Mr. Patrick Dovigi reports

GFL ENVIRONMENTAL INC. SUCCESSFULLY REPRICES AND EXTENDS ITS SENIOR SECURED TERM LOAN

GFL Environmental Inc. has amended its $725.0-million (U.S.) senior secured term loan to reduce its borrowing rate to a secured overnight financing rate of 200 basis points from the previous SOFR of 250 basis points, in a transaction that was significantly oversubscribed. The company also extended the maturity of the senior secured term loan from 2027 to 2031.

"On the back of our recent credit rating upgrade, we opportunistically pursued the repricing of our senior secured term loan with a view to further increasing our free cash flow, extending our debt maturities and preserving balance sheet flexibility," said Patrick Dovigi, founder and chief executive officer of GFL.

"Our ability to reprice our senior secured term loan on one of the tightest pricing terms since 2008 for a company with our credit quality is a continued testament to our high-quality, long-standing debt investors, many of whom have been with us for over a decade."

Mr. Dovigi concluded: "Over the course of the last 12 months, we have been able to reduce our senior secured term loan spread by 110 basis points given our focus on delevering. We remain committed to achieving our net leverage target of between 3.65 times and 3.85 times by the end of the year and we believe this transaction will move us closer to our broader goal of achieving an investment grade credit rating in the medium term."

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 work force of more than 20,000 employees.

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