- Blue Bird ( NASDAQ: BLBD ) said Friday it entered into a fifth amendment to its credit facility, dated as of Dec. 12, 2016.
- The amendment provides covenant relief, through Dec. 31, via a waiver of the trailing 12-month minimum consolidated EBITDA covenant for the quarter ending Oct. 1 and the minimum units manufactured covenant for the trailing quarter ending Oct. 1.
- BLBD requested such covenant relief given the supply chain disruptions that the firm faced throughout its fiscal year.
- The amendment includes an election to change one of the market interest rate indices that can be selected to accrue interest on outstanding borrowings from the U.S. Dollar LIBOR, which will be discontinued after Jun. 30, 2023, to the SOFR as administered by the Federal Reserve Bank of New York.
- It also includes reporting of a monthly 13-week cash flow forecast during an approximate eight-month period.
For further details see:
Blue Bird amends credit facility again amid supply chain disruptions