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NFI Group Announces New Strategic UK Credit Facility
NFI Group Announces New Strategic UK Credit Facility Canada NewsWire WINNIPEG, M...
About this update from Nfi Group Inc.
[{"type":"text","content":"\n\n\n\nNFI Group Announces New Strategic UK Credit Facility\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nWINNIPEG, May 4, 2020\n\n\n\nWINNIPEG, May 4, 2020 /CNW/ - (TSX: NFI) NFI Group Inc. (\"NFI\" or the \"Company\") today announced that it and its subsidiary, NFI International Limited, have entered into a new £50 million unsecured, revolving credit facility (the \"UK Facility\") to support Alexander Dennis Limited's (\"ADL\") United Kingdom (\"UK\") operations. ADL is a subsidiary of NFI International Limited. \n\n \n \n \n \n \n \n\n \nThe UK Facility is primarily a strategic borrowing initiative that management expects could lower interest expenses and withholding tax exposure as it allows the Company to better manage international transactions and borrowings. The UK Facility can be used for ADL's general corporate purposes and in addition to potential cost savings, also provides further liquidity for NFI. \nThe terms and covenants of the UK Facility are similar to the Company's existing credit facilities, with some specific modifications for local UK laws and regulations. The facility has a two year term with options to extend. \nHSBC UK is the Administrative Agent for the UK Facility and HSBC UK and the Bank of America, Canada Branch were the two co-lenders and Mandated Lead Arrangers.\n\"This new facility is another strategic initiative that will help NFI better manage international currency, tax and transaction risks,\" said Pipasu Soni, Executive Vice President, and Chief Financial Officer, NFI Group. \"The UK Facility, in combination with our previously announced credit covenant relief and new $250 million, unsecured credit facility, provides NFI with stronger credit flexibility and liquidity. Our banking partners continue to be strong supporters of NFI and this new UK Facility shows their continued confidence in our business.\"\nAbout NFI Group\nWith more than 9,000 team members operating from 50 facilities across ten countries, NFI is a leading independent global bus manufacturer providing a comprehensive suite of mass t...