Business
Blue Bird Corporation Announces $75M Private Placement
FORT VALLEY, Ga.--(BUSINESS WIRE)-- Today, Blue Bird Corporation (NASDAQ: BLBD) (“Blue Bird” or the “Company”), a leading manufacturer of school and activity
About this update from Blue Bird Corporation
[{"type":"text","content":" FORT VALLEY, Ga.--(BUSINESS WIRE)--\nToday, Blue Bird Corporation (NASDAQ: BLBD) (“Blue Bird” or the “Company”), a leading manufacturer of school and activity buses, announced that it has entered into and closed on a securities purchase agreement with clients of Coliseum Capital Management, LLC (collectively “Coliseum”). Blue Bird issued and sold an aggregate of $75 million in common shares at a price of $16.00 per share (the “Private Placement”).\n\n“We are excited to have strengthened our investor base while adding capital to drive our EV strategy and growth,” said Matthew Stevenson, President and Chief Executive Officer of Blue Bird. “The opportunities are tremendous for Blue Bird in light of the recent passing of the infrastructure funding bill. That bill earmarks $5 billion for clean school buses including battery electric and propane, both areas where Blue Bird leads. This additional capital will allow us to accelerate our plans in EV to take advantage of these opportunities. The investment also increases our conviction in the long-term outlook of the company.”\n\nThe Private Placement gives Coliseum a 15% share of the Company. In addition to customary registration rights, Adam Gray of Coliseum Partners has joined the Company’s Board as a Class II director. “With a compelling backdrop of long-term industry fundamentals, we are pleased to rejoin the Blue Bird family as an anchor investor, providing the new team with both the runway and flexibility to strengthen and extend the company’s leadership position in alternative power, particularly electric school buses,” said Adam Gray.\n\nMr. Gray is a co-founder and managing partner of Coliseum and was previously a Blue Bird director from February 2015 to September 2017. In addition to his experience with Blue Bird, he has vast industry and financial market expertise, including his prior experiences as an executive officer of operating companies, which will be valuable to the board as the company executes against its strategic growth objectives.\n\nBlue Bird intends to use the net proceeds from the Private Placement for working capital purposes and other general corporate purposes including paydown of revolver, acquisitions, investments in technologies or businesses, operating expenses, and capital expenditures.\n\nThis press release does not constitute or form part of an offer ...