Blue Bird Corporation announces amendment to its credit facility

FORT VALLEY, Georgia – (COMMERCIAL THREAD) – Today, Blue Bird Corporation (NASDAQ: BLBD), a leading manufacturer of school buses and activities, announced that it has entered into a fourth rider to its credit facility, dated December 12, 2016 .

The Fourth Amendment provides for relief from restrictive covenants until Blue Bird’s second fiscal quarter 2023. For the fiscal period 2022, the net leverage ratio is replaced by a quarterly minimum 12-month EBITDA restrictive covenant, a monthly liquidity test and a three-month rolling unit. trial sold. For the two quarters of Blue Bird’s fiscal year 2023, the total net financial leverage ratio fell from 3.50: 1:00 am to 4:00 am: 1:00 am.

The other terms of the amended credit facility include a new pricing structure, which is based on the ratio of the company’s consolidated net debt to the EBITDA ratio, additional allowances for the company to raise junior capital and availability. additional $ 10 million revolver.

“We are delighted to have the continued support of our lending partners,” said Matthew Stevenson, Managing Director. “This amendment not only gives Blue Bird the financial flexibility to continue to operate our business during the Covid-19 pandemic and supply chain disruptions, but also gives us the flexibility to invest in future growth opportunities. .

Additional details on the terms of the amendment are available in 8-K filed with the Securities and Exchange Commission on November 29, 2021.

About Blue Bird Corporation: Blue Bird (NASDAQ: BLBD) is the leading independent designer and manufacturer of school buses, with more than 550,000 buses sold since its inception in 1927 and approximately 180,000 buses in service today. Blue Bird’s longevity and reputation in the school bus industry have made it an iconic American brand. Blue Bird sets itself apart from its major competitors by its special interest in the design, engineering, manufacture and sale of school buses and related parts. As the only manufacturer of chassis and bodies specifically designed for school bus applications, Blue Bird is recognized as an industry leader in innovation, safety, product quality / reliability / durability, operating and handling costs. Blue Bird has a rich history of introducing new technologies to the school bus space and is the clear leader in alternative fuel school buses, with more than 20,000 low-emission, zero-emission buses on the road. 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 replacement parts are distributed from Blue Bird’s parts distribution center located in Delaware, Ohio. For more information on the full range of Blue Bird buses, visit www.blue-bird.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations regarding future financial performance, business strategies or expectations for our enterprise. Specifically, forward-looking statements include statements in this press release regarding direction, seasonality, product line and gross profits and may include statements relating to:

• Limitations inherent in internal controls affecting the financial statements

• Growth opportunities

• Future profitability

• Ability to expand market share

• Customer demand for certain products

• Economic conditions (including tariffs) that could affect fuel costs, commodity costs, industry size and the financial conditions of our dealers and suppliers

• Labor or other constraints on the company’s ability to maintain a competitive cost structure

• Volatility of the tax base and other sources of funding that support the purchase of buses by our end customers

• Acceptance below or above market expectations for our products

• Other statements preceded, followed by or which include the words “estimate”, “plan”, “project”, “foresee”, “intend”, “expect”, “anticipate”, “believe” , “Seek”, “target” “or similar expressions

These forward-looking statements are based on information available at the date of this press release and on current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Therefore, forward-looking statements should not be taken to represent our views at a later date, and we assume no obligation to update any forward-looking statements to reflect events or circumstances after the date on which they occur. been made, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. The factors described above, together with the risk factors described in our reports to the SEC (available at www.sec.gov), could cause our actual results to differ materially from estimates or expectations. reflected in these forward-looking statements.