Blue Bird closes new $600 million senior secured credit facility, extends maturity to 2031
BLBD•Blue Bird closed a $600 million senior secured credit facility, replacing its existing $250 million facilities and extending maturity to September 2031 from November 2028. The facility includes a $300 million revolver and a $300 million delayed draw term loan; pricing margins were cut to SOFR + 1.25%-2.25%.
1. Facility terms
Blue Bird closed a new $600 million senior secured credit facility, replacing its existing $250 million facilities. Its maturity is September 2031, extended from November 2028.
2. Borrowing and pricing
The structure includes a $300 million revolving credit facility and a $300 million delayed draw term loan available for 24 months. Pricing margins fell to SOFR + 1.25%-2.25% from SOFR + 1.75%-3.25%, and the 0.10% credit spread adjustment was removed.
3. Available liquidity
At closing, about $86 million of carry-over debt was drawn, with more than $670 million of available liquidity.
