WINNIPEG,
June 21, 2013 /CNW/ - (TSX:NFI;
TSX:NFI.DB.U) New Flyer Industries Inc. ("New Flyer" or the
"Company") announced earlier today the acquisition of North
American Bus Industries, Inc. ("NABI") from an affiliate of
Cerberus Capital Management L.P. for cash consideration of
approximately $80 million, virtually
all for the satisfaction of affiliate debt.
The Company has now received confirmation of the
wire transfers of funds and confirms the completion of the
acquisition and related financing transactions involving Marcopolo
S.A. and the Company's amended and restated senior credit
facility.
As a reminder to the previous news release,
senior management of New Flyer will host a conference call at
9:00 AM (ET) on Monday, June 24, 2013. The call-in number for
listeners is 888-231-8191 or 647-427-7450. A live audio feed of the
call will also be available at
http://www.newswire.ca/en/webcast/detail/1182391/1295533. During
the call, senior management will be referring to a presentation
which is posted on the New Flyer website at www.newflyer.com. The
presentation can be found in the Investor Relations section of the
New Flyer website on the Events and Presentations page.
A replay of the call will be available from
12:00 p.m. (ET) on June 24, 2013 until 11:59
p.m. (ET) on July 1,
2013. To access the replay, call 855-859-2056 or
416-849-0833 and then enter pass code number 95678601. The replay
will also be available on New Flyer's web site at
www.newflyer.com.
NOTE: All dollar amounts are stated in US currency, unless
otherwise noted.
About New Flyer
New Flyer is a leading manufacturer of heavy-duty transit buses in
Canada and the United States. The Company is the
industry technology leader and offers the broadest product line
including drive systems powered by: clean diesel, natural gas and
electric trolley as well as energy-efficient diesel-electric hybrid
vehicles. All buses are supported by an industry-leading
comprehensive warranty and support program, and service
network. New Flyer and NABI also operate the transit
industry's most sophisticated aftermarket parts organization,
sourcing parts from hundreds of different suppliers and providing
support for all types of heavy-duty transit buses.
Together New Flyer and NABI employ over 3,000
team members with manufacturing, fabrication, parts distribution
and service centers in both Canada
and the United States.
Further information is available on New Flyer's web site at
www.newflyer.com. The common shares and convertible unsecured
subordinated debentures of the Company are traded on the Toronto
Stock Exchange under the symbols NFI and NFI.DB.U,
respectively.
About Cerberus Capital Management, L.P.
Established in 1992, Cerberus Capital Management, L.P. is one of
the world's leading private investment firms. Cerberus has more
than US $20 billion under management
invested in four primary strategies: distressed securities &
assets; control and non-control private equity; commercial
mid-market lending and real estate-related investments. From its
headquarters in New York City and
large network of affiliate and advisory offices in the US,
Europe and Asia, Cerberus has the on-the-ground presence
to invest in multiple sectors, through multiple investment
strategies in countries around the world.
Forward-Looking Statements
This press release may contain forward-looking statements relating
to expected future events and financial and operating results of
the Company that involve risks and uncertainties. Although
the forward-looking statements contained in this press release are
based upon what management believes to be reasonable assumptions,
investors cannot be assured that actual results will be consistent
with these forward-looking statements, and the differences may be
material. Actual results may differ materially from management
expectations as projected in such forward-looking statements for a
variety of reasons, including risks related to acquisitions, joint
ventures and other strategic relationships with third parties,
market and general economic conditions and economic conditions of
and funding availability for customers to purchase buses and to
purchase parts or services, customers may not exercise options to
purchase additional buses, the ability of customers to terminate
contracts for convenience and the other risks and uncertainties
discussed in the materials filed with the Canadian securities
regulatory authorities and available on SEDAR at www.sedar.com. Due
to the potential impact of these factors, the Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, unless required by applicable law.
SOURCE New Flyer Industries Inc.