WINNIPEG, Manitoba, Dec. 23, 2022 (GLOBE NEWSWIRE) — NFINFYEFNFI NFI Group Inc. (“NFI” or the “Company”), a leading independent bus and coach manufacturer and a leader in electric mass mobility solutions company, today provided an update on proposed changes to its credit facilities, including the cancellation of existing agreements, and the preservation non-binding commitments for an approximately $187 million financial support package¹ by the Government of Manitoba and Export Development Canada (“EDC”), a Crown finance company.

The details are as follows:

• NFI is working closely with its banking partners to complete changes to the Company’s credit facilities, which include the Company’s existing senior revolving credit facility (the “Revolver”) and its UK revolving credit facility (the “UK Facility”), and jointly with belong to the turret, the “Facilities”), which are expected to include flexibility in relation to key financial ratios (Total Leverage Ratio²Minimum Adjusted EBITDA³ and interest coverage ratio⁴) for the fourth quarter of 2022 and the first two quarters of 2023.
• Under the proposed changes, NFI would reduce turret capacity from $1.25bn to $1.0bn and the UK facility from £50m to £40m. The Revolver currently has a minimum liquidity requirement of $250 million, which would be reduced to $25 million.
• The changes to the facilities are subject to approvals and documentation, which is expected to be completed by January 1, 2023. Upon completion, the Company will provide further details on the amended agreements and other terms.
• Non-binding commitment from the Manitoba government for a $50 million credit facility to support working capital investments and general corporate purposes.
• Non-binding commitment from EDC, Canada’s export credit agency, for a US$50 million credit facility in support of supply chain finance and up to a US$100 million credit/guarantee facility (the “Guarantee Facility”) for NFIs…