secwatch.observer — SEC 8-K summary
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Issuer:     Blue Bird Corp (BLBD)
CIK:        0001589526
Form:       8-K
Filed at:   2022-11-28T23:59:59+00:00
Accession:  0001589526-22-000080
Event type: debt
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Blue Bird extends credit facility to Dec 2024; revises covenants and pricing grid
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1589526/000158952622000080/0001589526-22-000080-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1589526/000158952622000080/blbd-20221121.htm
  HTML page:      https://secwatch.observer/filing/0001589526-22-000080

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer