{"id":396836,"date":"2020-12-09T16:33:27","date_gmt":"2020-12-09T21:33:27","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=396836"},"modified":"2020-12-09T16:33:27","modified_gmt":"2020-12-09T21:33:27","slug":"blue-bird-announces-the-amendment-of-credit-facility","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/blue-bird-announces-the-amendment-of-credit-facility\/","title":{"rendered":"Blue Bird Announces the Amendment of Credit Facility"},"content":{"rendered":"

<\/p>\n

Blue Bird Announces the Amendment of Credit Facility<\/b><\/p>\n

Amendment provides covenant relief through the fiscal second quarter of 2022<\/b><\/p>\n

MACON, Ga.–(BUSINESS WIRE<\/a>)–
\nToday, Blue Bird Corporation (NASDAQ: BLBD), a leading manufacturer of school and activity buses, announced that it entered into a third amendment (the \u201cThird Amendment) to its credit facility, dated as of December 12, 2016 (the \u201cCredit Agreement\u201d).\n<\/p>\n

\nThe Third Amendment provides for covenant relief through Blue Bird\u2019s second fiscal quarter of 2022. For the fiscal 2021 period, the net leverage ratio is replaced by a minimum trailing twelve-month EBITDA quarterly covenant and a monthly liquidity test. The Third Amendment also provides for a higher net leverage ratio for the first half of fiscal 2022.\n<\/p>\n

\nOther terms of the amended credit facility include a higher borrowing cost of 50 basis points on borrowed moneys, 25 basis points higher on the unused line fee, a cash sweep provision and lower total availability on its revolving commitments. Blue Bird may revert back to the original terms and conditions if it chooses to terminate the covenant relief granted by the Third Amendment.\n<\/p>\n

\n“We are pleased to have successfully amended our loan agreement,” said Phil Horlock, Chief Executive Officer. “This amendment provides Blue Bird with the financial flexibility to operate our business during the Covid-19 pandemic while preserving our efforts for future revenue growth. We appreciate the continued support of our lending partners in helping us achieve our strategic initiatives and improve the overall financial position of the company.”\n<\/p>\n

\nAdditional details on the terms of the amendment are available in the 8-K filed with the Securities and Exchange Commission on December 9, 2020.\n<\/p>\n

About Blue Bird Corporation<\/b><\/p>\n

\nBlue Bird is the leading independent designer and manufacturer of school buses, with more than 550,000 buses sold since its formation in 1927 and approximately 180,000 buses in operation today. Blue Bird\u2019s longevity and reputation in the school bus industry have made it an iconic American brand. Blue Bird distinguishes itself from its principal competitors by its singular focus on the design, engineering, manufacture and sale of school buses and related parts. As the only manufacturer of chassis and body production specifically designed for school bus applications, Blue Bird is recognized as an industry leader for school bus innovation, safety, product quality\/reliability\/durability, operating costs and drivability. In addition, Blue Bird is the market leader in alternative fuel applications with its propane-powered, gasoline-powered and compressed natural gas-powered school buses. Blue Bird manufactures school buses at two facilities in Fort Valley, Georgia. Its Micro Bird joint venture operates a manufacturing facility in Drummondville, Quebec, Canada. Service and after-market parts are distributed from Blue Bird\u2019s parts distribution center located in Delaware, Ohio.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20201209005960\/en\/<\/a><\/span><\/p>\n

\nMark Benfield
\n
Profitability & Investor Relations
\n
Blue Bird Corporation
\n
(478)822-2315
\n
Mark.Benfield@blue-bird.com<\/a><\/p>\n

KEYWORDS:<\/b> Georgia United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Other Transport Automotive Manufacturing Manufacturing Transport Public Transport<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
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Blue Bird Announces the Amendment of Credit Facility Amendment provides covenant relief through the fiscal second quarter of 2022 MACON, Ga.–(BUSINESS WIRE)– Today, Blue Bird Corporation (NASDAQ: BLBD), a leading manufacturer of school and activity buses, announced that it entered into a third amendment (the \u201cThird Amendment) to its credit facility, dated as of December 12, 2016 (the \u201cCredit Agreement\u201d). The Third Amendment provides for covenant relief through Blue Bird\u2019s second fiscal quarter of 2022. For the fiscal 2021 period, the net leverage ratio is replaced by a minimum trailing twelve-month EBITDA quarterly covenant and a monthly liquidity test. The Third Amendment also provides for a higher net leverage ratio for the first half of fiscal 2022. Other terms of … <\/p>\n

Continue reading “Blue Bird Announces the Amendment of Credit Facility”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-396836","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nBlue Bird Announces the Amendment of Credit Facility - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/blue-bird-announces-the-amendment-of-credit-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blue Bird Announces the Amendment of Credit Facility - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Blue Bird Announces the Amendment of Credit Facility Amendment provides covenant relief through the fiscal second quarter of 2022 MACON, Ga.–(BUSINESS WIRE)– Today, Blue Bird Corporation (NASDAQ: BLBD), a leading manufacturer of school and activity buses, announced that it entered into a third amendment (the \u201cThird Amendment) to its credit facility, dated as of December 12, 2016 (the \u201cCredit Agreement\u201d). The Third Amendment provides for covenant relief through Blue Bird\u2019s second fiscal quarter of 2022. For the fiscal 2021 period, the net leverage ratio is replaced by a minimum trailing twelve-month EBITDA quarterly covenant and a monthly liquidity test. The Third Amendment also provides for a higher net leverage ratio for the first half of fiscal 2022. 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