Blue Bird, a manufacturer of school buses, completed the refinancing of its credit facilities and entered into a new five-year credit agreement with a syndicate of financial institutions as lenders, led by BMO Capital Markets, with joint lead arranger partners including Bank of America.
The credit agreement provides for a $100 million term loan and a $150 million revolving credit facility, each maturing on Nov. 17, 2028. The credit agreement replaces the company’s amended and restated credit agreement dated Dec. 12, 2016.
“The refinancing of our credit facilities is in line with our strategic objectives and provides Blue Bird with stability and flexibility to execute on our profitable-growth plans,” Razvan Radulescu, CFO of Blue Bird, said. “This, together with our continued strong earnings growth, positions the company very well to capitalize on the increasing shift to electric and low-emission school buses, where we lead the industry.”
