Blue Hen Company pronounces modification to its credit score facility

FORT VALLEY, Georgia – (COMMERCIAL THREAD) – At this time, Blue Hen Company (NASDAQ: BLBD), a number one producer of faculty buses and actions, introduced that it has entered right into a fourth rider to its credit score facility, dated December 12, 2016 .

The Fourth Modification gives for aid from restrictive covenants till Blue Hen’s second fiscal quarter 2023. For the fiscal interval 2022, the web leverage ratio is changed by a quarterly minimal 12-month EBITDA restrictive covenant, a month-to-month liquidity check and a three-month rolling unit. trial bought. For the 2 quarters of Blue Hen’s fiscal yr 2023, the whole internet monetary leverage ratio fell from 3.50: 1:00 am to 4:00 am: 1:00 am.

The opposite phrases of the amended credit score facility embody a brand new pricing construction, which is predicated on the ratio of the Firm’s consolidated internet debt to the EBITDA ratio, extra allowances for the Firm to boost junior capital and availability. extra $ 10 million revolver.

“We’re delighted to have the continued assist of our lending companions,” mentioned Matthew Stevenson, Managing Director. “This modification not solely provides Blue Hen the monetary flexibility to proceed to function our enterprise throughout the Covid-19 pandemic and provide chain disruptions, but additionally provides us the flexibleness to spend money on future development alternatives.” .

Extra particulars on the phrases of the modification can be found in 8-Okay filed with the Securities and Alternate Fee on November 29, 2021.

About Blue Hen Company: Blue Hen (NASDAQ: BLBD) is the main unbiased designer and producer of faculty buses, with greater than 550,000 buses bought since its inception in 1927 and roughly 180,000 buses in service at this time. Blue Hen’s longevity and fame within the faculty bus business have made it an iconic American model. Blue Hen units itself other than its main rivals by its explicit curiosity within the design, engineering, manufacture and sale of faculty buses and associated elements. As the one producer of chassis and our bodies particularly designed for college bus purposes, Blue Hen is acknowledged as an business chief in innovation, security, product high quality / reliability / sturdiness, working and dealing with prices. Blue Hen has a wealthy historical past of introducing new applied sciences to the college bus house and is the clear chief in different gas faculty buses, with greater than 20,000 low-emission, zero-emission buses on the highway. Blue Hen manufactures faculty buses at two amenities in Fort Valley, Georgia. Its Micro Hen three way partnership operates a producing facility in Drummondville, Quebec, Canada. Service and substitute elements are distributed from Blue Hen’s elements distribution middle situated in Delaware, Ohio. For extra data on the total vary of Blue Hen buses, go to www.blue-bird.com.

Ahead-looking statements

This press launch accommodates forward-looking statements throughout the that means of the protected harbor provisions of the Personal Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations concerning future monetary efficiency, enterprise methods or expectations for our enterprise. Particularly, forward-looking statements embody statements on this press launch concerning path, seasonality, product line and gross income and will embody statements referring to:

  • Limitations inherent in inner controls affecting the monetary statements

  • Development alternatives

  • Future profitability

  • Capability to increase market share

  • Buyer demand for sure merchandise

  • Financial circumstances (together with tariffs) that might have an effect on gas prices, commodity prices, business measurement and the monetary circumstances of our sellers and suppliers

  • Labor or different constraints on the corporate’s capability to keep up a aggressive price construction

  • Volatility of the tax base and different sources of funding that assist the acquisition of buses by our finish prospects

  • Acceptance beneath or above market expectations for our merchandise

  • Different statements preceded, adopted by or which embody the phrases “estimate”, “plan”, “challenge”, “foresee”, “intend”, “anticipate”, “anticipate”, “imagine” , “Search”, “goal” “or related expressions

These forward-looking statements are based mostly on data out there on the date of this press launch and on present expectations, forecasts and assumptions, and contain a variety of judgments, dangers and uncertainties. Due to this fact, forward-looking statements shouldn’t be taken to characterize our views at a later date, and we don’t undertake to replace any forward-looking statements to mirror occasions or circumstances after the date on which they have been made. whether or not on account of new data, future occasions or in any other case, besides as could also be required by relevant securities legal guidelines. The elements described above, in addition to the danger elements described within the experiences we’ve got filed with the SEC (out there at www.sec.gov), may trigger our precise outcomes to vary materially from the estimates or expectations mirrored in these forward-looking statements.

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