NFI to raise USD444m as part of comprehensive refinancing plan
By Bradley Osborne - 6th September 2023
Canada – NFI Group Inc of Winnipeg, Manitoba – the parent of bus and coach brands such as New Flyer, MCI, and Alexander Dennis – announced on 25 August that it had completed negotiations for a comprehensive refinancing plan to improve the group’s balance sheet and its liquidity position.
At the end of last year, the group announced that it would receive approximately USD187m in financial support from state and federal governments; it has now confirmed that the maturity of senior unsecured debt facilities from the Manitoba Development Corporation and Export Development Canada (EDC) is extended to 30 April 2026. Its North American and UK senior secured credit facilities have also had their maturities extended to 30 April 2026. (These were meant to mature in August and June of this year, respectively.) NFI stated it would make a USD251.2m permanent repayment towards these secured facilities, together with a USD25m permanent repayment of the EDC facility, as part of the refinancing plan.
