Blue Bird Pays Down $28 Million of Principal on its Term Loan on June 30, 2016
July 01 2016 - 5:30AM
Business Wire
Blue Bird Corporation (Nasdaq: BLBD), the leading independent
designer and manufacturer of school buses, announced today that it
has paid down its $183 million term debt by $28 million or 15%. $25
million of this payment was a voluntary prepayment and $3 million
was part of its required repayment schedule. Blue Bird Corporation
has paid down $34 million this fiscal year-to-date, including the
required amortization payments made under the loan agreement.
“Generating strong free cash flow is a strength of Blue Bird and
being able to voluntarily pay down a substantial portion of our
debt is an example of the optionality this provides. We believe
this is a prudent decision as we manage our balance sheet for our
ongoing business and position the company for future growth,” said
Phil Tighe, Chief Financial Officer of Blue Bird Corporation.
About Blue Bird Corporation
Blue Bird is the leading independent designer and manufacturer
of school buses, with more than 550,000 buses sold since its
formation in 1927 and approximately 180,000 buses in operation
today. Blue Bird’s longevity and reputation in the school bus
industry have made it an iconic American brand. Blue Bird
distinguishes itself from its principal competitors by its singular
focus on the design, engineering, manufacture and sale of school
buses and related parts. As the only manufacturer of chassis and
body production specifically designed for school bus applications,
Blue Bird is recognized as an industry leader for school bus
innovation, safety, product quality/reliability/durability,
operating costs and drivability. In addition, Blue Bird is the
market leader in alternative fuel applications with its
propane-powered and compressed natural gas-powered school buses.
Blue Bird manufactures school buses at two facilities in Fort
Valley, Georgia. Its Micro Bird joint venture operates a
manufacturing facility in Drummondville, Quebec, Canada. Service
and after-market parts are distributed from Blue Bird’s parts
distribution center located in Delaware, Ohio.
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version on businesswire.com: http://www.businesswire.com/news/home/20160701005180/en/
Blue Bird CorporationJeff Merten, 478-822-2496Investor Relations
& New Business DevelopmentJeff.Merten@blue-bird.com
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