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NFI Group amends $1.25 billion credit facility to modify key covenants
Chicago, Nov. 15 – NFI Group Inc. has amended its $1.25 billion senior revolving credit facility with Bank of Nova Scotia with respect to key financial covenants, according to a press release.
The amendment modifies the total leverage ratio and interest coverage ratio for fiscal 2022 and 2023.
The amended terms will not restrict the payment of dividends if dividend payments remain at their current level and, starting in the third quarter of 2022, if NFI meets an applicable cash flow test.
The amendments are subject to final documentation and are related to a new convertible debenture offering.
The company is continuing to discuss the same amendments for its £50 million senior credit facility, which will either be amended or repaid at the closing of the convertible offering.
NFI Group is a bus manufacturer based in Winnipeg, Man.
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