Mr. Patrick Dovigi of GFL reports

GFL ENVIRONMENTAL CLOSES ACQUISITION OF SECURE WASTE INFRASTRUCTURE CORP.

GFL Environmental Inc. has closed the acquisition of Secure Waste Infrastructure Corp. pursuant to the terms of the previously announced arrangement agreement between GFL and Secure.

The transaction was financed through a combination of capacity under the company's revolving credit facility, the issuance of 75,126,306 GFL subordinate voting shares and a new $1-billion (U.S.) senior secured term loan. The senior secured term loan matures on or about Aug. 28, 2033, and bears interest at SOFR (secured overnight financing rate) plus 200 basis points or approximately 5.0 per cent after giving effect to cross-currency interest rate swaps entered into by the company.

"We are excited to welcome the over 2,000 Secure employees to the GFL family, including Allen Gransch and other Secure management who are staying on to lead the Secure business as both employees and shareholders of GFL," said Patrick Dovigi, founder and chief executive officer of GFL. "The acquisition of Secure reinforces our goal of creating long-term equity value for our shareholders and is expected to significantly accelerate the achievement of the multiyear financial targets we outlined at our investor day in early 2025. Our significantly enhanced scale following the acquisition will allow us to materially increase our capital deployment capacity while maintaining our targeted year-end net leverage in the mid-threes. We look forward to updating our 2026 guidance to include Secure when we report our third quarter later this year."

Mr. Dovigi concluded: "The senior secured term loan transaction closed at the end of August and was significantly oversubscribed, a continued testament to our long-standing relationship with high-quality debt investors, many of whom have been with us for well over a decade. The loan transaction did not impact our credit rating, and we remain committed to pursuing a path to investment grade in the near-to-medium term."

It is expected that the Secure common shares will be delisted from the Toronto Stock Exchange at the close of business on or about Sept. 2, 2026. The GFL subordinate voting shares received by the Secure shareholders in connection with the transaction will begin trading on the TSX and the New York Stock Exchange on or about Sept. 2, 2026, under the ticker symbol GFL.

About GFL Environmental Inc.

GFL is the fourth-largest diversified environmental services company in North America, providing comprehensive solid waste management services from its platform of facilities throughout Canada and 19 U.S. states. GFL has a work force of more than 17,000 employees across its organization.

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