Blue Bird closes $600M credit refinancing, extends maturity to 2031, cuts margin

Blue Bird Corp

New $600M senior secured facilities replace $250M: $300M revolver plus $300M delayed draw term loan; maturity extended from Nov 2028 to Sept 2031.
Margin cut to SOFR + 1.25%-2.25% from SOFR + 1.75%-3.25%; prior 0.10% credit spread adjustment eliminated.
$86M drawn at closing; $670M+ available liquidity; DDTL drawable for 24 months to fund capital projects, R&D, working capital.
Max total net leverage ratio raised to 3.25x, with temporary 0.50x step-up for four quarters after a qualifying $75M+ acquisition; accordion expanded to greater of $250M or 1.0x TTM EBITDA.
Micro Bird subsidiaries closed a $35M (CAD) TD Bank line on Sept 29, 2026, secured by a $30M (USD) BMO letter of credit.

This headline and bullets were generated automatically by deepseek-v4.1-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.