Tervita Corporation ('Tervita' or the 'Company') (TSX: TEV) today announced that it has commenced a private offering (the 'Offering') of US$500.0 million aggregate principal amount of senior second lien secured notes due 2025 (the 'Notes'), subject to market and other conditions.

The Company intends to use the net proceeds of the Offering, if completed, together with a combination of cash on hand and available borrowings under its revolving credit facility, to repurchase or redeem any and all of its US$590 million aggregate principal amount of 7.625% senior secured notes due 2021 (the 'Existing Notes') pursuant to the Company's concurrent cash tender offer for the Existing Notes. This announcement does not constitute an offer to purchase or the solicitation of an offer to sell the Existing Notes. Concurrent with the commencement of the Offering and pursuant to the indenture governing the Existing Notes, Tervita has issued a conditional notice to redeem any Existing Notes outstanding on December 9, 2020 (the 'Redemption Date') at a redemption price of 100.000% of the principal amount redeemed plus accrued and unpaid interest thereon to, but not including, the Redemption Date. Redemption of the Existing Notes is conditional upon certain conditions, including the successful completion of the Offering. Nothing contained in this release constitutes a notice of redemption of the Existing Notes.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, 'forward-looking statements') including, but not limited to, statements concerning the Offering, the effectiveness of the amended and restated credit facility, the conditional redemption of Existing Notes and the Company's obligations and timing relating thereto. These statements relate to future events. All statements other than statements of historical fact are forward-looking statements. The use of any of the words ''anticipate'', ''plan'', ''contemplate'', ''continue'', ''estimate'', ''expect'', ''intend'', ''propose'', ''might'', ''may'', ''will'', ''shall'', ''project'', ''should'', ''could'', ''would'', ''believe'', ''predict'', ''forecast'', ''pursue'', ''potential'' and ''capable'' and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual 2 results or events to differ materially from those anticipated in such forward-looking statements, including related to the Company's ability to consummate the Offering, the redemption of the Existing Notes and the amended and restated credit facility. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. The Company does not undertake any obligations to publicly update or revise any forward looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in 'Forward-Looking Statements' and 'Risk Factors' included in the Company's Annual Information Form, dated March 8, 2020, as filed on SEDAR and available on the Tervita website at www.tervita.com.

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