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Blue Bird Corporation Announces Amendment and Extension of Credit Facility
MACON, Ga.--(BUSINESS WIRE)-- Blue Bird Corporation (NASDAQ: BLBD), the leader in electric and cleaner-emission school buses, announced that it entered into
About this update from Blue Bird Corporation
[{"type":"text","content":" MACON, Ga.--(BUSINESS WIRE)--\nBlue Bird Corporation (NASDAQ: BLBD), the leader in electric and cleaner-emission school buses, announced that it entered into a sixth amendment to its credit facility, dated as of December 12, 2016, extending the maturity date through December 31, 2024.\n\nThe sixth amendment also provides for revised covenants, modifications to the revolving credit facility, and a new pricing grid. “The turnaround of the business is in full swing, with the majority of the older-priced backlog units being delivered by the end of 2022,” said Razvan Radulescu, Chief Financial Officer of Blue Bird Corporation. “The new minimum consolidated EBITDA covenants reflect our expected improved financial performance and the return to historical profitability during 2023, with annualized run-rates of $50M for fiscal Q2-Q3, and increasing to $60M for Q2-Q4, while at still relatively low bus volumes compared to the pre-COVID years. I look forward to providing fiscal 2023 guidance during our earnings call on December 12.”\n\n\"We are pleased to have the continued support of our lending partners with the extension of Credit Facility,” said Matthew Stevenson, Chief Executive Officer of Blue Bird Corporation. \"The amended covenants and extended maturity of our loan provide Blue Bird with both flexibility and stability as our business continues to recover from the Covid-19 pandemic and associated global supply chain disruptions. We have seen significant operational progress throughout the second half of 2022, even while our production volumes continue to be supply chain constrained.”\n\nDetails on covenants and the associated timing can be found in the Form 8-K to be filed after market close today with the Securities and Exchange Commission.\n\nAbout Blue Bird Corporation\n\nBlue Bird (NASDAQ: BLBD) is recognized as a technology leader and innovator of school buses since its founding in 1927. Our dedicated team members design, engineer and manufacture school buses with a singular focus on safety, reliability, and durability. Blue Bird buses carry the most precious cargo in the world – the majority of 25 million children twice a day – making us the most trusted brand in the industry. The company is the proven leader in low- and zero-emission school buses with more than 20,000 propane, natural gas, and electric powered buses in opera...