than half of the U.S. states. Across its organization, GFL has a workforce of more than 20,000 employees.

We seek Safe Harbor.