Blue Bird Completes New $600 Million Credit Facility
MT Newswires Live
Oct 06
Blue Bird (BLBD) has closed a new $600 million senior secured credit facility to replace the company's existing $250 million facilities and extend the maturity from 2028 to 2031, the company said Tuesday.
The school bus manufacturer's new credit arrangement consists of a $300 million revolving credit facility and a $300 million delayed draw term loan facility, it said.
The new credit facility lowers the interest rate margin to SOFR plus 1.25% to 2.25%, down from SOFR plus 1.75% to 3.25%, the company said.
The new agreement also eliminates a 0.10% credit spread adjustment, the company said.
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