New Flyer Enters Into Amended and Restated US$180M Credit Facility

On April 24, 2009, New Flyer Industries Canada ULC, as Canadian borrower, and New Flyer of America Inc., as US borrower, entered into an amended and restated credit facility with The Bank of Nova Scotia, as lead arranger, sole book runner and administrative agent and a syndicate of Canadian and US financial institutions, as lenders, in the amount of US$180 million. The new credit facility refinanced New Flyer's existing senior credit facility, which was scheduled to mature in August 2009. The new credit facility matures on April 24, 2012 and consists of a US$90 million term loan, a US$50 million revolving loan and a US$40 million letter of credit facility.

The lending syndicate includes The Bank of Nova Scotia, Bank of Montreal, Export Development Canada, Canadian Imperial Bank of Commerce, Bank of America, Laurentian Bank of Canada and The Toronto-Dominion Bank. New Flyer manufactures heavy-duty transit buses in Canada and the United States.

In Canada and the United States, New Flyer was represented by Torys LLP, with a team that included Scott Kraag, Darien Leung, Michael Amm, Bela Halasz, Jennifer Cameron Manning and Amanda Kieswetter.

In Canada, the lending syndicate was represented by Borden Ladner Gervais LLP, with a team that included Joanne Foot, Howard Silverman, Will Wallace and Tiffany Murray. In the United States, the lending syndicate was represented by Chapman and Cutler LLP, with a team that included Cynthia Baker and Adrienne Ancheta.