NFI Announces New $845 Million First Lien Senior Credit Facility
Summary
The facilitys term and visibility also position us well as we execute on our record backlog and drive operational performance, said Brian Dewsnup, Chief Financial Officer, NFI Group. We look forward to continuing to work with them as we evaluate other refinancing opportunities that further support our goal of improving liquidity and lowering total interest expense.Loans under the First Lien Facility bear interest at a rate equal to SOFR or U.S. base rate for loans denominated in U.S. dollars, CORRA or a Canadian prime rate for loans denominated in Canadian dollars, SONIA for loans denominated in pounds sterling, and EURIBOR for loans denominated in euros, plus an applicable margin to those rates.Under the First Lien Facility there are certain financial covenants that the Company must maintain that are outlined below: TLR is calculated as aggregate indebtedness of the Company, not including the Companys 5.0% convertible debentures and certain non-financial products, but including the First Lien Facility, senior unsecured and second lien indebtedness, less unrestricted cash and cash equivalents up to a maximum of $50 million, divided by Adjusted EBITDA (calculated on a trailing twelve-month basis). Through its low- and zero-emission buses and coaches, infrastructure, and technology, NFI meets todays urban demands for scalable smart mobility solutions. News and information is available at www.nfigroup.com, www.newflyer.com, www.mcicoach.com, nfi.parts, www.alexander-dennis.com, arbocsv.com, and carfaircomposites.com.This press release may contain forward-looking statements relating to expected future events, financial and operating results of NFI and the effectiveness of the First Lien Facility and the completion of certain additional subordinated credit arrangements, all of which involve risks and uncertainties. There can be no assurance as of the completion of the credit arrangements referred to above.Due to the potential impact of these factors, NFI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.For investor and media inquiries, please contact: Stephen King P: 204.792.1300