| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers N > Headlines for NFI Group Inc. > News item |
NFI Group amends its $1.25 billion and £50 million revolvers
By Cady Vishniac
Detroit, Dec. 23 – NFI Group Inc. has amended its $1.25 billion senior revolving credit facility with Bank of Nova Scotia as administrative agent and its £50 million revolving credit facility with HSBC UK as administrative agent, according to a press release.
The company has also canceled an unused $250 million unsecured credit facility it entered into in April 2020.
Amendments are intended to provide NFI with flexibility as it recovers from the Covid-19 pandemic.
As part of the amendments, lenders on the facilities have relaxed the total leverage and interest coverage ratios for 2021 and 2022. The company’s previous total leverage covenants have been waived for the 2021 fiscal year. NFI’s total leverage ratio under the covenants for the fiscal year will instead be based on a conservative downside financial projection. The company must maintain $50 million in minimum liquidity and a net debt-to-capitalization of 70% during the waiver period.
The amendments have provided NFI’s lenders with security on some of its assets. Security arrangements include a general security agreement on NFI’s personal property, but not its real property, until April 3, 2023.
The payment of dividends remains unrestricted.
Bank of Nova Scotia, BMO Capital Markets and National Bank Financial Inc. are the joint bookrunners for the $1.25 billion revolver, with CIBC, Bank of America, Canada Branch, Wells Fargo Bank, NA, Canadian Branch; Toronto Dominion Bank, HSBC Bank Canada, MUFG Bank Ltd., Canada Branch, Export Development Canada and ICICI Bank Canada as lenders.
The two co-lenders and mandated lead arrangers on the £50 million revolver were HSBC UK and Bank of America, Canada Branch.
NFI Group is a bus manufacturer based in Winnipeg, Man.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.