secwatch.observer — SEC 8-K summary
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Issuer:     Blue Bird Corp (BLBD)
CIK:        0001589526
Form:       8-K
Filed at:   2026-10-06T12:39:19+00:00
Accession:  0001589526-26-000053
Event type: debt
Sentiment:  positive
Materiality: 0.60
Item codes: 1.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1589526/000158952626000053/0001589526-26-000053-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1589526/000158952626000053/blbd-20260930.htm
  HTML page:      https://secwatch.observer/filing/0001589526-26-000053

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