NFI Group gets new $250 million facility, amends existing loan

By Sarah Lizee

Olympia, Wash., April 23 – NFI Group Inc. said it entered into a new $250 million unsecured one-year facility and amended its existing $1.25 billion unsecured revolving senior credit facility to provide for covenant relief, according to a press release.

The new facility can be used for general corporate purposes.

Lenders waived compliance with the total leverage ratio and interest coverage ratio covenants under the revolver and the new facility for the fiscal periods up to Sept. 28. As of that date, compliance with relaxed covenants will resume for the term of the new facility.

The terms of the credit facilities do not restrict the payment of dividends, provided the company is in compliance with the covenants under the facilities and the dividend payments remain at the current level.

Bank of Nova Scotia is the administrative agent for the new facility and Bank of Nova Scotia, BMO Capital Markets, National Bank Financial Inc., Canadian Imperial Bank of Commerce and Export Development Canada are the joint bookrunners. The new facility has been syndicated, with the lenders comprised of the five lead banks and six other financial institutions, all of which are lenders under the revolver.

The bus manufacturer is based in Winnipeg, Man.

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