Correction of Press Release Announcing Amendments to NFI Group’s Credit Facilities
August 04 2022 - 11:27AM
(TSX: NFI, OTC: NFYEF, TSX: NFI.DB) NFI Group Inc.
(“NFI” or the “Company”) today announced a correction to footnotes
defining two covenant calculations included in a press release the
Company issued on July 29, 2022.
The revised footnotes below the covenant table,
provided below for reference purposes, should read as follows:
Quarter |
TLR |
ICR2 |
Total Net Debt to
Capitalization3 |
Minimum Cumulative Adjusted EBITDA |
Minimum Liquidity |
2022 Q2 |
Waived |
Waived |
<0.70:1.00 |
n/a |
$300 million |
2022 Q3 |
Waived |
Waived |
<0.60:1.00 |
n/a |
$250 million |
2022 Q4 |
<5.00x |
>1.50x |
n/a |
>$45 million |
$250 million |
2023 Q1 |
<5.00x |
>1.50x |
n/a |
>$80 million |
$250 million |
2023 Q2 |
<5.00x |
>1.50x |
n/a |
>$125 million |
$250 million |
2023 Q3 |
<4.50x |
>2.00x |
n/a |
n/a |
$250 million |
2023 Q4 |
<4.00x |
>2.50x |
n/a |
n/a |
$250 million |
2024 Q1 and Thereafter |
<3.75x |
>3.00x |
n/a |
n/a |
$50 million |
Footnote 2:
Interest Coverage Ratio (“ICR”) is calculated as
the same trailing twelve month Adjusted EBITDA as the Total
Leverage Ratio (“TLR”) divided by trailing twelve-month interest
expense on the Credit Facilities, the Company’s 5.0% convertible
debentures and other interest and bank charges.
Footnote 3:
Total Net Debt to Capitalization is calculated
as borrowings on the Credit Facilities, less unrestricted cash and
cash equivalents, divided by Shareholder’s Equity, as shown on the
Company’s balance sheet, plus borrowings on the Credit
Facilities.
The original press release can be found here.
These footnote definitions have been properly defined in the
Company’s second quarter 2022 Management Discussion and Analysis
document posted on SEDAR and NFI’s website.
About NFI
Leveraging 450 years of combined experience, NFI
is leading the electrification of mass mobility around the world.
With zero-emission buses and coaches, infrastructure, and
technology, NFI meets today’s urban demands for scalable smart
mobility solutions. Together, NFI is enabling more livable cities
through connected, clean, and sustainable transportation. NFI also
operates the Vehicle Innovation Center (“VIC”), the first and only
innovation lab of its kind dedicated to advancing bus and coach
technology and providing workforce development. Since opening late
2017, the VIC has hosted over 300 interactive events, welcoming
5,000 industry professionals for electric vehicle (“EV”) and
infrastructure training.
With 7,500 team members in nine countries, NFI
is a leading global bus manufacturer of mass mobility solutions
under the brands New Flyer® (heavy-duty transit buses), MCI® (motor
coaches), Alexander Dennis Limited (single and double-deck buses),
Plaxton (motor coaches), ARBOC® (low-floor cutaway and medium-duty
buses), and NFI Parts™. NFI currently offers the widest range of
sustainable drive systems available, including zero-emission
electric (trolley, battery, and fuel cell), natural gas, electric
hybrid, and clean diesel. In total, NFI supports its installed base
of over 105,000 buses and coaches around the world. NFI’s common
shares trade on the Toronto Stock Exchange (“TSX”) under the symbol
NFI and its convertible unsecured debentures trade on the TSX under
the symbol NFI.DB. News and information is available at
www.nfigroup.com, www.newflyer.com, www.mcicoach.com,
www.nfi.parts, www.alexander-dennis.com, www.arbocsv.com, and
www.carfaircomposites.com.
For inquiries, please contact:Stephen KingP:
204.224.6382Stephen.King@nfigroup.com
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