Blue Bird Corporation Reveals Refinancing Plans for Term Loan and Revolving Credit Facility

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Blue Bird Corporation (Nasdaq: BLBD), the leader in electric and low-emission school buses, today announced that on November 17, 2023 the Company 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 November 17, 2028. The Credit Agreement replaces the Company’s Amended and Restated Credit Agreement dated December 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,” said Razvan Radulescu, CFO of Blue Bird Corporation. “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.”

The Company expects to file a form 8-K next week with more details on the new credit facility.