---
schema_version: "secwatch.filing_event.v1"
accession: "0001589526-26-000053"
form_type: "8-K"
ticker: "BLBD"
cik: "0001589526"
company_name: "Blue Bird Corp"
filed_at: "2026-10-06T12:39:19+00:00"
generated_at: "2026-10-12T16:31:07.617464+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001589526-26-000053
- form_type: 8-K
- ticker: BLBD
- cik: 0001589526
- company_name: Blue Bird Corp
- filed_at: 2026-10-06T12:39:19+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1589526/000158952626000053/0001589526-26-000053-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1589526/000158952626000053/blbd-20260930.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001589526-26-000053
- JSON: https://secwatch.observer/filing/0001589526-26-000053.json
- Plain text: https://secwatch.observer/filing/0001589526-26-000053.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.