Blue Bird Corp (BLBD): debt financing — Blue Bird extends credit facility to Dec 2024; revises covenants and pricing grid

Blue Bird Corp

Maturity extended from Sept 2023 to Dec 31, 2024; revolving commitment amended to $90M (initially $80M available).
New pricing grid with SOFR+ margins up to 5.75%; margins increase if revolving draws exceed $50M or $80M.
New minimum consolidated EBITDA covenants: $50M annualized run-rate in Q2-Q3 FY2023, $60M in Q2-Q4 FY2023.
Permanent waiver of $20M trailing 12-month minimum EBITDA covenant for Q4 FY2022 and 2,306 minimum units covenant.
CFO to provide fiscal 2023 guidance on Dec 12 earnings call; CEO cites lending partners' continued support.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Blue Bird Corp amended credit facility of $90.0 million with Bank of Montreal, as Administrative Agent, and certain other financial institutions at SOFR plus 5.75% maturing December 31, 2024.

Instrument: credit facility
Principal: $90.0 million
Counterparty: Bank of Montreal, as Administrative Agent, and certain other financial institutions
Rate: SOFR plus 5.75%
Maturity: December 31, 2024
Event: amendment

Exact text from the filing

under the Amended Credit Agreement from September 13, 2023 to December 31, 2024. The total revolving facility commitment under the Amended Credit Agreement is amended to $90.0 million. Of this total, only $80.0 million is available for the Borrower to draw, with the remaining $10.0 million subject to written approval from Required Lenders (as defined in the

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Source: SEC EDGAR

accession 0001589526-22-000080

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